Everyone Wants to Be the Banker Coin Now, and XRP Is Lapping the Field 🏦

Ripple CEO Brad Garlinghouse has publicly aligned himself with comments from Flare co-founder Hugo Philion, who said Wall Street firms are now emulating the approach that originally drew criticism to XRP. The exchange has reframed a long-standing criticism of Ripple as a validation of its long-term strategy.

Speaking in a recent interview, Philion said he has "always been interested in XRP" and described Ripple's strategy for payments as being "in the right direction overall." He added that the company is facing more regulatory issues than issues related to its business model. Philion also cited what he described as an important shift in the industry's perception of Ripple today, noting that XRP and Ripple "were accused of being the banker coin" in their early years. "Now, everyone in the entire industry is desperate to be the banker coin," he said.

Garlinghouse's response helped stabilize community sentiment as XRP experienced capitulation during the recent price decline. Philion said Ripple has remained consistent with its original objective and stated, "I think they have a good solution."

The remarks come as Ripple continues to expand its institutional footprint. Ripple and South Korea's K-Bank recently partnered on blockchain payments, an initiative that supports XRP's stated use case for cross-border transfers. Industry participants have pointed to the partnership as evidence of the bank-aligned payment rails Ripple has pursued since inception.

Meanwhile, the XRP community is awaiting a planned XRPL upgrade scheduled for June 15. Details of the upgrade were not disclosed in the materials reviewed, and Ripple has not publicly confirmed additional features tied to the release date.

The broader debate over XRP's positioning has intensified as traditional financial firms have increased their engagement with blockchain-based payment networks. Philion's remarks, and Garlinghouse's concurrence, frame that shift as Ripple's original thesis gaining mainstream acceptance.