Raghuram Rajan, former Governor of the Reserve Bank of India, will join the advisory board of Ripple to provide strategic guidance on regulatory, financial, and operational aspects to support RLUSD’s stability and growth.
As per the announcement , Rajan believes stablecoins have the potential to revolutionize payments by offering secure, scalable, and efficient alternatives to traditional systems. Moreover, Kenneth Montgomery, a former executive at the Federal Reserve Bank of Boston, has also joined the board.
He said that RLUSD is dedicated to compliance and reliability and aims to set new benchmarks for trust while playing a key role in the future of payments. Being part of the advisory allows him to offer guidance as RLUSD navigates the fast-changing financial landscape.
Rajan has previously expressed concerns about cryptocurrencies, citing a lack of large-scale use cases and questioning their stability in comparison to traditional currencies.
In 2022, he stated cryptocurrencies are more stable than fiat currencies and that central bankers are untrustworthy, whereas crypto is reliable, an opinion shared by only a small percentage.
In 2023, he emphasized that the collapse of crypto prices had revealed the need to focus on the technology’s “true value” rather than speculative hype. He noted that fiat currencies remain more credible than cryptocurrencies, which took credibility hit with events like the FTX scandal.
As part of Ripple’s RLUSD advisory board, Rajan will use his experience to help build trust, ensure regulatory compliance, and guide the stablecoin’s growth. He aims to help RLUSD become a reliable and secure digital payment solution.
Additionally, the advisory board includes other prominent figures, such as Sheila Bair (former FDIC Chair), David Puth (former CENTRE Consortium CEO), and Ripple co-founder Chris Larsen. RLUSD operates under strict regulatory standards, reflecting Ripple’s commitment to trust and transparency in digital finance.
