Ripple CEO contrasts $11B gold move with crypto's speed

Brad Garlinghouse, Ripple’s chief executive, seized on the Dutch central bank’s $11 billion gold transfer to argue that global finance still moves value using mid-20th century methods.

The Dutch central bank shipped about 86 tonnes of gold from New York and Ottawa to London between March and August.

Gold Relocation Supports Crypto's Case, Says Ripple CEO

De Nederlandsche Bank sold roughly 59 tonnes in New York, then purchased the same amount in London. That meant almost 70% of the move was a paper exercise.

Just 27 tonnes physically crossed the ocean. New York’s share of Dutch reserves dropped to 18.5% from 31.3%, while London’s portion rose to 32.1%. The DNB holds 612.4 tonnes overall, valued at 72.2 billion euros at end-2025.

Garlinghouse set that friction against the crypto sector’s evolution over the past ten years. The industry expanded from a $1.5 billion experiment to a $2.7 trillion asset class, he noted.

A good reminder on how finance still works today… the Central Bank of Netherlands just spent months moving $11B in gold from New York to London.

~70% of it never actually left the ground. It was sold in NYC and repurchased in London. This reminded me of a story from 2013 –… https://t.co/3qMEq90mC7

— Brad Garlinghouse (@bgarlinghouse) September 4, 2026

Garlinghouse also recalled Germany’s 2013 repatriation. The Bundesbank took four years to retrieve 674 tonnes, valued at around $36 billion.

Global Finance Still Relies on Outdated Infrastructure

De Nederlandsche Bank governor Olaf Sleijpen presented the move as a crisis-preparedness measure, not a sign of distrust toward the US. London trades far more physical gold than Ottawa does.

“With this relocation, we have improved the tradability of our gold reserves. We expect that we will never need to use them, but we do need to strengthen our resilience and preparedness.”

Sleijpen, DNB

The underlying mechanics back Garlinghouse’s point. Banks rely on correspondent queues for settlement, whereas stablecoins process payments instantly. SWIFT launched its own blockchain ledger in July, but final settlement still uses older systems.

Garlinghouse voiced a similar criticism after June’s Mastercard deal. XRP is trading around $1.40, down 3,65% on the day but 21% higher over three months.

The Bank for International Settlements, a central bank-owned institution, ran a test on the XRP Ledger this month. The prototype recorded official statistics in three to five seconds, with verification taking one to two seconds.

Can crypto outperform? On speed, the test results suggest yes. On trust, not yet. Central banks require vaults, insurance, and legal finality.

Sleijpen’s choice to shift gold to London arose from the need for tradability in a crisis—a type of structural safety that digital assets have yet to fully achieve.