Ripple CEO Speaks Out — Stablecoin Market Boom Can’t Be Ignored
Ripple CEO Brad Garlinghouse highlighted the stablecoin sector and its potential value in the next years. He also explained why his firm's RLUSD stablecoin may rule the market.
Ripple CEO Discusses Stablecoin Growth
The Ripple CEO told CNBC that the stablecoin industry is now $250 billion and might increase to $1 trillion to $2 trillion in the coming years. He said that stablecoins had grown significantly. USDT has the largest market valuation at about $160 billion.
Indeed, experts like US Treasury Secretary Scott Bessent think stablecoins might reach $2 trillion in the next years. Bessent also mentioned projections that stablecoins might reach $3.7 trillion by the end of the decade.
Ripple issues the RLUSD stablecoin, hence CEO Brad Garlinghouse is a stakeholder. However, Garlinghouse confessed that they entered the market late despite employing stablecoins for institutional payments.
Garlinghouse believes the RLUSD stablecoin will develop, particularly as they service institutional customers. In few months since its introduction, the stablecoin has reached $500 million in market valuation, according to the Ripple CEO. The stablecoin's market cap rose over 3% to $517 million in 24 hours, according to CoinMarketCap.
Ripple asked for an OCC national banking license to grow the RLUSD stablecoin. The US Office of the Comptroller of the Currency (OCC) and New York Department of Financial Services will regulate the company's stablecoin if permitted. The Ripple CEO said the regulation's dual nature sets a new stablecoin market trust standard.
Garlinghouse addressed this move again in the CNBC interview. Ripple's CEO said the company has prioritized compliance and regulation. He predicted that RLUSD will become the most regulated stablecoin, giving them an advantage in the market.
Ripple and BNY Mellon hold RLUSD's USD reserves. The crypto company believes this will boost stablecoin confidence.
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