Ripple’s CEO, Brad Garlinghouse, maintains a positive outlook on the company’s proposed stablecoin, RLUSD, despite facing heavy criticism from the US Securities and Exchange Commission (SEC).
In a recent interview with CNBC, Garlinghouse emphasized the immense growth potential of the stablecoin market. He projected that the market, currently valued at $150 billion, could surge to between $2 trillion and $3 trillion in the coming years.
RLUSD, which aims to be pegged 1:1 to the US dollar, seeks to facilitate transactions between stablecoins and other digital currencies. Garlinghouse commented on the rapid expansion of the stablecoin ecosystem, showcasing Ripple’s strategic vision for entering this segment.
Garlinghouse’s confidence in RLUSD comes at a time when the SEC is intensifying its actions against perceived unregulated activities in the cryptocurrency space. In early May, the SEC accused Ripple of engaging in unregistered practices and labeled RLUSD as an “unregistered crypto asset.”
Despite these criticisms, Ripple sees a shift in the dynamics of the stablecoin market. The current market leader, Tether, may face competition as new players enter the field. Garlinghouse stated that there is ample space for a Ripple-backed stablecoin, suggesting a potential redistribution of market share among major players like Tether and USDC.
This positive outlook by Garlinghouse was supported by JackTheRippler, a prominent figure in the cryptocurrency world. In a recent post on X, he hailed RLUSD as a “high-quality American stablecoin” that could eventually dominate the market.
Disclaimer: The views expressed in this article, including those of the author and individuals mentioned, are solely for informational purposes and should not be considered financial or investment advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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