Connect with us

Hi, what are you looking for?

Brad garlinghouse
Brad garlinghouse

Business

Ripple’s CEO forecasts substantial demand for the Yen stablecoin in Japan

Ripple CEO Brad Garlinghouse believes Japan may see strong demand for a yen-backed stablecoin in the near future, but the company’s primary emphasis is on introducing a US dollar stablecoin. He praised Japan’s clear regulatory environment for its booming cryptocurrency business, while criticizing the United States’ sluggish growth. Ripple has begun testing its USD-pegged stablecoin, with intentions to broaden its reach across blockchain platforms.

Ripple CEO Brad Garlinghouse sees Japan as a promising market for stablecoin adoption, particularly yen-backed stablecoins. While Garlinghouse believes that demand for such a stablecoin would eventually develop, Ripple has no immediate plans to create one in Japan. The company’s current emphasis is on launching a stablecoin in the United States and securing regulatory compliance there first.

Garlinghouse complimented Japan’s regulatory clarity in the cryptocurrency and stablecoin industries, saying it has created an atmosphere conducive to entrepreneurship and investment. In contrast, he stated that the United States is falling behind other countries in this regard.

Ripple has just begun testing its US dollar-pegged stablecoin, Ripple USD (RLUSD), on the XRP Ledger and Ethereum networks, with plans to extend to more blockchain platforms in the future. Meanwhile, Japan’s major banks have backed a new stablecoin platform, indicating a rising interest in stablecoins in the country.

author avatar
CryptoCorn
CryptoCorn is Editor and Author at 4C Media Co. and covers all stories and news related to Crypto & Finance. Excellent blogger and Passionate Crypto Trader. Follow her on twitter at @cryptocorn7.
Advertisement

You May Also Like

Cryptocurrency

Amid the financial pressure on many companies to examine Bitcoin, it is estimated that a quarter of the S&P companies will have Bitcoin in...

Uncategorized

Industry experts note that stablecoin regulations and banking access should take priority over cryptocurrency tax reforms in the U.S. Clear laws can encourage mainstream...

Cryptocurrency

Decentralized finance has transformed our trading, borrowing, and lending. These services are now available to users directly, without middlemen. The popularity of DeFi is...

Cryptocurrency

Binance has added a new feature that lets users trade directly from CEX to DEX without having to bridge assets or move funds by...

polkadot
Polkadot (DOT) $ 4.06 1.34%
bitcoin
Bitcoin (BTC) $ 82,804.19 0.69%
ethereum
Ethereum (ETH) $ 1,810.73 0.93%
cardano
Cardano (ADA) $ 0.649427 0.71%
xrp
XRP (XRP) $ 2.06 1.08%
stellar
Stellar (XLM) $ 0.260264 0.06%
litecoin
Litecoin (LTC) $ 83.26 0.04%