Ripple’s CEO Brad Garlinghouse Says XRP Utility Is Company’s North Star, Getting More Active
Ripple CEO Brad Garlinghouse offered a sweeping vision for the company’s future during an interview with Fox Business at a conference in Miami, touching on procurement operations, the role XRP as the ‘North Star’ within the company, the opportunity for stablecoins, and the regulatory approach going forward in the crypto industry in the United States.
XRP Utility Ripple’s ‘North Star’
Garlinghouse he made it clear that XRP is a guiding principle behind its strategic moves. According to Ripple’s CEO, developing XRP’s real-world use cases, trust, and resources are now key factors in how the company approaches product development and expansion. “That’s our North Star of how we think about everything,” he said.
This exploration of the XRP resource was at the core of Ripple’s acquisition, which, according to Garlinghouse, has exceeded all expectations. Garlinghouse said both of Ripple’s biggest purchases from last year exceeded the company’s internal projections. Ripple Treasury, formerly known as GTreasury, and Ripple Prime each have exceeded expectations, the most notable example being Ripple Prime which tripled its revenue from sales.
Stablecoins and Regulation May Determine the Next Phase of the Industry
Garlinghouse pointed to the Ripple Treasury as a tangible illustration of the market opportunity ahead. The platform, in its former form as GTreasury, processed $13 trillion in payments last year. However, 0% of these payments are made in crypto or stablecoins. That space is one of great opportunities on how the crypto industry is moving forward.
“That’s an opportunity,” Garlinghouse said.
Interestingly, he also elaborated on the future of how Ripple is taking that opening by adding crypto payment instruments directly to the dashboards of corporate finance managers who are already using them. He described a future where corporate finance managers and CFOs can choose between traditional payment instruments that take days and are expensive, or blockchain-based options that last in minutes. That choice could be a key factor that brings crypto deeper into global finance.
Another important part of the discussion focused on crypto laws in the United States, specifically the proposed CLARITY Act. Garlinghouse he had previously expressed support with the CLARITY Act. He has previously predicted that the legislature will be passed by US regulators at the end of April.
However, Ripple’s CEO is now pushing the proposed timeline forward. He revised his timeline by 30 days and now expects progress by the end of May but stressed that talks are ongoing and that all stakeholders are still involved. What needs to happen now is to agree on this important issue of how the awards are administered.
According to Garlinghouse, passing clear regulatory guidelines for the crypto industry is essential to keeping innovation and capital within the United States and for the US to be able to compete globally. Without clear regulatory guidelines, there is a risk that business and investment will continue to move overseas.
Featured image from Unsplash, chart from TradingView
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