Brad Garlinghouse, CEO of Ripple, said that the company enables global financial institutions to enhance cross-border payments and efficiency through digital technology. He made this statement during a testimony before the U.S. Senate Committee on Banking, Housing, and Urban Affairs.
“Ripple was founded more than a decade ago with a mission: to enable the Internet of Value — a world where money moves like information does today,” said Garlinghouse. “We build software products that power cross-border payments, stablecoins, and digital custody. Ripple helps financial institutions reduce friction, unlock efficiencies, and serve their customers better. We work everyday with banks that rely on our technology to deliver real results in the global economy.”
The United States is advancing its regulatory framework for digital assets, particularly stablecoins, with the GENIUS Act recently passed by the Senate. This legislation aims to integrate stablecoin issuers into the Bank Secrecy Act’s Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) framework, enhancing transparency and compliance. According to Reuters, in response to these developments, companies like Ripple have applied for national banking licenses to align with federal regulations and gain access to the Federal Reserve’s payment systems. This move reflects a broader trend of crypto firms seeking deeper integration into the traditional financial system.
Ripple’s payment solutions have seen significant adoption, with over 200 financial institutions, including Bank of America, joining RippleNet. This expansion underscores growing confidence in blockchain-based systems for cross-border transactions. The integration of XRP into these institutions’ operations highlights its utility in facilitating efficient international payments, as confirmed in a recent court report.
Over the past five years, cross-border payment systems have become faster and more cost-effective. The World Bank’s roadmap for enhancing cross-border payments, launched in 2020, has been instrumental in this progress. The initiative focuses on improving speed, cost, transparency, and service levels globally. These advancements are part of a concerted effort to modernize international payment infrastructures.
Garlinghouse was born in 1971 and is the CEO of Ripple Labs, a leading blockchain-based payment protocol company. Before joining Ripple in 2015, he held executive positions at Hightail, AOL, and Yahoo!, where he served as Senior Vice President. He holds a BA in Economics from the University of Kansas and an MBA from Harvard Business School.
Ripple Labs was founded in 2012 and is based in San Francisco. It is a technology company specializing in enterprise blockchain products. Originally named OpenCoin, it rebranded to Ripple in 2015. Ripple offers solutions like RippleNet for cross-border payments and has expanded its operations internationally with acquisitions such as Swiss crypto company Metaco in 2023.
