Ripple CEO Brad Garlinghouse gave a few weeks for stablecoin that will be tied to the dollar. Speaking at the Block Chain Week in South Korea, Garlinghouse said, “We will certainly launch soon. Weeks, not months.”

“We saw an opportunity when USDC lost parity”

Stating that they are about to complete the trial stages of RLUSD, their new stablecoin, Garlinghouse also used the following statements:

“I mean, 18 months ago, USDC depegged and we felt like there was an opportunity for a credible player that’s already working with lots of financial institutions to lean into that market,”

As it will be remembered, USDC, issued by Circle, had various difficulties in the banking crisis in March 2023 due to its assets in the bankrupt Silicon Valley Bank. The parity, which should stick to $1, went down to $0.80. Circle had approximately $3.3 billion in assets in this bank. When the US government stepped in and guaranteed the deposits, the environment calmed down and the USDC parity came back to $1.

Garlinghouse stated that while Gary Gensler continued his criticisms at the conference, Ripple also stated that the Ripple company does not have an IPO plan for the time being.