When questioned about the Tether stablecoin, Ripple CEO Brad Garlinghouse remarked in a recent interview with Fox Business that the whole sector needed to be more open.
“Ripple and the XRP community have led by example from the beginning. As Garlinghouse put it, “We did our best to act like grownups in the crypto room.
The CEO states that he travelled to Davos, Switzerland, to present Ripple’s technology to the world’s top financial leaders and CEOs.
On the current state of the cryptocurrency market correction, Garlinghouse said that Bitcoin is still trading at a level that is greater than it was two years ago.
The CEO of Ripple said that in the market, “excitement got ahead of reality. Stablecoins, according to him, were the driving force behind the current market turmoil.
It was only in the first few days of May that Terra’s UST stablecoin lost its peg, therefore rendering it worthless.
There is a pressing need for crypto regulation after Terra’s demise. According to Garlinghouse’s most recent interview, nations including the United Kingdom, Switzerland, and Singapore have already built legislative frameworks for cryptocurrencies.
Also Read: TRON DeFi Increases On Terra-Inspired Stablecoin Release
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