Ripple CEO Brad Garlinghouse left the door ajar for a potential XRP-related perk if the company ever goes public — but was clear an IPO is not on Ripple’s immediate agenda.
Speaking with Eleanor Terrett on the Crypto In America podcast at XRP Las Vegas, Garlinghouse tackled a recurring flashpoint in the XRP community: should holders of the token see a more direct economic benefit from Ripple’s growing private-company success? The company was last valued at roughly $50 billion in a share buyback, a number that has intensified calls for a closer link between Ripple’s corporate upside and XRP holders.
When asked whether Ripple had considered an XRP token buyback or any other mechanism to let token holders share in the firm’s wealth, Garlinghouse stopped short of endorsing any near-term plan. Instead he described Ripple’s role as catalytic — building products, infrastructure and partnerships to boost XRP’s utility, liquidity and trust.
“I hope XRP holders feel like they are benefiting from Ripple’s existence by virtue of what we’re doing to try to catalyze things within the XRP community,” he said. “Is there a scenario if and when Ripple goes public, would we do something special for people who hold XRP or something? Maybe. But I mean, that’s not in the immediate term.”
That “maybe” is notable because it leaves open the possibility of an IPO-linked gesture to token holders — but Garlinghouse repeatedly emphasized it was not a promise or an active corporate plan.
He also explained why Ripple hasn’t pushed for a public listing. Citing lackluster performances from recent crypto IPOs — mentioning BitGo and Gemini — and reports that Kraken has delayed listing plans, Garlinghouse said Ripple sees benefits to remaining private, including greater freedom in public commentary and strategy execution.
“The long-term dynamic, you know, we have not prioritized going public for a whole bunch of reasons,” he said. “There’s benefits to being private. Like, I could get up here and kind of say whatever the hell I want to say.”
The interview also addressed tensions over Ripple’s broader expansion — into areas such as the RLUSD stablecoin, prime brokerage, treasury products and institutional infrastructure — with some community members worrying these moves could dilute XRP’s centrality.
Garlinghouse rejected that framing. He pointed out Ripple remains the largest holder of XRP and therefore has the strongest incentive to ensure the token thrives. The company’s stated strategy, he said, is to make XRP “the most useful digital asset,” “the most liquid digital asset” and “the most trusted digital asset.” Even initiatives that don’t show an obvious, immediate line to XRP’s success, he argued, can serve that goal through longer, indirect pathways.
“I don’t feel the need to constantly update the whole world about our strategy because to some degree that just informs people who want to compete against us,” he said. “We’re going to do things that may not at first blush make crystal clear sense. But I swear to you, even if it doesn’t have a direct line from point A to point B, point B being good for XRP, it may be point A to point B to point B to point C.”
Garlinghouse framed Ripple’s acquisitions, external investments and support for ventures such as digital-asset treasury company Evernorth as moves evaluated with the XRP ecosystem in mind. He repeatedly appealed to community ties, calling the network the “XRP family” and pledging his commitment to decisions that are “good for the XRP community.”
“I freaking love the XRP family,” he said. “I want to do things that are good for the XRP community. It is a driving mission.”
At press time, XRP traded at $1.379.
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