Ripple CEO: ‘People Starting to Recognize Stablecoins’

Binance’s Blockchain Week, a two-day event scheduled from Dec. 3 to 4, has kicked off in Dubai, UAE.

The event features industry heavyweights, including Ripple CEO Brad Garlinghouse, who shed light on key advancements in the crypto market and the way forward.

The Ripple CEO was on stage for a panel themed “the path ahead/moving forward” alongside Lily Liu, Solana Foundation President, and Binance CEO Richard Teng.

Garlinghouse had expressed excitement about the event a few days back, tweeting, “Moving forward is the only path worth considering.”

Fast forward to the event, and the Ripple CEO shared his insights on stablecoins, a sector in which the company is actively participating. Launched in December 2024, Ripple USD stablecoin (RLUSD) continues to gain momentum with $1.027 billion in market value.

Garlinghouse highlighted that stablecoins are gaining recognition: “People are starting to recognize that stablecoins really are stable and much easier to manage and move, especially in this region.” The region that the Ripple CEO seems to be referring to is the Middle East, where the Binance event is taking place.

The comments from the Ripple CEO come after RLUSD inched toward a significant milestone in the UAE. RLUSD has been recognized by Abu Dhabi’s Financial Services Regulatory Authority (FSRA) and other regulators in the region.

The XRP community will be looking forward to a session at Binance Blockchain Week, where Reece Merrick, Ripple’s Managing Director, Middle East and Africa, will be discussing “the next era of payment rails.” His presentation will delve into how blockchain-enhanced payment networks are modernizing global settlement, speed and financial connectivity.

RLUSD stablecoin gains recognition

Ripple USD (RLUSD) stablecoin has been recognized as an Accepted Fiat-Referenced Token by Abu Dhabi’s Financial Services Regulatory Authority (FSRA), allowing its use within the ADGM, the international financial center of Abu Dhabi, the capital of the United Arab Emirates (UAE).

In addition to the FSRA’s recognition, RLUSD also recently received approval from other regulators within the region.

At the Swell event that was held in November, Ripple announced a partnership with Mastercard, WebBank and Gemini to explore the use of Ripple USD (RLUSD) on the XRPL to support stablecoin settlement of fiat card transactions.