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Ripple’s CEO Brad Garlinghouse identifies a global opportunity for stablecoins, especially in Japan. The executive confirmed to Bloomberg on Friday that the company is preparing to introduce a stablecoin in Japan shortly.
In a discussion with the publication, Garlinghouse stated that the Ripple-USD stablecoin (RUSD) will be launched once US regulators provide their approval.
“Everything Ripple does is in alignment with regulatory approval and licensing,” he remarked. “Our aim has been to proceed as swiftly as possible. However, we remain optimistic.”
While he had previously suggested that the stablecoin would debut in “weeks” in the US, he believes there is potential for stablecoins on a global scale.
“Certainly, Japan enacted some legislation a year ago that took effect this year. Therefore, there is a process currently underway to establish stablecoins here in Japan as well.”
Moreover, Garlinghouse noted that the Japanese market is quite robust, albeit conservative in certain aspects. Additionally, Japan’s FSA has provided clarity and a framework regarding the regulation of various cryptocurrencies.
“Many countries are at the forefront, and Japan has been, in many respects, one of them; that’s not to imply they haven’t been cautious, but regarding regulation.”
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Nevertheless, he mentioned that Ripple is currently concentrating on launching the RUSD, and a yen-backed coin is merely a “matter of time.”
In the US, he indicated that the company has established a strong partnership with the New York Department of Financial Services (NYDFS). Ripple also acquired Standard Custody, which possesses an NYDFS trust license.
Ripple intends to collaborate with the regulator and partners prior to the launch of the proposed stablecoin.
XRP Native Token VS RUSD Stablecoin: The Difference
Ripple has utilized XRP, its native digital asset, as a “bridge asset” for cross-border money transfers. However, the company anticipates significant growth in the stablecoin market (particularly those pegged to the USD), given its total market capitalization of $170 billion. It is projected that the market could reach $2-$3 trillion within approximately five years.
“We recognized that there’s an opportunity to penetrate the stablecoin market as it continues to expand,” Garlinghouse stated.
“Thus, we always prioritize what’s best for the customer, and we decided to proceed with the development of our own stablecoin, looking forward to launching it this year.”
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