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.
