Ripple Labs, the famous blockchain firm, is dealing with heavy regulatory pressure in the United States of America. Amid this trouble, the crypto company is moving ahead to launch its own stablecoin. In the latest interview on “The Scoop”, Ripple President Monica Long talked about the stablecoin (RLUSD) and the potential launch of an XRP exchange-traded fund (ETF).
Ripple soon to launch stablecoin
Monica Long introduced the much anticipated Ripple’s stablecoin as it is primarily driven by the needs of Ripple’s existing payment clients and banking partners. She highlighted the role of stablecoins in intensifying transaction efficiency and transparency.
Ripple President stated “The US dollar stablecoin aims to optimize efficiency in major payment corridors where liquidity is abundant. In contrast, XRP will continue to serve as a bridge asset, particularly in more costly and less liquid payment corridors,”
It is important to note that the launch of the dollar backed token will support XRP. It will address the different needs in the payment arena. Long also talked about Ripple’s strategic expansion into broader blockchain solutions.
Monica Long mentioned “We’ve identified new opportunities for Ripple to be a holistic enterprise blockchain infrastructure provider,” she said. However, this move will allow financial institutions to engage in real-world asset (RWA) tokenization.
SEC law challenge
Long expressed concerns about the ongoing regulatory challenges in the US and she particularly mentioned the SEC lawsuit and its aggressive stance on crypto regulation. She added, “The clarity around XRP specifically has been very helpful, but the overall temperament of the US government, especially the SEC, has not slowed down its war on crypto; it’s only accelerated.”
Ripple President highlighted that “XRP has been trading within the top 10 for most of its existence and on top exchanges like Coinbase.” With the court ruling that XRP is not a security and given its sustained high trading volumes, Long believes that considering an ETF is a logical next step.
“The court’s ruling last year that XRP is not a security is pretty meaningful,” she added. “Given its sustained high trading volumes, it’s logical to consider an ETF as a sensible next step.”
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