Ripple CEO Brad Garlinghouse says the company is “very close” to launching its own dollar-pegged stablecoin on the XRP Ledger.
During a fireside chat at the Korea Blockchain Week in Seoul, South Korea, Garlinghouse said that the stablecoin has been in a “closed beta” stage. “We will certainly launch soon,” he said. ”Weeks, not months.”
USDC’s Depeg Opened Up An Opportunity
Ripple’s stablecoin will be called Ripple USD and trade under the ticker symbol RLUSD. Garlinghouse said that plans for the company to launch its own dollar-backed stablecoin were set in motion after USD Coin (USDC), which is the second largest stablecoin in terms of market cap, lost its peg to the dollar in March last year.
Ripple’s unique position in the market and connections to multiple financial institutions led to the company’s executives identifying USDC’s brief disconnect to the dollar as an opportunity to enter the stablecoin market as a “credible player.”
Plans for the stablecoin were first shared in April. Ripple said back then that its stablecoin will be “100% backed by U.S. dollar deposits, short-term U.S. government Treasuries and other cash equivalents.”
Ripple Not Interested In A US IPO
During the fireside chat, Garlinghouse was asked whether the company was considering going public. He responded by saying that he has “no interest” in taking the fintech public in the US given the “pretty hostile” stance towards the crypto industry.
Garlinghouse referred to the IPO of Coinbase as a reason for his lack of interest. He said that the US Securities and Exchange Commission ( SEC ) approved Coinbase’s IPO, only to sue the exchange “for the same things they approved.”
Garlinghouse added that the first piece of advice he gives to entrepreneurs interested in starting crypto companies is to not incorporate in the US. If they do choose to set up a crypto company in the US, they will only be “asking for more legal bills.”
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