‘We Use XRP Where It Makes Sense’

During a Wednesday interview with CNBC, Ripple CEO Brad Garlinghouse stated that the company uses XRP “where it makes sense.”

“We use stablecoins, we use XRP where it makes sense,” he said. 

He stressed that Ripple, at its core, has been a payments company that aims to solve the cross-border payment problem.

Garlinghouse has recalled that stablecoins were a “big part” of activity for Ripple, and the company decided to make a foray into the sector. 

“We joined the market kind of late, partly because we were using stablecoins in our payment flows for our institutional customers,” he said.

The market cap of RLUSD recently surpassed $500 million, and Garlinghouse says that Ripple is “really pleased” with its growth. 

Garlinghouse has noted that the size of the stablecoin industry stands at $250 billion, and there is still plenty of room for growth within the sector, according to various industry analysts. “You know, many people think it will be between 1 and 2 trillion in a handful of years,” the Ripple boss added. 

Earlier today, Ripple confirmed that it had selected BNY Mellon as the primary custodian for the reserves backing the RLUSD stablecoin. 

The executive praised BNY Mellon as one of the “most trusted partners out there.”

“Working with the most trusted, the most, you know, well-regulated and even the best-capitalized partners is a way to continue to build trust in this system,” he said. 

He also commented that the world will not be “taken over by crypto,” making a case for integrating the best that the industry can offer in traditional finance.

“The world isn’t going to be taken over by crypto. Instead, we think about how to take the best of what crypto brings, and bring it to traditional finance.”