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Brad Garlinghouse, CEO of Ripple, predicts significant interest in yen-backed stablecoins in Japan due to the country's forward-thinking approach to cryptocurrency regulations. Ripple's stablecoin will first launch in the US but may expand globally.
Ripple CEO Predicts Demand for Yen Stablecoins
The CEO of Ripple, Brad Garlinghouse, thinks the Japanese market is great for stablecoins and thinks there will be a lot of interest in one pegged to the yen. Nevertheless, he has been mum on the subject of a Ripple stablecoin in Japan up until the company's US launch.
“People will want to hold yen stablecoins, and I think that is only a matter of time," Garlinghouse said in an interview with Bloomberg’s The China Show on Sept. 7.
Japan's Market: Conservative but Thriving in Crypto
Although Japan is a "conservative market in some ways," the market is "really healthy" in other aspects, according to Garlinghouse. According to Cointelegraph, the CEO of Ripple continued by saying that Japan has "leaned in" on providing legal clarity and regulation on stablecoins and cryptocurrencies, in contrast to other nations.
"That has really allowed entrepreneurship and investment to really thrive here in Japan," Garlinghouse said. He restated that other nations, such as Japan, the UK, and Switzerland, have "certainly been ahead" of the US.
Japan a Key Focus for Ripple's Global Stablecoin Plans
He implied that Ripple would prioritize the US market when creating a stablecoin before looking into Japan.
“A key issue that we will continue to make sure we are partnered with US regulators before we go live with the stablecoin[…] We will first issue it in the US, but we think there is opportunity for stablecoins globally, and certainly in Japan,” he remarked.
"We have always been consistent to do everything we can to launch this year," he stated.
Ripple Tests US Dollar-Pegged Stablecoin
Ripple Labs' Ripple USD (RLUSD), a stablecoin pegged to the US dollar, began testing on the XRP ledger and Ethereum mainnets on August 9. The company intends to roll out the fiat-backed token to other blockchain networks down the road.
Project Pax, Datachain's new stablecoin platform, aims to ease cross-border business settlements; the three biggest banks in Japan—Mitsubishi UFJ Bank, Sumitomo Mitsui Banking Corporation, and Mizuho Bank—are supporting it, according to a report by Cointelegraph on September 5.
