- Ripple plans US dollar-backed stablecoin amid $2T market potential.
- 95% of Ripple’s customer base is located outside the US.
- CEO Garlinghouse predicts crypto market could double by 2024.
During a recent interview with FOX Business, Ripple CEO Brad Garlinghouse disclosed the company’s growth plan for the next three years, which also involves a US dollar-based stablecoin that it intends to introduce, in addition to getting into international markets. Regulatory issues in the United States notwithstanding, Ripple has a strong customer base abroad, with close to 95% of its clients being based outside the US.
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Garlinghouse emphasized the company’s focus on selling payment and custody solutions related to blockchain and cryptocurrency, expressing confidence in the sustained growth and adoption of Ripple’s core offerings.
Introduction of a US Dollar-Backed Stablecoin
As part of its approach, Ripple is planning to release a US dollar-backed stablecoin that targets to unite traditional finance with the quickly developing cryptocurrency world. Garlinghouse brought up the increased need in the stablecoin market that now has a value of $150 billion and could surge to more than $2 trillion. The new stablecoin is depicted as a regulatory-compliant choice that sets it apart from rivals like Tether, providing a safe and convenient option for the crypto-finance market.
Challenges and Opportunities in the Regulation
Garlinghouse also discussed the regulatory hurdles in the US, criticizing the slow pace at which the legislative framework for cryptocurrencies is developing. He expressed concerns about the current administration’s stance on cryptocurrencies, which he perceives as predominantly negative. This criticism extends to figures such as SEC Chair Gary Gensler and Senator Elizabeth Warren, whom Garlinghouse believes hold misconceptions about the digital assets space. He advocates for clearer, more innovation-friendly policies that could bolster economic growth and maintain the US’s leadership in technological innovation.
The Ripple CEO remains optimistic about the future of the broader cryptocurrency market, suggesting it could double in size by the end of 2024. This optimism is based on factors like the Bitcoin halving event and the potential approval of a spot Bitcoin ETF, which are expected to drive the market’s growth. Despite recent fluctuations, Garlinghouse notes that the market’s overall performance has improved significantly compared to previous years, with notable gains across major digital assets like Bitcoin.
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