Ripple CEO Says XRP Could Become the Standard for Institutional Crypto Payments Within Five Years

Ripple CEO Brad Garlinghouse said that XRP could become the standard in institutional cryptocurrency payment infrastructure within the next five years. Garlinghouse stated that the company will continue to expand the use of XRP.

Speaking at Ripple’s annual Swell event last month, Garlinghouse offered his assessments on XRP’s role in institutional payment systems.

Ripple’s CEO stated that they aim to see XRP achieve wider use cases in institutional cryptocurrency payments.

Garlinghouse stated that they will prioritize XRP in customer transactions when the appropriate conditions are met. However, they emphasized that using XRP for every payment may not be the most suitable option.

He said that traditional fiat currencies or the RLUSD stablecoin developed by Ripple might be more suitable for some transactions.

Garlinghouse also shared important data regarding the total transaction volume of $16 trillion conducted through Ripple products.

According to the Ripple CEO, 99.9% of current transactions are still conducted through traditional financial payment networks.

Garlinghouse stated that he expects between 1% and 3% of this transaction volume to begin being conducted on blockchain next year.

Based on the current volume of $16 trillion, this estimate suggests that approximately $160 billion to $480 billion worth of transactions will be moved online.

However, these figures reflect Garlinghouse’s expectations for next year, not actual transactions.

Ripple’s strategy involves increasing the use of XRP in institutional payment infrastructure while also evaluating fiat currency and RLUSD options to meet different payment needs.

Garlinghouse’s statements reveal his expectation that the transition from traditional payment systems to blockchain-based infrastructure could accelerate in the coming years.