Ripple CEO Brad Garlinghouse recently made a revelation in a video that has resurfaced online, stating that his cryptocurrency company is currently engaged in collaborations with approximately 10 different governments globally in developing central bank digital currencies (CBDCs). In the video titled "Disrupt or Enable: Materializing the Internet of Value," which was filmed during a live event on October 19, 2023, by Metaco, a company acquired by Ripple earlier this year, Garlinghouse shared insights on this exciting development.
During the interview, Garlinghouse explained, "Ripple has made investments and is actively working with about 10 governments worldwide on central bank digital currencies. A central bank digital currency essentially functions as a stablecoin, issued directly by the government."
Furthermore, Garlinghouse emphasized the importance of establishing clear regulatory guidelines for stablecoins to ensure consumer safety, as well as safety for counterparties and other stakeholders. He also touched upon the launch of Ripple USD (RLUSD), a stablecoin backed 1:1 by the US dollar, set to be introduced later this year on the XRP Ledger and Ethereum platforms.
In addition to discussing Ripple's recent legal victory against the US Securities and Exchange Commission (SEC) and the company's expansion plans facilitated by regulatory clarity, Garlinghouse highlighted Ripple's distinction from XRP and the strategic acquisition of Metaco to bolster their custody solutions and regulatory compliance efforts.
Ripple had previously disclosed discussions with over 20 countries regarding CBDC initiatives, leading to enhancements in their CBDC platform to cater to the customization needs of central banks, financial institutions, governments, and commercial banks for their currency plans and prototypes.
What are your thoughts on Ripple's collaboration with 10 governments worldwide on central bank digital currencies? Share your opinions in the comments section below.