In a resurfaced video clip, Ripple CEO Brad Garlinghouse stated that his crypto firm is collaborating with around 10 governments globally on central bank digital currencies ( CBDCs). “A central bank digital currency is a stablecoin. It’s just issued by the government,” the executive described.
Ripple Working With 10 Governments Globally, CEO Reveals in Rediscovered Interview
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Ripple CEO on Working With Governments Worldwide
A video clip surfaced over the past few days on social media platform X, featuring Ripple CEO Brad Garlinghouse revealing that his crypto firm is working with around 10 governments worldwide on central bank digital currencies ( CBDCs). The video, titled “Disrupt or Enable: Materializing the Internet of Value,” was actually recorded at a live event on Oct. 19, 2023, by Metaco, a company Ripple acquired earlier this year.
During the interview, Garlinghouse stated:
Ripple has invested and is working with about 10 different governments around the world to do central bank digital currencies. A central bank digital currency is a stablecoin. It’s just issued by the government.
“But I also think there’ll be stablecoins outside of that. But as we’ve already talked about, it’s important, I think, to have clear regulatory guidelines as to how those will work and to make sure they are safe for consumers, make sure they are safe for counterparties, et cetera,” the Ripple CEO added.
The crypto firm recently introduced Ripple USD (RLUSD), which it described as “a 1:1 USD-backed stablecoin, offering transparency and stability on the XRP Ledger and Ethereum.” Ripple added that the stablecoin is “coming later this year.”
Garlinghouse also discussed Ripple’s legal victory against the U.S. Securities and Exchange Commission (SEC) during the interview. This win challenges the SEC’s regulatory approach and allows Ripple to expand globally in regions with clear regulatory frameworks. The executive also clarified Ripple’s distinction from XRP and highlighted the acquisition of Metaco to expand into custody solutions, emphasizing the synergy and regulatory compliance between both companies.
In May last year, Ripple revealed that the company was in discussions with more than 20 countries regarding CBDC plans. “Based on this work, Ripple has enhanced its CBDC platform to meet the needs of central banks, financial institutions, governments, and commercial banks to customize their currency plans and prototypes using the new CBDC Platform,” the firm explained at the time.
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