Ripple’s CEO Brad Garlinghouse has expressed confidence in a high demand for stablecoins tied to the Japanese yen. In an interview with Bloomberg, Brad noted that Japan has favorable conditions for the development of digital financial products.
Ripple and Yen Stablecoins
Brad Garlinghouse praised Japan’s regulatory clarity on stablecoins and cryptocurrencies, noting that it is a key factor for the thriving crypto market in the country. > "People will want to hold yen stablecoins, and I think that is only a matter of time." (CITE_NA)
Yen’s Status in Global Market
Meanwhile, the yen continues to gain strength against major currencies, especially the US dollar. The USD/JPY exchange rate dropped to 142.27 yen, due to speculations about a possible rate cut by the Federal Reserve. The Bank of Japan is also considering rate hikes.
Stablecoin Market Growth
The stablecoin market continues to grow, with a total supply reaching $162.1 billion, an increase of 3% since August, despite the broader crypto market downturn. Tether (USDT) dominates with a market cap of $119 billion, followed by USD Coin (USDC) with $33.5 billion and DAI with $5.3 billion. Ripple plans to launch RLUSD, a USD-pegged stablecoin for institutional investors.
Stablecoins, such as a potential yen stablecoin, could have a significant impact on the global financial market, providing stability and innovation across various economic sectors.
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