Ripple wants its next measure of success to be how much settlement activity it brings onto the XRP Ledger, according to Zach Rector reporting from the company’s Swell conference in New York. The potential starting pool: roughly $16 trillion in annual flows across its treasury and prime brokerage platforms, most of which currently remain off-chain.
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Rector attributed that ambition to Ripple CEO Brad Garlinghouse’s opening-day remarks. It is a potentially substantial source of activity for the network, but the video describes a strategic objective—not a commitment to migrate the entire amount.
A large settlement pool, not existing XRP Ledger volume
According to Zach Rector, roughly $13 trillion of those annual flows came from Ripple Treasury, with another $3 trillion to $4 trillion tied to Ripple Prime. The figures were presented as activity handled last year by those platforms, rather than payments already settled through the XRP Ledger.
The distinction matters. Rector said Garlinghouse acknowledged that almost none of that activity had touched the ledger, making the proposed migration a new growth opportunity rather than evidence of existing adoption.
The arithmetic provides the video’s central illustration: moving just 1% of a $16 trillion pool on-chain would represent $160 billion in annual activity. That is a hypothetical scenario, not an announced migration target or forecast.
The host also reported that Ripple’s revenue run rate was on track for $900 million this year, compared with $300 million last year, across businesses spanning payments, custody and stablecoins.
More liquidity does not automatically mean higher XRP demand
The report pointed to RLUSD’s availability on Robinhood and an announcement involving Coinbase as further steps toward expanding liquidity. It also described developers using XRP Ledger upgrades to build applications and services, though it supplied no adoption figures for those projects.
Addressing concerns that Ripple’s stablecoin could displace XRP, Garlinghouse reportedly told the audience: “We will never give up on XRP.”
The unresolved issue is how proposed on-chain settlement would translate into actual XRP use.
Settlement volume is not equivalent to token purchases, and the video provides no migration timetable or breakdown of how much activity would require XRP rather than stablecoins or other ledger-based assets.
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