Ripple CEO Brad Garlinghouse said RLUSD benefits XRP, and that its competitors are other stablecoins, not XRP. Garlinghouse said that about half of RLUSD is currently issued on the XRP Ledger, adding liquidity to the network. He said Ripple is focused on integrating its businesses this year, after spending $2.5 billion on acquisitions last year. Garlinghouse also rejected claims that Ripple controls the XRP Ledger, saying that validators managed by Ripple make up only a small, single-digit percentage of the network. He cited regulatory progress and a recently issued security rating from Moody’s as reasons for his confidence in the outlook for institutional adoption of RLUSD.