In a recent interview with eToro, Ripple CEO Brad Garlinghouse provided significant insights into Ripple’s historical and ongoing use of stablecoins and its plans involving the XRP Ledger (XRPL).
Ripple’s History with Stablecoins
Garlinghouse revealed that Ripple has utilized stablecoins, particularly USD-backed ones, for years to optimize its payment solutions. He stated that Ripple had been responsible for minting 20% of the total supply of USDC, the popular stablecoin issued by Circle.
This underscores Ripple’s early recognition of stablecoins as a valuable tool in cross-border payments, particularly in situations where they provide greater efficiency than other digital assets or traditional currency pairs.
He added that Ripple has leveraged various stablecoins, including USDC and Tether (USDT), depending on specific corridors, customer needs, and operational efficiency. This history demonstrates Ripple’s flexibility in adopting technologies that enhance its payment solutions and address diverse institutional requirements.
🚨 BREAKING:
RIPPLE CEO BRAD GARLINGHOUSE IN THE NEW ETORO INTERVIEW:
„RIPPLE HAS FOR YEARS USED US-DOLLAR STABLECOINS – AT ONE POINT WE WERE RESPONSIBLE FOR MINTING 20% OF ALL USDC!“
‚RLUSD‘ BENEFITS FROM STABLECOIN REGULATIONS & WILL COMPLEMENT #XRP – THIS WILL BE HUGE! 📈 pic.twitter.com/6RiiZqNUgP
— 𝓐𝓶𝓮𝓵𝓲𝓮 (@_Crypto_Barbie) December 19, 2024
Ripple’s Stablecoin Launch and Market Growth
Garlinghouse highlighted Ripple’s decision to launch its stablecoin, RLUSD, on the XRP Ledger. This move aligns with the company’s strategy to expand its offerings for institutional clients and maintain its competitive edge.
According to Garlinghouse, the global stablecoin market, valued at around $120 billion when Ripple decided to enter, has grown to nearly $200 billion and is projected to reach several trillion dollars in the coming years.
The launch of RLUSD is anticipated to benefit from emerging regulatory frameworks for stablecoins. By focusing on compliance and leveraging Ripple’s trusted reputation among financial institutions, RLUSD is positioned to complement XRP, creating a more comprehensive ecosystem on the XRPL.
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The Role of XRP and the XRP Ledger
Garlinghouse emphasized that the XRP Ledger remains central to Ripple’s mission. He described the XRPL as one of the most efficient, trusted, and utility-driven blockchains in the market. The integration of RLUSD aims to enhance the ledger’s appeal to institutions, providing a stable and efficient mechanism for transactions.
Garlinghouse also addressed the broader potential for stablecoins denominated in currencies other than the US dollar, such as the euro and yen. While the US dollar remains dominant, he suggested that diversification in stablecoin offerings could follow market demand.
As the stablecoin market grows, Ripple’s dual focus on XRP and RLUSD positions the company to play a significant role in the next phase of digital financial infrastructure. This strategic alignment underscores Ripple’s commitment to innovation and its vision for a more efficient global payments ecosystem.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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