Ripple CEO Brad Garlinghouse says RLUSD stablecoin is just weeks away from launch

ripple CEO Brad Garlinghouse said the company is “very close” to launching its dollar-pegged stablecoin on the XRP Ledger.

During a friendly chat at the Korean Blockchain Week in Seoul, South Korea, Garlinghouse said the stablecoin was in a “closed beta” phase. “We will definitely be launching soon, weeks, not months,” he said.

The Ripple stablecoin will be called Ripple USD and will trade under the ticker symbol RLUSD. Garlinghouse said the company’s plans to launch its dollar-backed stablecoin began after USD Coin (USDC), the second-largest stablecoin by market cap, lost its peg to the dollar in March of last year.

Ripple’s unique market position and connections with numerous financial institutions led company executives to identify USDC’s short-lived break from the dollar as an opportunity to enter the stablecoin market as a “trusted player.”

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David Schwartz Just Dropped a Stablecoin Bombshell: “$16 Trillion in Token Assets by 2030!” 📈✨

And guess what? #rippleRLUSD is expected to dominate the entire stablecoin market! 🌟💸 #XRP pic.twitter.com/lyibWFVB9N

— Collin Brown (@CollinBrownXRP) September 3, 2024

Plans for the stablecoin were first announced in April. Ripple said at the time that its stablecoin would be “100% backed by US dollar deposits, short-term US Treasury securities, and other fiat equivalents.”

Ripple Not Interested in U.S. IPO

During the chat, Garlinghouse was asked if the company was considering going public. He replied that he had “no interest” in a FinTech IPO in the United States given the “very hostile” stance toward the cryptocurrency industry.

Garlinghouse pointed to Coinbase’s IPO as a reason for his disinterest. He said the U.S. Securities and Exchange Commission (Securities and Exchange Commission) approved Coinbase’s IPO, only to file a lawsuit against the exchange “for the very things I approved.”

Garlinghouse added that his number one piece of advice for entrepreneurs interested in starting a cryptocurrency company is to not start a company in the United States. If they choose to start a cryptocurrency company in the United States, they will just be running into “more legal bills.”

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