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Ripple's Garlinghouse hails new era for XRP at 10th Swell event
The Ripple CEO pointed to a federal trust bank charter, new Robinhood and BNY work, and a top short-term rating for RLUSD.
Key takeaways
- Bank charter. The OCC granted final approval for Ripple National Trust Bank, allowing RLUSD reserve support and institutional custody.
- Institutional deals. Robinhood is using Ripple infrastructure including RLUSD settlement on the XRP Ledger, while BNY is widening custody and tokenized trade finance work.
- Rating. Moody's assigned RLUSD an A2 long-term and P-1 short-term rating, the highest short-term grade under its new stablecoin framework.
What happened
Ripple chief executive Brad Garlinghouse used the opening of the company's tenth Ripple Swell conference to tell the XRP community that XRP, the XRP Ledger and the RLUSD stablecoin are entering a new chapter. In a post on X dated Oct. 27, 2026, he said Ripple was "kicking off 10 years of Ripple Swell with a bang" and described this year's gathering as the largest edition of the event to date. CoinGape and Blockonomi both reported the remarks.
The conference opened with US Treasury Secretary Scott Bessent, which Garlinghouse called an honor. He credited Bessent's leadership, together with the current administration, with helping responsible crypto activity take root in the United States. Bessent told attendees that the Treasury could coordinate with the SEC and the CFTC to keep crypto rulemaking moving even after the CLARITY Act failed to advance, adding: "We are going to win in the digital asset stack."
Garlinghouse also pointed to the Office of the Comptroller of the Currency's final approval of Ripple National Trust Bank. The full banking charter allows Ripple to support the reserves behind RLUSD and to offer digital asset custody services to institutions. "We've always said crypto and banks work better together - this is what that looks like," he said, describing it as real innovation with real accountability and federal oversight.
First $1.50Latest $1.33-11.3% over the period
Points are daily observations, not closing prices.
Why it matters
For XRP holders, the messaging marks a shift in emphasis away from litigation and regulatory uncertainty and toward banking infrastructure and enterprise distribution. The items Garlinghouse highlighted, a federal trust bank charter, a stablecoin rating and tie-ups with a mainstream brokerage and a major custodian, are aimed at institutional clients rather than retail traders, and each depends on regulatory acceptance. His appearance alongside a sitting Treasury secretary at a company event is also notable, placing a senior US official on the same stage as a crypto firm's annual showcase. Whether that attention converts into demand for XRP or RLUSD is a separate question the reports do not settle.
What the data shows
On Robinhood, Ripple is supplying infrastructure for both customer-facing services and core financial operations, covering RLUSD settlement on the XRP Ledger, prime brokerage and treasury functions. RLUSD is already live on Robinhood Chain and on Bitstamp by Robinhood, and Robinhood intends to use the stablecoin on the XRPL for institutional settlement. With BNY, Ripple is widening an existing partnership across custody and tokenized trade finance involving RLUSD, XRP and the XRP Ledger, and BNY plans to extend support for tokenized assets and investment products issued on the XRPL.
Separately, Moody's Ratings gave RLUSD an A2 long-term rating and a P-1 short-term rating, which the reports describe as the highest short-term grade available under the agency's new stablecoin framework. In the market, XRP moved toward $1.35 as the event began and was trading around $1.33 after several days in a narrow range, with trading volume up nearly 20% over 24 hours. CoinGape cited analyst Ali Martinez, who said $1.25 remains the key level and that the daily chart shows a possible inverse head-and-shoulders pattern.
Background
Swell has now run for a decade, and this year's edition lands after US crypto legislation stalled, a setback Bessent referenced in his remarks. The conference programme covers agentic finance, tokenization, cross-border payments, DeFi and uses of the XRP Ledger. The trust bank approval, the Robinhood and BNY work and the Moody's assessment all predate or coincide with the event, and Garlinghouse presented them together as evidence of how Ripple's institutional strategy is progressing.
What to watch
Actor Matt Damon is scheduled to speak about how a clean water organisation uses Ripple Payments and RLUSD to speed up cross-border payments, one of the more consumer-facing sessions on the agenda. Also worth watching is whether BNY follows through on broadening support for tokenized assets issued on the XRPL, how quickly Robinhood puts RLUSD to work for institutional settlement, and whether the Treasury's stated willingness to work with the SEC and CFTC produces concrete rulemaking.
Questions readers ask
What did Brad Garlinghouse announce at Ripple Swell?
He opened the tenth Swell conference by highlighting a new phase for XRP, the XRP Ledger and RLUSD, citing the OCC's final approval of Ripple National Trust Bank, expanded work with Robinhood and BNY, and Moody's ratings for the stablecoin.
What did the Treasury Secretary say at the event?
Scott Bessent said the Treasury could work with the SEC and CFTC to advance crypto regulation despite the CLARITY Act's failure, and told attendees the US would win in the digital asset stack.
What ratings did RLUSD receive?
Moody's Ratings assigned RLUSD an A2 long-term rating and a P-1 short-term rating, the highest short-term rating under its new stablecoin framework.
