According to Ripple advocate Fred Rispoli, the imminent debut of the RLUSD, the dollar-backed stablecoin by Ripple Labs, could attract a new lawsuit from the regulator. With Ripple Labs making efforts to launch its stablecoin, there are concerns that the US Securities and Exchange Commission (SEC) will file a charge against the blockchain firm in addition to the ongoing legal battle between the two entities.
Ripple and the US Regulatory Landscape
Some advocates of XRP think that Ripple’s continuing legal issues with the SEC may come to an end with the launch of RLUSD, a stablecoin backed by the US dollar. On the other hand, some members of the community worry that Ripple may come under more regulatory scrutiny as a result of this launch.
Based on the opinions of several legal experts, these worries are not unjustified. Notably, well-known attorney and XRP supporter Fred Rispoli stated that any new regulatory concerns resulting from the introduction of RLUSD could spark a new lawsuit. He underlined how different this prospective legal challenge would be from the ongoing SEC-Ripple lawsuit.
Ripple’s Challenges and The US Political Landscape
Depending on the results of the upcoming US presidential election, the regulatory environment may change. Many presidential contenders have taken pro-crypto positions, either sincerely or as a calculated attempt to win over supporters who are knowledgeable about cryptocurrency.
For example, independent candidate (Robert F. Kennedy Jr.) and Republican contender (Donald Trump) have both stated strong support for cryptocurrencies, including Bitcoin. Kennedy even suggested that Bitcoin be included in the national reserve, hailing BTC as an open, decentralized “honest currency.”
Notably, Trump’s $25 million raise at the 2024 Bitcoin Conference is his “second-highest fundraiser ever.” These efforts demonstrate his affinity with the cryptocurrency and blockchain industry. Though less overtly, recently nominated Democratic contender Kamala Harris has also expressed interest in making a positive shift in cryptocurrency policies.
PayPal’s PYUSD Debuts in the Philippine Market
Meanwhile, PayPal has made PayPal USD (PYUSD) (its stablecoin) available in the Philippine market. This project, in collaboration with the leading e-wallet company GCash, is a big step toward increasing broader access to digital assets.
With minimal transaction fees, users—including independent contractors—can move PYUSD tokens from PayPal to GCrypto, an in-app feature of GCash that is supported by the Philippine Digital Asset Exchange (PDAX). If a user has a confirmed account and is at least eighteen years old, they can purchase, sell, and hold stablecoins directly through the e-wallet.
PDAX’s chief business development officer, Kenneth Chua, remarked that this project seeks to offer a safe and useful way to embrace digital assets, whether for payments or transfers.
PYUSD’s Unique Features
Stablecoins like PYUSD, in contrast to other cryptocurrencies like Bitcoin, offer a dependable method of transaction without the risk of large price swings since they are tied to fiat currencies, like the US dollar, or less volatile assets, like gold.
They are a desirable alternative for consumers who want to trade digital assets without being vulnerable to market fluctuations. PYUSD’s entry into the Philippine market gives consumers a chance to learn more about a variety of cryptocurrencies, such as Solana, Ethereum, and Bitcoin.