KeyTakeaways:
- Ripple CEO Garlinghouse backs XRP for U.S. crypto reserves, citing scalability and compliance.
- Texas proposes Bitcoin as a legal reserve currency with SB 778 legislation.
- BlackRock now holds $61 billion in tokenized assets, signaling rising institutional interest in crypto.
Ripple CEO Brad Garlinghouse has weighed in on the discussions surrounding the potential creation of U.S.-backed strategic crypto reserves, addressing the role of crypto assets such as XRP, Solana (SOL), and USDC.
His comments were made during the CfC St. Moritz conference, where he highlighted the growing institutional interest in digital assets. As regulatory frameworks solidify, the conversation around integrating U.S.-founded cryptocurrencies into a government-led reserve is gaining momentum.
Garlinghouse emphasized the significance of XRP’s scalability and regulatory compliance, making it a prime candidate for such a reserve. He stated that the path toward national crypto reserves becomes clearer as U.S. regulatory standards evolve.
This comes as several major markets increasingly consider cryptocurrencies’ potential for strategic use, including their role in national reserves.
The idea of U.S. crypto reserves, focusing on assets like XRP, Solana, and USDC, is backed by proponents who argue that it could strengthen financial security while fostering blockchain innovation within the U.S. Alongside this, BlackRock’s Joseph Chalom revealed that institutional adoption of cryptocurrencies has surged over the past year.
BlackRock, which had no crypto exposure a year ago, now holds $61 billion in tokenized assets, including Bitcoin and Ether. This reflects a broader institutional shift towards digital assets as hedge funds and pension funds continue to increase their cryptocurrency investments.
Texas is also making strides at the state level. Senator Angela Paxton has proposed SB 778, which, if passed, will create a Bitcoin Strategic Reserve in Texas. This bill would officially make Texas the first U.S. state to recognize Bitcoin as a legal reserve currency.
On the federal front, discussions are underway to form an advisory council focused on integrating digital assets into U.S. reserves, with an eye on maintaining the country’s leadership in blockchain technology.
