Ripple's Brad Garlinghouse Says Circle IPO Signals U.S. Stablecoin Regulation Ahead

Ripple's Brad Garlinghouse Says Circle IPO Signals U.S. Stablecoin Regulation Ahead
CoinDesk
CoinDesk
XRP+0.27%

SINGAPORE – Brad Garlinghouse, CEO of crypto company Ripple Labs, stated at the XRP Ledger Apex, the Ripple (XRP) community conference in Singapore, that he remains bullish on stablecoins – a sentiment he said is reinforced by the recent blockbuster Circle CRCL initial public offering (IPO).

"Circle IPO's clearly went very well. That's a reflection of investor interest in crypto, both institutions and retail. The financial future will be blockchain-based," Garlinghouse said at Apex.

Garlinghouse said that one factor in the success of Circle's IPO is the market's fundamental belief that the GENIUS Act – the U.S. stablecoin legislation – will pass.

As CoinDesk previously reported, the GENIUS Act, a stablecoin regulatory bill, is poised for imminent Senate passage with bipartisan support, potentially moving to the House and becoming law by August recess.

"Regulatory headwinds have now become tailwinds in the U.S., and that's good for the global landscape," Garlinghouse continued. "It's not deregulation that we want, and we are asking for clear regulation, and progress is evident."

Other jurisdictions have also recently passed stablecoin legislation, such as Hong Kong. Korea's new administration is also said to be working on a stablecoin bill.

Garlinghouse declined to comment on a potential Ripple-Circle merger or acquisition.

Apex continues in Singapore through Wednesday.

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