Ripple CEO Brad Garlinghouse sees significant potential for stablecoins worldwide, especially in Japan. On Friday, Garlinghouse confirmed to Bloomberg that Ripple is preparing to launch a stablecoin in Japan.
In his interview, Garlinghouse revealed that the Ripple-USD stablecoin (RUSD) will debut once US regulators grant approval. “Everything Ripple does aligns with regulatory approval and licensing,” he stated. “We aim to proceed as swiftly as possible, but we remain optimistic.”
Global Opportunities for Stablecoins
Garlinghouse had earlier hinted that the stablecoin might be introduced in the US within weeks. However, he also sees substantial opportunities for stablecoins on a global scale. “Japan recently approved legislation for stablecoins, which took effect this year. We are currently navigating the process to introduce stablecoins in Japan as well,” he noted.
He praised Japan’s market as robust, although he acknowledged its conservative nature. The Japanese Financial Services Agency (FSA) has provided clarity and a regulatory framework for various cryptocurrencies. “Japan has been a leader in many aspects of crypto regulation, though it remains conservative,” he added.
Ripple’s Focus and Future Plans
Currently, Ripple is focused on launching the RUSD, with plans for a yen-backed coin anticipated in the near future. In the US, Ripple maintains a strong partnership with the New York Department of Financial Services (NYDFS) and has acquired Standard Custody, which holds an NYDFS trust license. Ripple will collaborate with regulators and partners before the stablecoin’s official launch.
XRP Native Token vs. RUSD Stablecoin
Ripple’s XRP has traditionally served as a “bridge asset” for cross-border money transfers. However, the company is now targeting the expanding stablecoin market, particularly USD-pegged stablecoins. With the stablecoin market cap currently around $170 billion, Ripple anticipates it could grow to $2-$3 trillion within five years.
“We identified a growth opportunity in the stablecoin sector,” Garlinghouse said. “We prioritize what’s best for our customers, leading us to develop and launch our own stablecoin, which we are excited to introduce this year.”
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