Ripple获信托银行牌照，CEO称XRP是核心桥接资产
Ripple Swell, Perpetual Futures Pushback, Fifteen-Minute Bets
Ripple获信托银行牌照及Moody's评级是加密机构化的重要里程碑；CEO关于XRP定位、并购支出及IPO态度的表态提供了关键基本面信息，建议关注。
LIVE FROM BLOOMBERG'S WORLD HEADQUARTERS IN NEW YORK, I AM SCARLET FU.
来自彭博位于纽约的世界总部，我是富诗雅。
I AM ISABELLE LEE. WELCOME TO "BLOOMBERG CRYPTO."
我是李伊莎贝尔。欢迎收看《彭博加密货币》。
HERE IS WHAT IS AT STAKE TODAY. WE HAD OVER TO A CONFERENCE IN MANHATTAN. BRAD GARLINGHOUSE JOINS US AS THE CRYPTO FIRM LANDS A TRUSTED CHARTER.
以下是今日焦点。我们曾报道在曼哈顿举行的一场会议。随着这家加密公司获得可信信托牌照，布拉德·加林豪斯加入我们的节目。
TERRY DUFFY JOINS US ON THE GROWING BATTLE OVER PREDICTION MARKETS AND WHAT IS NEXT FOR FUTURES.
特里·达菲与我们探讨预测市场日益激烈的争夺战以及期货市场的下一步动向。
WE ARE JOINED BY LAIDE MAJIYAGBE FROM BNY AS THEY LEAN INTO TOKENIZED TREASURIES. WHEN WE TAKE A LOOK AT WHAT IS GOING ON TODAY IN CRYPTO, SENTIMENT DOES APPEAR TO BE FALTERING. RISCA SENTIMENT HAS IMPROVED. BITCOIN IS WELL BELOW HIGHS FROM EARLIER THIS YEAR. TRADING AT THAT LEVEL. EITHER DOWN .3%. A LOT OF BOUNCING AROUND.
纽约梅隆银行的莱迪·马吉亚格贝加入我们，探讨该公司如何发力代币化国债。当我们审视今日加密货币市场的状况时，情绪似乎确实有所动摇。风险偏好情绪有所改善。比特币远低于今年早些时候的高点，交易价格处于该水平，下跌0.3%。市场波动较大。
LET'S TAKE A LOOK AT COMPANY MOVERS. ROBINHOOD SHARES ARE IN THE RED, DOWN 4%. IT WAS REPORTED THIRD-QUARTER EARNINGS THAT MISSED ESTIMATES. THE ACTIVITY RAISING QUESTIONS ABOUT WHETHER THE TRAINING BOOM CAN KEEP DRIVING GROWTH AT THE SAME PACE. YOU ARE AT GREEN ON YOUR SCREEN. GALAXY DIGITAL IS GAINING. HIGHER BY 17%. THE COMPANY REPORTED HIGHER THAN ESTIMATED EARNINGS. NET INCOME WAS DOWN 36% COMPARED TO A YEAR AGO AS IT CONTINUES ITS PUSH INTO THE AI DATA CENTER BUSINESS.
让我们看看个股动态。Robinhood股价下跌4%，表现不佳。据报道，其第三季度收益未达预期。这一情况引发了关于培训热潮能否继续以相同速度推动增长的疑问。您屏幕上显示的是绿色板块。Galaxy Digital股价上涨，涨幅达17%。该公司报告了高于预期的收益。尽管其继续推进AI数据中心业务，但净利润较去年同期下降36%。
SCARLET: RIPPLE TAKES ANOTHER BIG STEP IN ITS PUSH INTO TRADITIONAL FINANCE. THE COMPANY RECEIVED FINAL APPROVAL TO ESTABLISH A SUPERVISED TRUST BANK. ONCE OPEN THE RIPPLE NATIONAL TRUST BANK WILL BE AUTHORIZED TO MANAGE RESERVES AND PROVIDE FIDUCIARY DIGITAL ASSET CUSTODY SERVICES. LET'S HEAD OVER TO RIPPLE'S ANNUAL CONFERENCE, NOW IN ITS 10TH YEAR TO SPEAK WITH THE CEO OF RIPPLE, BRAD GARLINGHOUSE. THANK YOU FOR TAKING THE TIME TO SPEAK WITH US.
