In a recent interview with Fox Business, Ripple CEO Brad Garlinghouse said that the whole industry had to be more transparent when asked about the Tether stablecoin.
“From the earlier days, Ripple and the XRP community, we tried to lead by example. We really tried to be the adults in the crypto room,” Garlinghouse said.
The executive claims that he came to the World Economic Forum in Davos, Switzerland, in order to pitch Ripple’s technology to finance ministers and CEOs around the world.
“Zoom out”
When asked about the ongoing cryptocurrency market correction, Garlinghouse said that Bitcoin is still trading significantly higher now than two years ago.
The Ripple boss adds that excitement “got ahead of reality” in the market.
He claims that stablecoins were the main bearish catalyst behind the recent market turbulence.
In early May, Terra’s UST stablecoin lost its peg, which made the UST governance token plunge to virtually zero.
The collapse of Terra has once again highlighted the need for crypto regulation. In the most recent interview, Garlinghouse says that countries like the U.K., Switzerland, and Singapore have already established a regulatory framework for cryptocurrencies.
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