In an interview with CNBC, Ripple CEO Brad Garlinghouse discussed the company's strategy regarding the use of cryptocurrencies and stablecoins in payments.
Use of XRP and Stablecoins
Garlinghouse mentioned that Ripple uses XRP 'where it makes sense.' He emphasized that the company is fundamentally focused on solving cross-border transaction problems. According to him, Ripple has been using stablecoins in its operations with institutional customers for a long time.
Stablecoin Market
Garlinghouse noted that the market capitalization of stablecoin RLUSD recently surpassed $500 million. He also highlighted that the stablecoin industry reaches $250 billion, and according to various analysts, this sector has significant room for growth.
Partnership with BNY Mellon
Recently, Ripple confirmed it had selected BNY Mellon as the primary custodian for the reserves backing the RLUSD stablecoin. Garlinghouse praised BNY Mellon as one of the 'most trusted partners out there.'
Garlinghouse emphasized that cryptocurrency will not replace traditional finance, but instead, it is important to extract the best practices from both spheres.
