- Ripple is set to launch the RLUSD stablecoin, pending regulatory approval in the U.S., with global expansion plans.
- RLUSD differs from XRP in that it targets the booming stablecoin market, expected to reach $2-3 trillion in five years.
- Ripple criticizes U.S. crypto regulations, praising Japan, the UK, and Switzerland for fostering innovation through clearer policies.
Ripple’s CEO Brad Garlinghouse explained the firm’s move to launch the RLUSD stablecoin, although the company still faces regulatory challenges across the United States. In an interview with Garlinghouse, he shared positive and negative news about the XRP community and other cryptocurrencies.
Stablecoin RLUSD Set to Launch Soon
Ripple Company is about to release a new product called RLUSD stablecoin, backed by the U.S. dollar. Garlinghouse expressed his optimism and said he anticipates the launch as Ripple ramps up its operations in the next few weeks.
The company desires to adhere fully to regulatory standards and intends to engage with U.S. regulators. According to Garlinghouse, Ripple has always wanted regulatory approvals and licenses before integrating any product.
Because of promising legal systems, Ripple plans to expand the RLUSD stablecoin internationally, including in countries such as Japan. However, this first launch will occur in the United States once regulators approve the company. The RLUSD is Ripple’s first stablecoin, a product that will be instrumental in the stablecoin market, and it is anticipated to garner trillions of dollars.
Differences Between RLUSD and XRP
In his response, Garlinghouse pointed out how RLUSD stablecoin differs from XRP, Ripple’s digital currency. While XRP was mainly employed as a bridge token for global settlements, RLUSD intends to meet the emerging stablecoin market demand.
The CEO said that getting into the stablecoin market fits well with Ripple’s position in payments infrastructure and how it deals with banks and other authorities. The stablecoin market alone is expected to be between $2-3 trillion in the next five years, and Ripple’s participation in the market would be strategic.
Also, the bullish market in this segment allows the company to take advantage of the network of established and reputed companies to secure the lion’s share. RLUSD stablecoin is one of the many products Ripple has unveiled to try to penetrate the financial market more and become a formidable force.
U.S. Regulations and Global Outlook
The capture of Garlinghouse was expressed through concerns about the relative regulatory condition within the U.S., in contrast to favourable jurisdictions like Japan, the UK, and Switzerland. He accused the United States of lacking clear regulations, which hurt innovation.
Owing to Japan’s favourable regulatory environment, Ripple has partnered with other institutions, especially the SBI Group, since 2016. Such partnerships have boosted the use of XRP and the XRP Ledger in Japan.
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