In an interview with CNBC on Wednesday, Ripple CEO Brad Garlinghouse said the company uses XRP “which makes sense.”
“We use Stablecoins and XRP makes sense,” he said.
He emphasized that Ripple is at its core, a payments company aimed at solving cross-border payment issues.
Garlinghouse remembered that Stablecoins was a “big part” of Ripple’s activities, and the company decided to enter the sector.
“We were in the market because we were using stable payment flows for clients in the scheme,” he said.
RLUSD’s market capitalization has recently surpassed $500 million, with Garlinghouse saying Ripple is “really pleased” with the growth.
Garlinghouse notes that the Stablecoin industry is $250 billion in size, according to analysts from various industries, and there is still room for growth within the sector. “You know, many people think it’s going to be 1 trillion to 2 trillion in a handful of years,” the Ripple boss added.
Today, Ripple confirmed that it has selected BNY Mellon as the main custodian of the reserve in favour of RLUSD Stablecoin.
The executive praised Bny Mellon as one of the “most trusted partners out there.”
“It’s a way for even the most reliable, most well-regulated, and most regulated partners to continue building trust in this system,” he said.
He also commented that the world “will not be handed over to the crypto,” and that he made the claim to integrate the best the industry can offer in traditional finance.
“The world is not passed on to cryptography. Instead, we’re going to think about how to make the most of what cryptography brings and bring it into traditional finance.”
