Ripple CEO Brad Garlinghouse Makes Exclusive Comments About XRP: “The World Will Not Transform into a Structure Dominated by Cryptocurrencies”

Ripple CEO Brad Garlinghouse made important statements about the company’s payment services strategy in an interview with CNBC.

Garlinghouse stated that Ripple’s main goal is still to solve the cross-border payment problem. “We use stablecoins, and we deploy XRP when necessary,” said the CEO, adding that they decide which payment method to use based on practicality and efficiency.

Garlinghouse stated that XRP and stablecoins play different roles in global money transfers and that this distinction is especially important for institutional customers. Ripple’s recently launched US dollar-pegged stablecoin RLUSD reached a market value of $500 million in just a few months. Expressing their satisfaction with this rapid growth, Garlinghouse stated that the reason for Ripple’s late entry into the stablecoin market was the solutions already in use in this area.

According to industry data, the global stablecoin market is currently around $250 billion. Garlinghouse noted that this market could grow to between $1 and $2 trillion in the next few years.

Ripple also announced that it will work with the world’s largest custodian bank, Bank of New York Mellon, to store RLUSD reserves. Arguing that this choice will increase trust, Garlinghouse said, “Working with a reliable, regulated and well-capitalized partner reinforces trust in the entire system.”

Garlinghouse said that it would be a more accurate approach for cryptocurrencies to create value by integrating with traditional finance rather than completely eliminating it, and said, “The world will not become a structure dominated by cryptocurrencies alone. Instead, we aim to integrate the advantages of crypto assets into the traditional financial system.”

*This is not investment advice.