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CNBC Television - Ripple CEO on partnership with BNY to serve as custodian of stablecoin

Thumbnail of the video “CNBC Television - Ripple CEO on partnership with BNY to serve as custodian of stablecoin”
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Author: CNBC Television
Categories: Crypto Business
Tags: crypto, business
Views: 1 · Last viewed: 2026-10-13 22:02 UTC

Short Summary

Main recommendation: Ripple's central message is that the crypto industry should build trust by partnering with the most regulated, best-capitalized institutions, and that its new BNY partnership as primary custodian for its USD stablecoin is an example of that approach. Garlinghouse argues stablecoins are dollars backed by dollar deposits, so custody by a trusted bank matters, and frames Ripple's push for an OCC banking license as part of bridging traditional and decentralized finance.

Key Points

  • BNY will serve as primary custodian for Ripple's USD stablecoin, which Garlinghouse presents as a trust-building move after a period of regulatory pressure on the industry.
  • Ripple's USD stablecoin passed $500 million in market cap roughly six months after launch, according to Garlinghouse.
  • The stablecoin market is about $250 billion, and Garlinghouse says many expect it to reach $1 to $2 trillion within a handful of years.
  • Ripple joined stablecoins late, having first used them in payment flows for institutional customers and it holds over 60 global licenses.
  • Ripple has applied for an OCC license and a Fed master account, which Garlinghouse says it needs to fully participate as a bank-like player.

Details Worth Noting

  • Concrete instructions: The transcript gives no step-by-step or actionable instructions for viewers to follow; its content is a company announcement and executive commentary.
  • Garlinghouse describes stablecoins as "a dollar backed with a dollar in deposits," which is the core reason he cites for needing a trusted custodian.
  • Ripple describes itself as a payments company solving a cross-border payments problem, using stablecoins and XRP where it makes sense.
  • Garlinghouse says the crypto industry should be regulated and that Ripple is in Washington for a Senate Banking Committee hearing that day.
  • Garlinghouse's remarks about the industry's past headwinds and future growth are his own opinions and forecasts, not verified data.

Bottom Line

Ripple's BNY custody deal is presented as a step toward more regulated, bank-integrated stablecoin operations, with Ripple seeking an OCC license to deepen that position.