Ripple CEO Shows Confidence in RLUSD Stablecoin Proposal Despite SEC Criticism

Ripple CEO Brad Garlinghouse remains optimistic about the future of the company’s proposed stablecoin, known as RLUSD, even as it faces severe criticism from the United States Securities and Exchange Commission (SEC).

During a recent interview with CNBC, Garlinghouse highlighted the significant growth potential of the stablecoin market, projecting that it could jump from the current $150 billion to $200 billion to somewhere between $2 trillion and $3 trillion in the coming years. .

This new cryptoactive, which will be anchored 1:1 to the US dollar, aims to become a facilitator in transactions between stablecoins and other digital currencies. “It is one of the rapidly growing fund markets,” commented Garlinghouse about the stablecoins ecosystem, indicating a strategic vision for Ripple’s insertion in this segment.

Garlinghouse’s confidence in RLUSD comes at a time when the SEC is stepping up its actions against what it considers unregulated activities in the cryptocurrency space. In early May, the commission drafted a document accusing Ripple of continuing to engage in unregistered practices and describing RLUSD as an “unregistered crypto asset.”

Despite these criticisms, Ripple sees a significant change in the dynamics of the stablecoin market. Tether, the current leader in this market, could see its dominance challenged as new players enter the field. “There is a lot of room for a Ripple-backed stablecoin,” said Garlinghouse, signaling a possible redistribution in market share among the big names like Tether and USDC.

This optimistic view from Garlinghouse was corroborated by JackTheRippler, an influential name in the world of cryptocurrencies, who in a recent post on X highlighted RLUSD as a “high-quality American stablecoin” that could eventually lead the market.

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