Ripple’s President Monica Long has announced that the company’s forthcoming US dollar stablecoin, Ripple USD (RLUSD), has already secured early customer commitments ahead of its official launch.
Speaking at the Singapore Fintech Festival in an interview with CNBC, Long highlighted the burgeoning market for stablecoins, emphasizing their potential to revolutionize the payments industry.
Long told CNBC stablecoins are “generally about $170 billion in terms of market cap today” but added it’s “projected to be north of $3 trillion in just a few years because there’s going to be more demand drivers like payments.”
She added that Ripple processes “more than $70 billion through assets” and is as a result well-positioned to capitalize on this trend.
Long cited Stripe’s recent acquisition of Bridge as evidence of traditional financial institutions embracing the stablecoin space. She expressed confidence in the market’s expansion, stating, “We have the use case, we have customers who are eager to utilize stablecoins for payments, and we believe we can be a leading provider.”
While acknowledging the importance of regulatory approval, Long reiterated Ripple’s operational readiness for the launch of RLUSD. The company is currently awaiting approval from the New York Department of Financial Services for its trust application.
Looking ahead, Long anticipates a diverse landscape of fiat-backed stablecoins, driven by regional preferences and specific use cases. She highlighted Latin America’s preference for US dollar-based stablecoins while acknowledging the potential for other currencies, such as the Euro and Singapore Dollar, to gain traction in their respective markets.
Long concluded by emphasizing the industry’s collective focus on stablecoins, stating, “Everyone was talking about stablecoins. The demand is evident, and Ripple USD is ready to meet that demand once it receives regulatory approval.”
Featured image via Pixabay.
