Breaking News: Ripple to Launch USD-Pegged Stablecoin, RLUSD, Amid SEC Tensions

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As expected, the Korea Blockchain Week has brought out information about some sensational developments likely to hit the cryptocurrency market in the coming months. During a conversation with media outlets at the event, Ripple CEO Brad Garlinghouse announced his organization’s plan to launch a U.S. dollar-pegged stablecoin, named Ripple USD (RLUSD). Read on to know more about this exciting conversation!

RLUSD Launch: A New Era for Crypto? 

It is believed that currently, the stablecoin of Ripple is in a private beta phase. Though the Ripple CEO gave no hint about the launch date, it is expected that the stablecoin will hit the market in a few weeks. 

Ripple CEO’s Stane on 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’s Legal Battle with the SEC

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 statements were the boldest made so far during the event. The one-week-long Korean Blockchain Week is expected to conclude on 7th September, 2024. It is possible that similar sharp statements will emerge in the coming days.

Also Check Out:  Ripple vs SEC: Here’s Why Garlinghouse Says SEC Cannot Appeal the Ruling