2024-10-21 00:53 |
Ripple CEO Brad Garlinghouse threw more light on RLUSD stablecoin, related regulations, and its case with the United States Securities and Exchange Commission. The crypto executive also addressed talks of an XRP ETF and lingering concerns about going public. The upcoming U.S. elections remain a big determinant of crypto regulations as candidates roll out plans for the sector.
Ripple CEO Tips Opportunity in StablecoinsIn a recent interview with the Thinking Crypto Podcast, Garlinghouse stated that the company’s huge stablecoin usage contributed to the present decision. At one point, Ripple was responsible for minting 20% of USDC due to its high institutional flows. This led to the conclusion that there is a present market opportunity as the firm drives velocity and liquidity in the market.
“… I kind of came to the conclusion that there is an opportunity here given that we are driving a lot of liquidity, and the fact frankly that we have a very strong balance sheet, we felt like there’s an opportunity for Ripple to play in this market. There’s lots of competition in crypto, this is for me more about growing the market.”
Garlinghouse added that USDC will continue to soar while Tether will stay despite regulatory concerns in some jurisdictions. However, these regulatory roadblocks can lower the total market share of the asset with increased competition. On the part of RLUSD, he highlighted plans to become fully regulatory compliant and hopes the industry bags stablecoin regulation as early as next year.
Furthermore, the company stressed regulatory compliance when rolling out yields for users. Ripple has been in the SEC’s legal net following a long-standing lawsuit alleging the firm offered unregistered securities. The absence of crypto regulations has created headwinds in the United States market, leading to developer migrations to jurisdictions that offer clarity on rules.
Not Surprised By XRP ETF ApplicationsThe recent applications for XRP ETF by big institutional firms sparked positive sentiments from many quarters. Garlinghouse added that he was surprised by the timing but not the outcome. Since the launch of Bitcoin ETFs in January, the Ripple CEO and other crypto executives have hinted more fund applications to the SEC.
According to him, it aligns with investor demands, pointing to Ethereum products and Solana filings, and presents XRP ETF applications. Finally, Garlinghouse noted that these products, as a new investment window, will bring more funds into the XRP ecosystem.
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