Ripple Will Launch a New Stablecoin Called Ripple USD (RLUSD) in a Few Weeks

Ripple, a cross-border payment company, is on the verge of launching a new stablecoin whose value is pegged to the US dollar.

Ripple to Launch Stablecoin Pegged to US Dollar Within WeeksRipple CEO Brad Garlinghouse has confirmed that the company is preparing to launch a new stablecoin pegged to the US dollar within the next few weeks.

Speaking during a panel discussion at Korea Blockchain Week in Seoul on Wednesday, Garlinghouse revealed that the stablecoin, called Ripple USD (RLUSD), has already been printed within the framework.

“We started printing this stablecoin two months ago. Earlier, we saw a great opportunity after 18 months ago, when USDC had lost its benchmark with the dollar,” he said.

“We feel this is the right time for credible players like Ripple to enter the stablecoin market, especially since we have collaborated with many financial institutions.”

According to Garlinghouse, the launch of RLUSD will complement the XRP token, which has been Ripple's main asset.

“This stablecoin is designed to complement XRP. We believe XRP will become the world's reserve currency for digital assets,” he added.

Currently, the stablecoin market is dominated by USDT and USDC. Based on data from The Block, USDT controls about 70 percent of the total stablecoin supply, while USDC covers about 21 percent.

Meanwhile, Garlinghouse also stated that Ripple is not interested in listing on the United States exchange through an initial public offering (IPO) due to the attitude of the Securities and Exchange Commission (SEC) towards the crypto industry.

“The SEC first gave Coinbase permission to go public in the US, but now they are suing Coinbase for the same reason they agreed to,” he explained.

“The first advice I give crypto entrepreneurs is: don't set up a company in the United States. You'll only face more legal issues.”

Despite the legal challenges, Garlinghouse remains optimistic about the future of crypto and believes that crypto will continue to survive whoever wins the upcoming presidential election in the US.

“I'm sure whoever is elected, there will be a leadership change in the US SEC,” he said.

“I think [Gary Gensler] has harmed his party. He is a Democrat, and this has a bad impact on them in this election cycle.”

According to Garlinghouse, Gensler's popularity has declined among politicians from both parties.

“I heard that clearly at the National Democratic Convention and the National Convention of the Republic,” he added.

Last month, Ripple was ordered to pay a fine of 125 million US dollars (Rp 2 trillion) in the final verdict on its legal case with the SEC, much lower than the initial demand of 2 billion US dollars (Rp 32 trillion).

Ripple and Garlinghouse welcomed this ruling as a big win, especially after the previous court ruled that some of Ripple's XRP sales did not violate securities laws.

“Not many companies can fight such a pressure. The SEC has enormous power, and it takes a lot of money and confidence to fight them,” Garlinghouse said.

“However, from the start, we believed that we were on the right side legally, and we will be listed on the right side of history.”