Ripple CEO: Stablecoins to Flood the Earth, Wallets (and Tears) Will Overflow

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Beneath the fluorescent lights of another television studio, Brad Garlinghouse, shepherd of Ripple, uttered words that tumbled out like coins from a slot machine: Stablecoins, those digital chits born of panic and hope, may soon swell not to the size of a mere market cap, but to a trillion—nay, two trillion—American dollars. A tenfold expansion, give or take a few minor recessions. Impressive for a species that cannot even get its toaster to connect to Wi-Fi without emotional trauma.

Invited onto CNBC’s “Squawk Box” (a title with unexpected honesty), Garlinghouse, with the gravity of a commissar distributing potato rations, declared the ascent of stablecoins all but ordained. Today, their collective worth sits at $260 billion, but behind his eyes flickered the vision of markets inflated and ticker tape blanketing Wall Street like snow on the Siberian steppe.

Ripple, not wishing to be left standing at the station as this rickety train departed, entered the stablecoin frontier later than most—explained Garlinghouse—because they had been sneakily dabbling all along, moving institutional payments like a shadow on the wall, before triumphantly announcing their own USD-backed coin. Nothing says “innovation” like following everyone else, but with greater sincerity.

BNY Mellon Joins the Mad Waltz

And as the orchestra of capitalism plays on (just slightly out of tune), Ripple has found itself a reputable dance partner: the Bank of New York Mellon. A name that evokes both austere marble halls and the comforting audacity of lost fortunes, BNY Mellon has been tasked with safeguarding the mighty RLUSD—holding Treasury bills and cash while assuring everyone that the shiny tokens can always be swapped for real dollars. 1-to-1, they say, under controls befitting a money market fund, or at least, a well-watched cookie jar. 🍪

Since founding its “digital asset unit” (such poetry in such blandness) in 2021, BNY Mellon has welcomed institutional crypto clients, perhaps with a handshake, perhaps with a raised eyebrow. RLUSD, Ripple’s own digital darling, was flung onto Ethereum and the XRP Ledger in December of 2024, quickly elbowing its way into an already overcrowded $260 billion stablecoin playground.

Now, RLUSD hopes to wrap itself in the comforting shawl of legislation—the GENIUS Act, a bipartisan marvel (because nothing says unity like money)—which will demand that reserves and backings be revealed with almost Soviet transparency. Behind the legal drama, Amazon and Walmart circle the stablecoin bonfire, while lofty banks consider plunging their illustrious toes in the lava.

J.P. Morgan: The Cold Shower at the Party

But let us not grow too giddy. For as some stare longingly at the trillion, Standard Chartered believes the stablecoin dream may reach $2 trillion by 2028, Bernstein dares to dream of $4 trillion within the decade. Yet, at the somber corner of this crypto banquet, sits J.P. Morgan—the banking oligarch sipping their financial kvass—urging caution. They foresee only a modest growth to $500 billion by 2028. Trillions? Premature, they assure, much like celebrating harvest before winter has passed.

And thus, the dance of optimism and skepticism continues. Stablecoins, that digital bread promised to tomorrow’s hungry, remain the talk of nations and night-shift TV hosts. But who dares tally the cost when everyone’s fingers are already counting their unearned millions? 💸

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2025-07-10 15:29