Ripple CEO Says RLUSD Stablecoin Is Close To Launch, No US IPO

Key points:

• During his fireside chat at Korea Blockchain Week, Ripple CEO Brad Garlinghouse said the company will launch its new stablecoin in “weeks, not months.”
• The Ripple CEO said he is more “optimistic” than ever about the next five years of crypto.

Ripple CEO Brad Garlinghouse said the launch of the RLUSD stablecoin, currently in closed beta testing, is imminent. Ripple is not pursuing an IPO in the US.

RLUSD Stablecoin Nears Launch

According to Ripple, Ripple is preparing to launch its US dollar-backed stablecoin, RLUSD stablecoin, in the coming weeks. During a fireside chat at Korea Blockchain Week, Garlinghouse revealed that RLUSD stablecoin is currently in private beta and is expected to launch soon.

The stablecoin is being tested on two blockchain networks and is intended to complement Ripple’s XRP tokens. Garlinghouse highlighted the opportunity for Ripple to provide a credible alternative in the stablecoin market, especially after USDC was pegged 18 months ago.

Read more: Bloomberg: Ripple Legal Case Is a Good Sign for Other Crypto Companies to Fight the SEC

Ripple’s Stance on U.S. IPO and SEC Issues

During the conversation, Garlinghouse touched on Ripple’s lack of interest in pursuing an IPO in the United States, citing the Securities and Exchange Commission’s (SEC) “hostile” stance toward cryptocurrency companies. He criticized the SEC’s inconsistency, noting that the regulator approved Coinbase’s IPO, only to sue the company for similar activities later.

Garlinghouse also expressed confidence that the SEC’s leadership will likely change after the next U.S. election, potentially leading to more favourable regulatory clarity for the crypto industry. Despite the challenges with the SEC, Garlinghouse remains optimistic about the future of crypto and legislative movements like FIT 21, which could bring positive changes to the industry.