Ripple CEO Brad Garlinghouse maintains an optimistic outlook on the future prospects of the company’s proposed stablecoin, RLUSD, despite facing severe criticism from the United States Securities and Exchange Commission (SEC).
In a recent interview with CNBC, Garlinghouse emphasized the significant growth potential of the stablecoin market, predicting that it could surge from its current value of $150 billion to between $2 trillion and $3 trillion in the coming years.
RLUSD, a new cryptocurrency that will be pegged 1:1 to the US dollar, aims to facilitate transactions between stablecoins and other digital currencies. Garlinghouse commented on the rapid growth of the stablecoin ecosystem, highlighting Ripple’s strategic vision for entering this segment.
Garlinghouse’s confidence in RLUSD comes at a time when the SEC is intensifying its actions against what it deems unregulated activities in the cryptocurrency space. In early May, the commission issued a document accusing Ripple of continuing to engage in unregistered practices and labeling RLUSD as an “unregistered crypto asset.”
Despite these criticisms, Ripple anticipates a significant shift in the dynamics of the stablecoin market. Garlinghouse suggests that Tether, the current leader in the market, may face challenges to its dominance as new players enter the field. He believes that there is ample room for a Ripple-backed stablecoin, signaling a potential redistribution of market share among major players like Tether and USDC.
This positive perspective from Garlinghouse aligns with that of JackTheRippler, a prominent figure in the cryptocurrency world, who recently highlighted RLUSD as a “high-quality American stablecoin” that could eventually lead the market.
Disclaimer: The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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