Ripple’s Garlinghouse Says USD Stablecoin To Debut Within ‘Weeks, Not Months,’ Dismisses US IPO Speculation ⋆ ZyCrypto
The post Ripple’s Garlinghouse Says USD Stablecoin To Debut Within ‘Weeks, Not Months,’ Dismisses US IPO Speculation ⋆ ZyCrypto appeared on BitcoinEthereumNews.com.
Advertisement     Ripple CEO Bradley Garlinghouse has revealed that the fintech company’s U.S.-dollar pegged stablecoin, Ripple USD (RLUSD), is closer than ever to being launched as it eyes a share of the fast-growing stablecoin market. During a Sept. 4 fireside chat at the ongoing Korea Blockchain Week in Seoul, South Korea, Garlinghouse said the firm would roll out RLUSD in “weeks, not months”. “We’re in a private kind of closed beta,” the CEO posited. “It’s called Ripple USD. RLUSD has been minted in that framework. We will certainly launch soon. Weeks, not months.” Ripple revealed its stablecoin ambitions in April, noting that the token would be “100% backed by U.S. dollar deposits, short-term U.S. government Treasuries, and other cash equivalents.” The firm started testing the token in August with enterprise partners. Garlinghouse revealed that plans for RLUSD were made after USD Coin (USDC), the industry’s second-biggest stablecoin by market cap, de-pegged from $1 in March 2023. Advertisement   “We felt like there was an opportunity for a credible player already working with lots of financial institutions to lean into that market,” he explained. The stablecoin will initially be deployed on its native blockchain, XRP Ledger, and Ethereum, but there are plans to expand to more blockchains and decentralized finance (DeFi) protocols over time. USDT and USDC currently dominate the stablecoin market. Tether’s USDT accounts for a whopping 70% of the total stablecoin supply, while USDC takes up roughly 20%. Ripple’s stablecoin plans follow further enhancements to the XRP Ledger (XRPL), including Ethereum smart contracts through a new sidechain. Garlinghouse Has “No Interest” In US IPO While there have been long-standing rumors of a potential Ripple initial public offering (IPO), Garlinghouse said during the fireside chat that he has “no interest” in the company going public in the United States. This is…
Filed under: News - @ September 5, 2024 10:27 pm