富诗雅：Ripple在向传统金融领域迈进的道路上又迈出重要一步。该公司获得最终批准，建立受监管的信托银行。一旦开业，Ripple国家信托银行将被授权管理储备金并提供数字资产受托保管服务。让我们前往Ripple年度大会现场，这是该大会举办的第十年，我们将与Ripple首席执行官布拉德·加林豪斯进行对话。感谢您抽出时间与我们交谈。
BRAD: THANK YOU FOR HAVING ME. I APPRECIATE YOU DOING IT. SCARLET: LET'S TALK ABOUT WHERE RIPPLE IS. WE GOT THE APPROVAL FOR THE TRUST BANK APPLICATION. WE SEE RIPPLE TREASURY AND BRINGING RLUSD TO MILLIONS OF CUSTOMERS. IT FEELS LIKE A LOT HAS HAPPENED IN A SHORT AMOUNT OF TIME. YOU MADE A NUMBER OF ACQUISITIONS. YOU ARE A VERY DIFFERENT COMPANY THAN YOU WERE A FEW YEARS AGO, AND EVEN LAST YEAR. WHAT IS RIPPLE TRYING TO BECOME FROM WHERE YOU SIT IN 2026 RIGHT NOW?
布拉德：感谢您的邀请，我很感激。富诗雅：我们来谈谈Ripple的现状。我们获得了信托银行申请的批准。我们看到Ripple Treasury正在将RLUSD带给数百万客户。感觉在短时间内发生了很多事情。您进行了多项收购。与几年前甚至去年相比，现在的Ripple已是一家截然不同的公司。从您目前的视角来看，到2026年，Ripple正试图成为一家怎样的公司？
BRAD: THERE IS NO QUESTION ABOUT IT. OVER THE 10 YEARS WE HAVE TALKED TO THE CONFERENCE IT IS PROFOUND TO SEE HOW MUCH THE INDUSTRY HAS CHANGED AND HOW MUCH RIPPLE HAS CHANGED. YOU LOOK AT OTHER PEOPLE SPEAKING WITH YOU, THE FACT YOU HAVE BNY ANNOUNCEMENTS, TERRY DUFFY, IT IS A DRAMATIC SHIFT FROM CRYPTO BEING ON THE OUTSIDE. AS YOU POINT OUT MANY CRYPTO FIRMS ARE INCREASINGLY THINKING ABOUT HOW TO BUILD BRIDGES BETWEEN TYPICAL FINANCE AND DECENTRALIZED FINANCE.
布拉德：毫无疑问。在过去十年中，我们与会议方进行了交流，深刻感受到行业发生了巨大变化，Ripple 也发生了巨大变化。看看其他与你交谈的人，BNY（纽约梅隆银行）的宣布、特里·达菲的参与，这表明加密资产已从边缘走向主流，发生了戏剧性的转变。正如你指出的那样，许多加密公司越来越多地思考如何在传统金融与去中心化金融之间搭建桥梁。
THAT IS WHERE RIPPLE HAS BEEN FROM THE BEGINNING. WE HAVE CONTINUED TO BUILD ON THAT. WE ARE SEEING MORE PEOPLE WILL ABLE TO TAKE ADVANTAGE AND ACCESS THE CRYPTO ECONOMY, WHETHER USING RAILS FOR MORE EFFICIENT PAYMENTS, CUSTODY OR TOKENIZATION OF DIFFERENT ASSETS THAT OPENS UP MARKETS TO NEW ENTRANTS. ISABELLE: THE INSTITUTIONAL DEMAND HAS ARRIVED. XRP. HOW CENTRAL IS XRP TO RIPPLE? IT SEEMS LIKE XRP DOES NOT SEEM TO BE A BIG FOCUS.
这正是 Ripple 从一开始就致力于的方向，我们一直在这一基础上持续建设。我们看到越来越多的人将能够利用并进入加密经济，无论是使用支付基础设施实现更高效的支付，还是提供托管服务或对不同资产进行代币化，从而为新进入者打开市场。伊莎贝尔：机构需求已经到来。XRP 在 Ripple 的战略中处于多核心的地位？看起来 XRP 似乎并不是重点。
BRAD: ANYONE WHO DOES NOT THINK XRP IS AT THE HEART OF EVERYTHING RIPPLE DOES IS MISSING THE BIG PICTURE. WE WANTED TO COMPLEMENT WHAT WE WERE DOING WITH XRP. THAT BRINGS LIQUIDITY, VOLUME, ACTIVITY ON THE XRP LEDGER. ANYONE WHO PARTICIPATES IN THE XRP ECOSYSTEM CAN BENEFIT. IT IS ALMOST AN ENTRY POINT. CFOS INTERESTED IN THESE TECHNOLOGIES. STABLECOIN IS AN ENTRY POINT. WE WANT TO SOLVE THE CUSTOMER'S PROBLEM, WHETHER THAT IS A STABLECOIN THROUGH XRP OR FIAT RAILS.
