- Ripple eyes Japan for RLUSD launch amid US regulatory delays, seeking clearer legal pathways.
- Ripple to challenge USDT, USDC in $170B stablecoin market with upcoming RLUSD on XRP and Ethereum.
- Japan’s favorable crypto laws attract Ripple for strategic RLUSD debut, bypassing US regulatory hurdles.
Ripple, a leading player in the cryptocurrency market, is straddled by regulatory hurdles in the US that have continued to put off the launch of its new Ripple-USD (RLUSD) stablecoin. Having announced its intentions in April, it said that since then, the tightness of regulatory approvals still pending in the US has been mentioned as the cause of several delays in the launch.
The slow pace of the issue is markedly demonstrated by the company’s CEO, Brad Garlinghouse, who has repeatedly quoted the inefficiencies created by the lack of clear regulatory space. The company has tried to work within the regulations, even acquiring Standard Custody to help it increase its regulatory position; however, key approvals from stakeholders like the New York Department of Financial Services (NYDFS) have not been granted.
Strategic Pivot to Japan
Reacting to the regulatory mess in the US, Ripple has been looking to Japan as a country with more transparent and constructive cryptocurrency-related laws. Of late, the FSA of Japan has also come up with conducive laws for stablecoins, hence becoming a potential and attractive option for Ripple’s expansion policies.
While on a recent visit to Tokyo, Garlinghouse met with top Japanese official Tairamasaaki and came away encouraged and optimistic that Ripple could leverage regulatory innovation in Japan to launch RLUSD. These discussions highlight Japan’s commitment to fostering innovation in blockchain and crypto technologies while ensuring consumer protection.
Japan as One of the Ripple Center Points
Therefore, the strategic pivot to Japan goes well with its need for a more welcoming regulatory environment, but it also places the company on tap for potential realization in the Asian market. Japan’s proactive attitude in setting crypto regulations could now hold the key for Ripple to launch RLUSD on a rapid path and maybe even ahead of the original schedule in the US. This move would further solidify Ripple’s position in Asia, soon to become the hotbed of cryptocurrency innovation and adoption.
Implications for the Global Stablecoin Market
RLUSD in the stablecoin space is set to compete directly with USDT from Tether and USDC from Circle. By transacting on the XRP ledger and Ethereum blockchain, Ripple wants to leverage its existing technological infrastructure to enter the $170 billion USD-pegged stablecoin sector. It has been said that this opportunity for quick entry into what is poised to be a huge market is strategic for Ripple.
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
