Breaking News: Ripple to Launch USD-Pegged Stablecoin, RLUSD, Amid SEC Tensions
Korea Blockchain Week has kicked off with a bang, revealing some groundbreaking developments poised to shake up the cryptocurrency market. In a notable media interaction at the event, Ripple CEO Brad Garlinghouse announced plans to introduce a new U.S. dollar-pegged stablecoin, Ripple USD (RLUSD).
Currently, Ripple’s new stablecoin is in a private beta phase. Although Garlinghouse did not specify a launch date, it is anticipated that RLUSD will debut in the market within the next few weeks.
Here’s a closer look at this exciting revelation!
Ripple CEO Slams SEC
Garlinghouse showed no reluctance in throwing his criticism towards the United States Securities and Exchange Commission. He pointed out the bitter challenges cryptocurrency companies face due to the hostile attitude of the SEC towards crypto-related business activities. He warned crypto companies to think twice before launching their businesses in the United States.
His statements indirectly showcased how much pain he experienced during his company’s legal battle against the SEC.
Ripple vs. SEC: What’s the Outcome?
In the initial stage of the legal battle, the SEC imposed a hefty fine of $2 billion on Ripple. Garlinghouse’s organisation challenged the fine and succeeded in bringing it down to a comparatively lesser sum of $125 million, marking an end to the long-running legal battle.
Many regard this as a victory for the entire crypto community.
Garlinghouse’s remarks were among the most outspoken of the event so far. As Korea Blockchain Week continues until September 7, 2024, it’s likely that more bold statements and announcements will emerge in the days ahead.
Also Check Out: Ripple vs SEC: Here’s Why Garlinghouse Says SEC Cannot Appeal the Ruling
Do you think Ripple’s new stablecoin will disrupt the market? Let us know your predictions.
