Renowned X crypto influencer Jack The Rippler thinks the planned Ripple stablecoin (RLUSD) will rule the stablecoin scene. Recently, Jack The Rippler noted in a post that XRP will act as a bridge between stablecoins and other digital currencies, with the US dollar serving as a 1:1 peg for the “high-quality U.S. stablecoin.”
Ripple’s Ambitions in the Stablecoin Market
In a CNBC interview, Jack The Rippler revealed a brief statement about the forthcoming stablecoin RLUSD from Brad Garlinghouse, CEO of Ripple. Garlinghouse clarified that Ripple’s entry into the stablecoin space is due to the direction of the crypto market.
Compared with their present value of between $150 billion and $200 billion, the stablecoins market is expected to reach between $2 trillion and $3 trillion in the future, the Ripple CEO pointed out. He said of the stablecoin ecosystem that it is one of the “fund markets to be in that are growing quickly.”
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Garlinghouse also informed the CNBC reporter that he believes there is some change in market share and pointed out that Tether is presently the most dominant stablecoin. Though he notes that stablecoin heavyweights like Tether and the USDC are still growing steadily, he sees plenty of space for a Ripple-backed stablecoin.
Garlinghouse seems sure about the suggested Ripple stablecoin in the face of continuous legal challenges from the U.S. Securities and Exchange Commission (SEC). Declaring the projected Ripple stablecoin as an “unregistered crypto asset,” the SEC accused Ripple of ongoing conduct in unregulated operations in its May 7 redacted remedies reply.