Ripple’s CEO Brad Garlinghouse advocates for a diversified US digital currency reserve, one that includes multiple tokens, not just bitcoin or XRP. He believes a government digital asset reserve should reflect the diversity of the industry and provide a level-playing field in a multichain world.
Brad Garlinghouse, the CEO of Ripple Labs, has expressed his support for a diversified U.S. digital asset reserve that includes multiple tokens, not just bitcoin (BTC) or XRP.
Ripple Labs is a US-based technology company founded in 2012 by Chris Larsen and Jed McCaleb.
The company's primary focus is on developing the Ripple Protocol, an open-source, distributed ledger system for global payments.
Ripple's mission statement reads: 'To enable secure, instant and low-cost global financial transactions.'
Ripple Labs aims to provide fast, secure, and low-cost cross-border transactions using its proprietary token, 'XRP'.
With over 200 financial institutions partnering with Ripple, the company has become a leader in the fintech industry.
According to a report by McKinsey, Ripple's technology can reduce transaction costs by up to 70% compared to traditional payment methods.
Garlinghouse owns a variety of cryptocurrencies, including XRP, bitcoin (BTC), and ETH, and believes that a government digital asset reserve should reflect the diversity of the industry. ‘We live in a multichain world,’ he said, ‘and I’ve advocated for a level-playing field instead of one token versus another.‘
A National Digital Asset Stockpile: What’s at Stake?
Last week, U.S. President Donald Trump announced that his administration would evaluate whether to create a national digital asset stockpile. While some in the crypto market anticipate that a potential reserve would include bitcoin (BTC), Garlinghouse is against maximalism, which promotes bitcoin (BTC) as the only deserving candidate for a national reserve.
The Crypto Market Reacts
Currently, traders on decentralized betting platform Polymarket see a 17% chance of Trump greenlighting a digital asset stockpile in the first 100 days of his administration. However, Garlinghouse is optimistic about the idea and believes that it should be representative of the industry as a whole.
Polymarket is a decentralized prediction market platform that allows users to create and trade on various types of events, including sports, finance, and politics.
The platform uses blockchain technology to facilitate secure and transparent transactions.
Users can buy and sell shares in specific outcomes, with the price of each share fluctuating based on user sentiment and market forces.
Ripple uses XRP to facilitate cross-border payments and remittances, and XRP’s price has taken a hit recently, changing hands at $3.09 after tanking nearly 10% to $2.65 on Monday.
Ripple is a real-time gross settlement system (RTGS) developed by Ripple Labs Inc., which allows for the exchange of money in various currencies.
XRP, or ripples, is the native cryptocurrency used within the Ripple network.
It facilitates fast and low-cost transactions between banks and financial institutions worldwide.
XRP was created to bridge currency exchanges and provide liquidity to cross-border payments.
According to a 2020 survey by SWIFT, 40% of banks use or plan to use Ripple for international transactions.
