Ripple’s CEO, Brad Garlinghouse, thinks there’s a strong chance that Japan will see a strong demand for a Yen-backed stablecoin in the future.
In a recent interview with Bloomberg’s “The China Show”, Ripple CEO Brad Garlinghouse said that Japan is a “conservative” market in some ways but has clearer regulatory frameworks which make it easier for businesses to grow compared to countries like the United States, and the U.K.
In the interview, the CEO explained that the people of Japan will likely want to hold Yen stablecoin, but instead concentrate on launching its stablecoin in the U.S. first before moving with any plans for Japan.
“People will want to hold Yen stablecoins, and I think that is only a matter of time,” Garlinghouse stated.
The crypto company recently began testing its U.S dollar-pegged stablecoin – Ripple USD (RLUSD) on the XRP ledger (XRPL) and Ethereum networks in August this year.
Ripple is looking to expand the stablecoin to other blockchain platforms as well. Garlinghouse said that it’s important to work with U.S. regulators before officially releasing the stablecoin in the U.S.
At the same time, Japan’s largest banks—Mitsubishi UFJ Bank, Sumitomo Mitsui Banking Corporation, and Mizuho Bank—are also supporting a stablecoin project to help with international business payments, which shows Japan’s growing interest in stablecoins.
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