- Ripple CEO Brad Garlinghouse reveals plans for a US dollar-backed stablecoin.
- Garlinghouse underscores Ripple’s international expansion and focus on payment solutions.
In an interview with Fox Business, Ripple CEO Brad Garlinghouse outlined the platform’s strategic roadmap for the next three years, noting that the company will focus on launching a US dollar-backed stablecoin.
The CEO highlighted Ripple’s strong international presence, noting that 95% of its customer base comprises non-US financial institutions. He also emphasized the intent to expand on the platform’s core offerings in payment and custody solutions using blockchain and crypto.
Despite regulatory hurdles in the US market, Garlinghouse stressed Ripple’s determination to continue growing globally. He asserted that Ripple will continue to expand despite the unencouraging pace of which crypto adoption in the country, due to regulatory concerns. The company’s main goal, as Garlinghouse noted, is to position itself as “the infrastructure for global growth.”
Garlinghouse added that the stablecoin project positions Ripple as a leader in compliant and crypto-finance solutions, particularly in contrast to competitors like Tether. Per his statement, “Our upcoming US dollar-backed stablecoin responds to rising demand, positioning us as a leader in compliant crypto-finance solutions, distinct from competitors like Tether.”
#Ripple CEO Brad Garlinghouse: We'll continue expanding despite slow US market adoption due to regulations. Our goal is to be the infrastructure for global growth, which we believe presents a huge opportunity for Ripple and #XRP. Our upcoming US dollar-backed stablecoin responds… pic.twitter.com/a8OuN5zAHU
— Marcel Knobloch aka Collin Brown (@CollinBrownXRP) April 19, 2024
Ripple CEO’s Perspective: US Regulatory Environment and Cryptocurrency
Garlinghouse discussed concerns regarding regulations in the United States, stressing its impact on the growth of the cryptocurrency market. He noted a perceived lack of legislative advancement, which, in his view, impedes market expansion.
In a related note, the Ripple chief criticized what he described as a sluggish pace in Washington’s comprehension of the crypto market, stating, “Washington is still trying to understand this market.” He also singled out the current administration and regulatory figures, notably SEC Chair Gary Gensler, suggesting a lack of understanding regarding cryptocurrency.
Furthermore, the CEO disputed assertions by certain political figures, including Senator Elizabeth Warren, whom he quoted as characterizing crypto users exclusively as “bad actors.” Garlinghouse urged a shift towards more informed and pro-innovation policies, drawing parallels with the early days of the internet boom.
At the time of writing, XRP trades at $0.524697, marking a 4.45% intraday increase. Year-to-date (YTD), the cryptocurrency has risen by 13%, displaying 15/30 green days over the past month.
