Ripple is holding between $60 billion and $70 billion in crypto assets, along with about $4 billion in cash, according to CEO Brad Garlinghouse. In a recent interview at the FII Priority Miami conference, he clarified that XRP held in escrow by Ripple is not included in this figure, suggesting additional reserves beyond the reported balance sheet.
This level of holdings places Ripple among the strongest players in the digital asset space, especially as it expands its institutional offerings.
RLUSD Wasn’t a Sudden Move
Garlinghouse said the decision to launch RLUSD was tied directly to Ripple’s payments operations. The company has processed more than $100 billion in cross-border transactions and was responsible for minting about 20% of the USDC supply at one point.
That experience pushed Ripple to build its own solution.
As he put it, “If we’re the number one minter on the network, why don’t we look at actually doing this ourselves?”
The shift gained urgency after the USDC de-peg during the Silicon Valley Bank collapse, which raised concerns around backing and reliability. RLUSD is positioned as a compliance-focused stablecoin aimed at institutional use.
Was it worth it?
Not everyone is convinced. Some X users argue that RLUSD’s growth, which reportedly reached a $1.5 billion market cap, may be drawing attention away from XRP. They also point to XRP’s price decline from its 2025 highs and ongoing token unlocks as concerns, while others say institutions may prefer stablecoins for settlement instead of using XRP for liquidity.
More Players Entering the Market
In the competition, Garlinghouse made it clear that more players are entering the space. Large institutions like banks are actively exploring launching their own stablecoins, which could lead to short-term expansion.
However, he doesn’t see endless growth in the number of coins. “We don’t need 50 U.S. dollar stablecoins,” he said, warning that too many options could create fragmentation similar to early banking systems.
Over time, he expects consolidation, where a few strong players dominate and specialize in different areas like payments or custody.
Moving with Clarity..
Regulatory progress is influencing the market’s direction. Garlinghouse pointed to recent U.S. efforts, including the GENIUS Act, as a factor behind growing corporate interest in stablecoins.
He also noted improving coordination between regulators, including the SEC and CFTC, which recently aligned on classifying several digital assets. Discussions around additional legislation, including the CLARITY Act, are ongoing, with debates focused on issues such as yield on stablecoins.
Stablecoins Move Toward Mainstream Use
Ripple sees stablecoins becoming a core part of financial systems rather than a niche product. As Garlinghouse stated,
“The stablecoin payment wave is happening, and it’s going to happen fast.”
With strong reserves and rising institutional interest, Ripple is positioning itself as stablecoins see wider adoption.
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FAQs
RLUSD is Ripple’s U.S. dollar-pegged stablecoin, fully backed and focused on compliance for institutions. It has grown to around a $1.4-1.5 billion market cap since launch, offering a stable option alongside Ripple’s payments network and XRP for faster settlements.
RLUSD and XRP serve different roles—RLUSD provides stable dollar value for everyday transactions and settlements, while XRP excels as a fast bridge asset for cross-border transfers. Many see them as complementary in Ripple’s ecosystem rather than direct rivals, though some worry about focus shifting.
Ripple expects consolidation, not overload. A few strong, trusted stablecoins will likely dominate as regulation improves and markets mature.
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