Today, September 4, Ripple CEO Brad Garlinghouse says USD-pegged stablecoin will launch soon.
Ripple, the blockchain-based digital payment, is close to launching its USD-pegged stablecoin. This statement was made by the CEO, Brad Garlinghouse, during a fireside chat at Korea Blockchain Week in Seoul.
Having kicked off the first tests of its stablecoin as Ripple USD (RLUSD) on the XRP Ledger (XRPL) and Ethereum mainnets, Garlinghouse assured that the stablecoin will go live in a matter of weeks, not months.
He also confirmed that RLUSD will be in excess and that the goal is to reduce the heavy link to other cryptocurrencies like Bitcoin and Ethereum to offer a more stable and dependable form of digital money.
Brad Garlinghouse Says USD-Pegged Stablecoin Will Launch Soon
This launch will not be affected by the outcome of the upcoming election. He also criticized the SEC’s recent action against Opensea after Ripple was ordered to pay a fine of $125 million in a lawsuit with the SEC.
This fine was reduced from the initial $2 billion. Garlinghouse claimed Ripple was victorious in that case.
Regardless of these challenges, the CEO believed the future of crypto is promising and mentioned the 21st Century Act (FIT 21) as a positive legislative act in the U.S. crypto sector.
Analysts predict that Ripple’s entry into the stablecoin market could challenge established coins like Tether (USDT) and USD Coin (USDC), potentially reshaping the competition.
Ripple’s strong network of partnerships with financial institutions globally could give it a distinct advantage in the adoption of its stablecoin for real-world use cases.
While the exact launch date remains undisclosed, Garlinghouse assured stakeholders that the release is imminent. He added, hinting at more announcements in the coming weeks,
We are on the brink of something transformative for the payments industry.
Ripple’s Stablecoin, RLUSD, Launching in Weeks not Months
Blockchain firm Ripple confirms it’s launching its USD-pegged stablecoin, making its entry into the stablecoin market currently worth $150 billion.
This move will pit Ripple against established giants like Tether, USDC and the current largest stablecoin, USDT.
As Ripple continues to expand its ecosystem, the introduction of a USD-pegged stablecoin could pave the way for wider acceptance of blockchain-based financial solutions, driving further innovation in the digital currency space.
Ripple to Add Smart Contracts to XRP Ledger
Ripple is preparing to bring smart contracts to its XRP Ledger (XRPL) developer ecosystem as it expands use cases for users, developers, and enthusiasts.
According to the announcement made on the company’s website, the new feature will be available on the XRPL Ethereum Virtual Machine (EVM) sidechain “in the coming months.”
The company stated that the addition of these smart contracts would attract more developers to use XRPL’s expanded features, which will eventually be deployed on the XRPL mainnet.
A specific timeline for this action is yet to be announced as the project is still in its research phase.
