TL:DR

Ripple controls 42% of XRP supply, raising talk of a corporate pivot toward treasury-like operations. Bitwise CEO suggests Ripple may become an XRP treasury firm as holdings grow rapidly. RLUSD stablecoin custody by BNY Mellon boosts Ripple’s push into institutional digital asset services.

Ripples Growing XRP Holdings Raise New Questions

Ripple may be transitioning from a payments-focused company to one with deeper ties to XRP as a reserve asset. According to Bitwise CEO Hunter Horsley, the company could be referred to as an XRP treasury company within the next year. This suggestion follows increasing corporate interest in holding XRP and the firms growing influence over the token.

I wonder if in 12 months, people will call Ripple an XRP treasury company.

Ripple’s Q1 2025 XRP Markets Report stated that the company currently holds 4.56 billion XRP. Additionally, a large portion of XRP’s total supply—roughly 42%—remains under its control through monthly escrow releases.

While the escrowed XRP is managed by on-chain contracts, its long-term release structure continues to tie Ripple closely to the asset.

XRP Holdings Fuel Talk of a Corporate Pivot

Ripple CEO Brad Garlinghouse has publicly questioned the company’s $11 billion valuation, suggesting it doesn’t account for Ripple’s massive XRP holdings.

“That $11 billion number is very outdated,” Garlinghouse said in a previous statement, pointing to the company’s roughly $100 billion XRP-linked balance.

Meanwhile, this shift comes at a time when several public companies are exploring XRP treasury strategies. Trident Digital Tech Holdings is aiming to raise $500 million worth of XRP. Webus International has outlined a $300 million goal, while VivoPower and Wellgistics Health have secured $121 million and $50 million, respectively, in XRP for corporate reserves.

Stablecoin Efforts Continue with New Custody Deal

Ripples growing interest in digital assets extends beyond XRP. Its stablecoin, RLUSD, has reached a market cap of over $500 million. The company has tapped Bank of New York Mellon (BNY Mellon) to serve as custodian for it.

The oldest bank in the United States, is known for supporting digital asset custody services. Ripple’s choice adds traditional financial credibility to its stablecoin operations across XRPL and Ethereum.