Breaking: Ripple CEO Declares Wall Street Is Copying XRP’s “Banker Coin” Model

11 Jun, 2026 Updated 11 Jun, 2026

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Kritika boasts over 4 years of experience in the financial news sector. Currently working as a crypto journalist at Coingape, she has consistently shown a knack for blockchain technology and cryptocurrencies. Kritika combines insightful analysis with a deep understanding of market trends. With a keen interest in technical analysis, she brings a nuanced perspective to her reporting, exploring the intersection of finance, technology, and emerging trends in the crypto space.

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Breaking: Ripple CEO Agrees Wall Street Is Copying XRP's "Banker Coin" Model

Highlights

Ripple CEO has broken silence on crypto industry mimicking XRP's model.
His comment follows Flare founder Hugo Philion's controversial claims in an interview.
Meanwhile, the XRP community is awaiting the crucial XRPL upgrade set to launch on June 15.

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Ripple CEO Brad Garlinghouse has publicly sided with Flare co-founder Hugo Philion’s comment on Wall Street companies mirroring XRP’s vision. His remark helped recovering the community sentiment as the XRP capitulation dropped amid the recent price decline.

Ripple CEO Backs XRP’s Vision Amid Wall Street Debate

In a recent interview, Philion said he’s “always been interested in XRP.” He said Ripple’s strategy for payments has been in the right direction overall. He also said that the company is facing more regulatory issues than issues related to its business model.

Philion cited an important shift in the industry’s perception of Ripple today. He mentioned that some people used to criticize XRP and Ripple for being affiliated with banks and financial institutions.

“When XRP and Ripple kind of started out, they were accused of being the banker coin,” Philion said. He then said that he made a comparison with the state of the crypto market at the present time.

“Now, everyone in the entire industry is desperate to be the banker coin,” he added. Amid this backdrop, it’s worth noting that Ripple and South Korea’s K-Bank recently partnered for blockchain payments, which supports XRP’s vision.

Philion said Ripple has stayed true to its initial objective. “I think they have a good solution,” he stated. He added that the company has “always been relatively true to that solution.” Phillion also said that XRP’s community is one of the loudest in the crypto industry.

An X user later posted the videotaped interview and singled out the Philion quote. The user stated that some of the crypto industry ridiculed XRP’s institutional vision. “They mocked the vision. Now they’re copying it,” according to the post.

Flare founder @HugoPhilion just said it out loud 👀

XRP and Ripple were accused of being the banker coin… now everyone in the entire industry is desperate to be the banker coin.

They mocked the vision. Now they're copying it 🔥$XRP $FLR @FlareNetworks pic.twitter.com/UHQCbR7lbA

— 𝗕𝗮𝗻𝗸XRP (@BankXRP) June 10, 2026

In response, Garlinghouse posted a one-word reply to the original comment as he wrote, “True.” This comment immediately went viral and caught the eye of the XRP community.

About The XRP Ledger’s Upcoming Upgrade

The Ripple CEO’s comment coincides with XRP Ledger Foundation planning a June 15 release of its version 3.2.0, This update comes on the heels of a successful launch of the XRPL 3.1.3 version last month. It included fixes and enhancements to NFTs, Multi-Purpose Tokens (MPTs), Vaults, the Lending Protocol, and Permissioned Domains.

One of the main aspects of the upcoming 3.2.0 upgrade is the transition of the core server software from “rippled” to “xrpld.” This change aims to better represent the growing open-source ecosystem that surrounds XRPL.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.