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Ripple CEO Brad Garlinghouse emphasized the importance of regulatory approval for the company’s operations, delaying the US launch of Ripple’s stablecoin RUSD. He remains optimistic, highlighting Japan’s progressive approach to digital assets.
Ripple is set to launch its stablecoin but faces delays in the US due to regulatory challenges. Meanwhile, the company’s CEO Brad Garlinghouse is targeting Japan as a promising market, thanks to its growing digital asset sector and clear regulations.
Ripple Delays US Stablecoin Launch, Eyes Japan
In a recent interview with Bloomberg, Garlinghouse emphasized Ripple’s commitment to regulatory compliance. He stressed that regulatory approval is central to the company’s operations, which explains the hold on the US release of Ripple’s stablecoin RUSD. However, Garlinghouse remains optimistic, citing Japan’s progressive stance on digital assets.
“Certainly, Japan, approved some legislation a year ago that came into effect this year. And so, there’s a process underway now to do stablecoins here in Japan as well,” Garlinghouse clarifies Japan as a prime candidate for the RUSD rollout.
Ripple views Japan’s mature digital asset market as a key entry point before expanding into the US. Japan’s clear regulatory framework, shaped by the Financial Services Agency (FSA), supports this strategy.
Garlinghouse recognized Japan’s market as cautious yet well-regulated, emphasizing that it provides a stable foundation for growth. While some countries lead in innovation, Japan balances progress with prudence, making it a favorable environment for Ripple’s expansion.
Looking ahead, Garlinghouse hinted at the possibility of a yen-backed stablecoin, reinforcing Ripple’s commitment to broadening its presence in Asia.
Garlinghouse Sees Potential in Stablecoin Market
While Ripple’s native token, XRP, has served as a bridge asset for cross-border transactions, the company sees significant potential in the burgeoning stablecoin market – particularly USD-pegged coins, which boast a staggering market cap of $170 billion. Experts predict this market could balloon to a staggering $2-$3 trillion within the next five years.
“We felt that there’s an opportunity to enter the stablecoin market as that market continues to grow,” Garlinghouse explained. He further emphasized Ripple’s customer-centric approach, stating:
“So we always use what’s best for the customer and we decided to go live and build our own stablecoin and excited to get live with that this year.”
The RUSD launch in Japan marks a significant milestone for Ripple. By leveraging clear regulations and a robust digital asset market, Ripple positions itself to capitalize on the global stablecoin boom, potentially revolutionizing cross-border payments.
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With over 3 years of crypto writing experience, Bena strives to make crypto, blockchain, Web3, and fintech accessible to all. Beyond cryptocurrencies, Bena also enjoys reading books in her spare time.
