Ripple CEO Brad Garlinghouse Says RLUSD Stablecoin Is Only Weeks From Launch
Ripple CEO Brad Garlinghouse says the company is “very close” to launching its own dollar-pegged stablecoin on the XRP Ledger. During a fireside chat at the Korea Blockchain Week in Seoul, South Korea, Garlinghouse said that the stablecoin has been in a “closed beta” stage. “We will certainly launch soon,” he said. ”Weeks, not months.” USDC’s Depeg Opened Up An Opportunity Ripple’s stablecoin will be called Ripple USD and trade under the ticker symbol RLUSD. Garlinghouse said that plans for the company to launch its own dollar-backed stablecoin were set in motion after USD Coin (USDC), which is the second largest stablecoin in terms of market cap, lost its peg to the dollar in March last year. Ripple’s unique position in the market and connections to multiple financial institutions led to the company’s executives identifying USDC’s brief disconnect to the dollar as an opportunity to enter the stablecoin ...