Ripple CEO Brad Garlinghouse is optimistic about the future of Japanese yen stablecoins, asserting that demand for such assets is inevitable. In an interview with Bloomberg’s The China Show on September 7, Garlinghouse expressed confidence that yen stablecoins will become popular, though Ripple has yet to commit to launching one in Japan until it has introduced a stablecoin in the United States.
Garlinghouse highlighted Japan's proactive approach to regulatory clarity and legislation concerning stablecoins and cryptocurrencies. He noted that Japan’s clear regulations have fostered a healthy environment for entrepreneurship and investment. In contrast, he described the U.S. as being lagging behind countries like Japan, the UK, and Switzerland in this regard.
Ripple plans to focus on launching a U.S. dollar-pegged stablecoin, Ripple USD (RLUSD), which is currently undergoing tests on the XRP ledger and Ethereum mainnets. Garlinghouse mentioned that the company will prioritize regulatory partnerships in the U.S. before considering the introduction of a yen stablecoin in Japan. Ripple is also exploring opportunities for stablecoins globally, with Japan being a potential market.
On September 5, Cointelegraph reported that Japan’s three largest banks—Mitsubishi UFJ Bank, Sumitomo Mitsui Banking Corporation, and Mizuho Bank—are supporting Datachain’s Project Pax, a new stablecoin platform aimed at enhancing cross-border business settlements.
Garlinghouse reiterated Ripple's commitment to launching a stablecoin within the year and expressed enthusiasm for the global potential of stablecoins, including in Japan.
