According to the CEO of Ripple, many believe that stablecoins will reach 2 trillion dollars in a few years
Ripple's CEO, Brad Garlinghouse, claims that the growth of the stablecoin market has been "profound" as he announced BNY Mellon as the firm's stablecoin custodian for RLUSD.
According to the CEO of Ripple, many believe that stablecoins will reach 2 trillion dollars in a few years
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Ripple's CEO, Brad Garlinghouse, says there is a widespread belief that the stablecoin market could grow nearly tenfold in the coming years.
The stablecoin industry currently has a market capitalization of around 250 billion dollars, and "many people believe it will reach 1 to 2 trillion dollars in a few years," Garlinghouse said on CNBC's "Squawk Box" on Wednesday.
He added that the growth behind this has been "profound," stating that Ripple entered the market late partly because they were using stablecoins in their payment flows for institutional clients.
"We can participate in this [stablecoin] market given our institutional track record and regulatory compliance," he said, confirming that future growth will benefit the firm.
The comments came as Garlinghouse announced that BNY Mellon would be the firm's stablecoin custodian for its dollar-linked asset, Ripple USD.
Ripple launched its own enterprise-focused stablecoin, RLUSD, at the end of 2024. Since then, its market capitalization has grown to 500 million dollars, a milestone reached on Wednesday.
