Ripple CEO Brad Garlinghouse holds a belief that Japan presents a promising market for stablecoins. Brad predicts there will be a strong demand for a Japanese yen stablecoin.
In his most recent interview, Brad refrained from making any promises about a Ripple XRP stablecoin in Japan. His prime focus is to launch a stablecoin first in the United States.
Ripple CEO Foresees Strong Demand for Yen Stablecoins in Japan
In a recent interview with Bloomberg’s The China Show on Sept 7th, Brad said, “People will want to hold yen stablecoins, and I think that is only a matter of time.” While Japan is conservative in certain respects, Garlinghouse characterized it as a market that provides a robust environment for entrepreneurial activity.
Brad emphasized Japan’s progressive approach to regulatory clarity regarding stablecoins and cryptocurrencies as important factors contributing to its economic growth.
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“Japan has really embraced regulatory frameworks for digital assets, which has allowed entrepreneurship and investment to flourish here,” Garlinghouse told reporters. On the other hand, Brad said the United States has fallen behind other countries, such as Japan, the United Kingdom, and Switzerland, in terms of creating clear crypto regulations.
“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 said.
The XRP CEO added that the company is on schedule to launch the stablecoin this year, reinforcing XRP’s global ambitions for stablecoins, particularly in areas such as Japan.
On August 9, XRP announced the first tests of its United States dollar-pegged stablecoin, Ripple Labs’ Ripple USD (RLUSD), on the XRP ledger and Ethereum mainnet with plans to deploy the fiat-backed token on other blockchain networks in the future.
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