Emily Walker
Monica Long, the President of Ripple, announced that their forthcoming stablecoin, Ripple USD (RLUSD), has garnered initial commitments from customers even before its official debut. During the Singapore Fintech Festival, she pointed out that stablecoins are likely to become a significant force in the payments sector.
Ripple Awaits Regulatory Clearance
In a conversation with CNBC’s Tanvir Gill, Long explored the rapidly growing stablecoin market. She mentioned, “Currently, stablecoins hold a market cap of around $170 billion, but this could escalate to over $3 trillion in the coming years due to increased demand for payments.” She also highlighted Ripple’s extensive processing capabilities, stating, “We handle over $70 billion through assets, indicating a strong trend in this use case.”
Long noted that established payment companies are increasingly considering stablecoins for their transactions, highlighting Stripe’s purchase of Bridge as an example of traditional financial institutions embracing this technology. “That’s a big player that is moving towards utilizing stablecoins for payments,” she remarked.
When discussing competitors in the stablecoin arena, Long expressed a positive outlook on market growth instead of direct competition. “I foresee a significant market expansion,” she said, adding, “We already have clients eager to use stablecoins for payments, positioning us as a strong provider.”
Concerning the RLUSD launch, Long stressed the necessity of obtaining regulatory approval. “The Ripple US dollar stablecoin isn’t launched yet; while we are ready operationally, it is crucial for us to receive approval from regulatory bodies,” she clarified. She mentioned that the New York Department of Financial Services is currently examining their trust application.
Long also spoke about the potential rise of other fiat-backed stablecoins. When asked about the impact of the US dollar, she responded, “I think dollarization is a viable path forward, especially considering payment use cases where foreign exchange needs are prominent. I anticipate we will see more fiat currencies transition into stablecoins.”
She pointed out regional trends in stablecoin adoption, specifically noting Latin America’s preference for US dollar stablecoins. “In some markets, such as Latin America, there’s a strong inclination towards US dollar stablecoins, but I believe we will see a broader acceptance of various stablecoin types worldwide,” Long stated.
After the event, Long shared her thoughts on X (formerly Twitter), highlighting the industry’s enthusiasm for stablecoins: “I had a great experience at the Singapore Fintech Festival—stablecoins were a hot topic. In my talk with Tanvir Gill on CNBC, we discussed the rising demand (for instance, LATAM’s interest in USD stablecoins, while EUR and SGD might carve out their niches), and confirmed that Ripple USD (RLUSD) already has customers lined up for its launch.”
As of the latest updates, the price of XRP stands at $0.60.