Ripple Management: "Skeptical About the Success of Bank-Issued Stablecoins" [APEX 2025]

Ripple's executives expressed skepticism regarding the success potential of bank-issued stablecoins.

At the 'APEX 2025' event held in Singapore on the 11th (local time), Brad Garlinghouse, Ripple CEO, and Monica Long, President, assessed the subject as being 'overrated.'

On this day, CEO Garlinghouse said, "Assuming JP Morgan issues the stablecoin 'JPM,' it's questionable whether other competitors would adopt it," adding, "Ultimately, Tether (USDT) and USD Coin (USDC) will likely continue to attract attention in the market."

President Long also remarked that "while the stablecoin market itself will experience multiple-fold growth in the coming years, it's hard to be certain that stablecoins issued directly by banks will easily succeed."

On the topic of meme coins, Garlinghouse and Long offered differing perspectives. Garlinghouse described meme coins as "a highly overrated sector," criticizing that "the ecosystem is unsustainable and filled with people chasing short-term profits." He added, "While there are exceptions like Dogecoin (DOGE) that have established a strong position, most aren't like that."

He also voiced concerns that meme coins could negatively impact the overall credibility of the industry. He stated, "Projects in the industry, including Ripple, are focused on developing products for real customers, but meme coins are simply about making quick money," and "figures like Senator Elizabeth Warren, who view the industry negatively, often use meme coins as grounds to disparage the entire virtual asset market."

Conversely, Long had a positive outlook on meme coins. She argued, "Meme coins are actually underrated," and while she acknowledged that there are many fraudulent projects, she insisted they have made a significant contribution to attracting new developers and capital to the blockchain ecosystem.

Additionally, CEO Garlinghouse commented that non-USD based stablecoins, the stablecoin regulatory bill 'GENIUS Act', and the Asian virtual asset market are 'underrated.' On the other hand, he assessed that attorneys from the U.S. Securities and Exchange Commission (SEC) are "overrated."

Singapore = Jinwook Bloomingbit reporter wook9629@bloomingbit.io