FameEX Hot Topics | Rediscovered Interview Reveals Ripple's Collaboration with 10 Governments Worldwide, Says CEO

A video clip recently surfaced on social media platform X, featuring Ripple CEO Brad Garlinghouse discussing the company's collaboration with around 10 governments worldwide on central bank digital currencies (CBDCs). The video, titled "Disrupt or Enable: Materializing the Internet of Value," was recorded at a live event on October 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." He further added, "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."

Recently, Ripple introduced Ripple USD (RLUSD), described as "a 1:1 USD-backed stablecoin, offering transparency and stability on the XRP Ledger and Ethereum." The stablecoin is expected to be released 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. He emphasized Ripple’s distinction from XRP and highlighted the acquisition of Metaco to expand into custody solutions, stressing the synergy and regulatory compliance between both companies.

In May of the previous year, Ripple revealed it was in discussions with more than 20 countries regarding CBDC plans. Ripple stated, "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." This revelation underscores Ripple's commitment to working with governments to develop digital currencies and its strategic moves to adapt to the evolving regulatory landscape.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.