The Ripple CEO appreciated Japan’s crypto regulatory scene while saying that Yen-pegged stablecoins will soon emerge.
Ripple CEO Brad Garlinghouse mentioned that Japan proves to be a healthy market for stablecoins and will witness the rise of assets pegged to the Yen in a Bloomberg interview. Without assuring anything, he stated that Ripple would first focus on launching its soon-expected RLUSD stablecoin in the US before considering other jurisdictions. His praise for the Japanese regulatory scene hinted at his interest in eventually launching it in the land of the rising sun.
“I think Japan has been a more conservative market in some ways, but I actually think that in some ways is also really healthy,” Garlinghouse stated. “Japan, more so than some countries around the world, leaned in early to provide regulatory clarity and pass legislation.” He continued to mention that Japan’s approach to regulating the asset class, including stablecoins, has allowed entrepreneurship to thrive. He placed it ahead of the US in the digital asset scenario, also including countries like the UK and Switzerland on his list.
When asked about a timeframe for a possible RLUSD launch in Japan, Garlinghouse did not confirm anything. “Well, I think right now Ripple, in particular, is focused on, let’s get live with the US dollar stablecoin.” However, he iterated demand for a yen stablecoin exists in the Japanese market. Furthermore, he spoke about how large Japanese corporations are in the process of obtaining licensing from the country’s Financial Services Authority (FSA) to gain stablecoin issuing permission.
Ripple Expected to Issue Its Stablecoin in the Coming Weeks in the US
Ripple is expected to launch its RLUSD stablecoin soon in the US. In a fireside chat during the Korea Blockchain Week last month, he said the stablecoin would come out in a matter of weeks. During this Bloomberg interview, he said that it would launch as soon as regulators permitted Ripple’s new endeavor.
