Brad Garlinghouse, CEO of fintech company Ripple, has announced the company is very close to launching its US dollar-linked stablecoin, called Ripple USD, The Block has reported.
The stablecoin, or RLUSD, has been tested in private beta and will launch in the coming weeks, rather than months. This follows last month's announcement that RLUSD was being tested on two blockchain networks.
According to Monica Long, president of Ripple, the stablecoin is intended to complement its existing XRP tokens.
Currently, USDT accounts for 70% and USDC for 21% of the total supply in the stablecoin market.
Garlinghouse has also said that the company has no interest in going public in the US due to the SEC's hostile stance towards cryptocurrencies.