Demand for Japanese Yen Stablecoins Is ‘A Matter of Time,’ Says Brad Garlinghouse
Date: 2024-09-09 Author: Henry Casey Categories: CRYPTO PAYMENTS
Ripple CEO Brad Garlinghouse believes Japan is a promising market for stablecoins and expects strong demand for a stablecoin pegged to the Japanese yen. However, he stopped short of promising a Ripple stablecoin in Japan until the company launches its equivalent in the U.S.
“People are going to want to own yen-pegged stablecoins, and I think it’s just a matter of time,” Garlinghouse told Bloomberg’s The China Show on Sept. 7.
Entrepreneurship is thriving in Japan
Garlinghouse noted that while Japan is a “conservative market in some ways,” he also thinks it’s a “really healthy market” in other ways. He explained that compared to other countries, Japan has made significant strides in terms of regulatory clarity and legislation around stablecoins and cryptocurrencies.
“That’s really allowed entrepreneurship and investment to flourish here in Japan,” Garlinghouse noted. He added that the U.S. is “definitely lagging behind” other countries, including Japan, the U.K., and Switzerland.
Garlinghouse suggested that Ripple would first focus on launching a stablecoin in the U.S. before considering a Japanese launch.
Ripple to Focus on USD Stablecoin, No Plans for Yen Stablecoin
“We’ll continue to work with U.S. regulators ahead of launching a stablecoin. “We’ll launch it in the US first, but we think there’s an opportunity for stablecoins globally, and certainly in Japan,” Garlinghouse explained.
“We’ve always been committed to doing everything we can to launch it this year,” he added.
On August 9, Ripple Labs announced the first tests of its US dollar-pegged stablecoin, Ripple USD (RLUSD), on the XRP Ledger and Ethereum blockchains, with plans to expand the token to other networks in the future.
Meanwhile, on September 5, Cointelegraph reported that three of Japan’s largest banks — Mitsubishi UFJ Bank, Sumitomo Mitsui Banking Corporation, and Mizuho Bank — are backing Datachain’s new Project Pax stablecoin platform, which will facilitate cross-border business settlements.
