The CEO of Ripple objects to how the media portrays the company's stablecoin venture.
CEO of Ripple Brad Garlinghouse reportedly took issue with Coindesk's recent story portraying Ripple's foray into the stablecoin market as a desperate move, according to U.Today. Garlinghouse expressed his dissatisfaction with the inaccurate representation, calling it "childish antics" masquerading as a respectable company that ought to be in the forefront of media coverage on the cryptocurrency space.
As to the article authored by Consensus Magazine's deputy managing editor Daniel Kuhn, Ripple's declaration of a new stablecoin signified the 'death' of the contentious XRP asset. Additionally, Kuhn implied that the business, which is presently facing legal troubles with the Securities and Exchange Commission (SEC) of the United States, may be in dire need of a fresh source of income. The SEC has demanded that Ripple pay over $2 billion in fines and penalties, claiming that a sum this large would serve as a warning to other companies in the same industry.
The article also emphasized that 'legitimate' financial institutions have not shown much interest in Ripple's On-Demand Liquidity solution, presumably because of worries about XRP's volatility. Additionally, it said that Ripple's collaborations with Santander and MoneyGram have not proven fruitful and that statistics regarding the frequency with which RippleNet clients utilize XRP for international liquidity is lacking.
XRP community members, on the other hand, have backed Ripple, claiming that the business is not having as much trouble as the story implies. They emphasized that among Ripple's financial partners are still well-known companies like American Express. In addition, XRP's market size keeps it among the leading cryptocurrencies. Even though it makes up a very minor fraction of Ethereum's value, it is by no means inconsequential. Co-founder of XPMarket.com Artur Kirjakulov said that Ripple is still moving forward and seizing new chances, focusing more on the company's growth and resiliency than any apparent obstacles.
