- In a recent interview, Ripple CEO Brad Garlinghouse hinted at the potential for a yen-backed stablecoin.
- While he acknowledged strong demand for a yen-pegged stablecoin, Ripple’s current resources and focus are on successfully rolling out RLUSD.
Ripple CEO Brad Garlinghouse recently hinted at the possibility of launching another stablecoin in the future. In an interview with a leading media house, Garlinghouse emphasized that even though Ripples’s current focus is on the US-pegged stablecoin, RLUSD, “People will want to hold yen stablecoins, and I think that is only a matter of time.”
While Garlinghouse acknowledged Japan’s conservative nature, the Ripple boss found the market to be “really healthy” in other respects. Notably, this is the same nation where 80% of its banks have partnered with Ripple.
In the interview, Brad Garlinghouse went ahead highlighting that Japan “leaned in early” on offering a “clear rule of the road” on digital assets and stablecoins. “That has really allowed entrepreneurship and investment to really thrive here in Japan,”
Comparatively, Brad reiterated that the U.S. has “certainly been behind” other countries, including Japan, the United Kingdom, and Switzerland. Despite the potential for a yen-backed stablecoin, Garlinghouse made it clear that “ Ripple, in particular, is focused on let’s get live with the U.S based stablecoin” which is the RLUSD. Therefore, The launch of a yen-backed stablecoin would likely come after RLUSD has established itself in the U.S. market.
While he acknowledged strong demand for a yen-pegged stablecoin, Ripple’s current resources and focus are on successfully rolling out RLUSD. Earlier, Ripple’s CTO David Schwartz indicated via tweet on the X platform that RLUSD might likely be accessible only to institutions, at least initially.
A key issue that we will continue to make sure we are partnered with US regulators before we go live with the stablecoin[…] We will first issue it in the US, but we think there is an opportunity for stablecoins globally, and certainly in Japan, he explained.
The SEC’s scrutiny has highly affected Ripple’s approach to the US market, prompting it to focus on specific offerings. As we earlier reported, The Ripple boss candidly refuted plans for a U.S. IPO instead the company is keeping a close eye on a London IPO. Ripple CEO Brad Garlinghouse has been mostly vocal about the challenges posed by the U.S. SEC, especially when a company tries to go public.
Ripple is nearing the launch of RLUSD, and according to Garlinghouse, it will be “in weeks, not months,” though the exact timing depends on regulatory approval. Notably, Ripple has been working closely with U.S. regulators, particularly the New York Department of Financial Services (DFS), to ensure compliance.
Meanwhile, at the time of writing, XRP is swapping hands with $0.53, marking a 1.20% surge in the last 24 hours.
