Ripple Soon To Launch USD Stablecoin, Garlinghouse: Beberapa Minggu Lagi

Ripple CEO Brad Garlinghouse revealed plans to launch a RLUSD stablecoin. (Photo; Doc. TechCrunch)

JAKARTA - Ripple, a cross-border payment company, is on the verge of launching a new stablecoin whose value is pegged to the US dollar. Brad Garlinghouse, CEO of Ripple, confirmed that this stablecoin called Ripple USD (RLUSD) will be launched in a few weeks.

We are currently in the closed beta stage, Garlinghouse said in a panel discussion at Korea Blockchain Week, Seoul, South Korea, last Wednesday. This stablecoin is called Ripple USD or RLUSD, and has been printed within that framework. The launch will take place in the near future, not the moon, but the week.

Earlier, last month, Ripple announced that it was starting to test RLUSD on two blockchain networks. Ripple president Monica Long also explained that the stablecoin was designed to complement the XRP token, which has been Ripple's main asset.

We saw a great opportunity after 18 months ago, when USDC had lost its benchmark with the dollar. 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," Garlinghouse said.

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.

Ripple Has No IPO Interest In The US

In the same discussion, Garlinghouse also emphasized that Ripple is not interested in taking the floor on the United States exchange through an initial public offering (IPO). The reason is because of the 'prone enough' attitude of the Securities and Exchange Commission (SEC) towards the crypto industry.

SEC previously gave Coinbase permission to go public in the US, but now they are suing Coinbase for the same reason they agreed to, explains Garlinghouse. 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.

Gensler Sindir SEC

Garlinghouse is optimistic 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.

Garlinghouse also revealed that Gensler's popularity had 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."