The CEO of cross-border remittance company Ripple has shared some of the crucial roles of crypto and how the industry could stay afloat.
Transparency is a “critical” value in the crypto industry, Ripple CEO Brad Garlinghouse has pointed out. Speaking to Fox Business news, the executive said operations clarity has become even more important with the recent “meltdown” of the UST stablecoin.from the dollar, bringing down the whole Terra ecosystem with it. The crisis caused panic among investors, and many onlookers wondered whether other stablecoins would suffer a similar state.
He gave Ripple and XRP as an example of transparent players in the industry, saying the two have done their best to be the “adult” in the financial sector. Of note, Garlinghouse is currently attending the annual World Economic Forum in Davos-Klosters, Switzerland., the forum hosts different world leaders to discuss the world’s status quo, along with forging “partnerships and policies” for future use. Garlinghouse noted that he was in attendance with the aim of sharing Ripple’s mechanisms as part of keeping it transparent.
Other than solving “real-world problems,” the executive said blockchain tech reduces remittance costs and “improves the efficiency of cross-border payments.” El Salvador cited similar reasons when it adopted Bitcoin as legal tender last year.Since its inception, Terra, seemingly transparent, presented UST as an algorithmic stablecoin guided by the law of supply and demand.
Now the crypto sector has, more than ever, attracted regulators’ scrutiny. Gary Gensler, chair of the US Securities and Exchange Commission , recently
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