布拉德：任何认为 XRP 不在 Ripple 所做一切的核心位置的人，都未能看清大局。我们希望补充我们在 XRP 方面所做的工作，这将为 XRP 账本带来流动性、交易量以及活动。任何参与 XRP 生态系统的人都能从中受益。它几乎是一个入口点。对于对这些技术感兴趣的 CFO 来说，稳定币是一个入口点。我们要解决客户的问题，无论是通过 XRP 还是法币基础设施来实现稳定币。
THE MORE WE DO THAT WE CAN INTRODUCE XRP TO EVERYTHING. PEOPLE SHOULD NOT LOSE SIGHT OF THE FACT THAT RIPPLE CARES MORE ABOUT THE XRP ECOSYSTEM THAN ANYONE. SCARLET: WHAT IS IT THAT XRP CAN DO THAT THE STABLECOIN, RLUSD, CANNOT? BRAD: A STABLECOIN BY DEFINITION IS A STABLECOIN OF ONE TOKEN, ONE DOLLAR. THE U.S. DOLLAR IS 90%-PLUS OF ALL STABLECOINS. IF YOU WANT TO BE A BRIDGE ASSET , JUST BEING U.S. DOLLAR DENOMINATED DOES NOT SOLVE THAT ACROSS DIFFERENT CORRIDORS.
我们做得越多，就越能将 XRP 引入到各个领域。人们不应忽视这样一个事实：Ripple 比任何人都更关心 XRP 生态系统。斯卡莱特：XRP 能做而稳定币 RLUSD 做不到的事情是什么？布拉德：根据定义，稳定币是一种单一代币锚定一美元的稳定币。在所有稳定币中，90% 以上都与美元挂钩。如果你想成为桥接资产，仅以美元计价并不能解决跨不同货币走廊的问题。
XRP IS A BRIDGE ASSET BETWEEN DIFFERENT CURRENCY PAIRS. HAVING ONE BRIDGE ASSET VERSUS GOING INTO THE DOLLAR RATHER THAN OUT OF THE DOLLAR. IF YOU WERE SENDING A WIRE PAYMENT FROM THE AUSTRALIAN DOLLAR TO THE PHILIPPINE PESO, YOU WOULD GO THROUGH THE U.S. DOLLAR TO DO THAT. HAVING A NEUTRAL BRIDGE ASSET THAT IS VERY LOW COST AND VERY SCALABLE IS SOMETHING WE THINK WILL CONTINUE TO BE APPEALING TO DIFFERENT CORRIDORS.
XRP 是不同货币对之间的桥接资产。拥有一种桥接资产，而不是先兑换成美元再兑换出去。如果你要从澳大利亚元向菲律宾比索发送电汇付款，通常需要经由美元进行中转。拥有一个成本极低且极具可扩展性的中性桥接资产，我们认为这将使不同的货币走廊继续受到青睐。
OTHER TIMES WE JUST WANT TO BE DOLLAR DENOMINATOR, U.S. DOLLAR, U.S. DOLLAR, RLUSD IS POISED TO TAKE ADVANTAGE OF THAT. DOING THAT ON TOP OF THE XRP LEDGER BRINGS LIQUIDITY. ISABELLE: YOU HAVE SPENT SOME $2 BILLION IN THE LAST EIGHT MONTHS FOR ACQUISITIONS. IS THERE A CATEGORY YOU ARE MISSING? IT MAKES ME REALLY THINK, IS AN IPO IN THE WORKS? BRAD: WE HAVE BEEN A VERY HAPPILY PRIVATE COMPANY FOR 12 YEARS NOW. WE HAVE NOT BEEN IN A HURRY TO TRY TO GET PUBLIC.
其他时候，我们只希望成为以美元计价的 denomimator（分母），即美元。RLUSD 准备利用这一点。在 XRP Ledger 之上实现这一点带来了流动性。伊莎贝尔：在过去八个月里，你在收购上花费了约 20 亿美元。是否有你遗漏的类别？这让我真的在想，IPO 是否在酝酿中？布拉德：我们已经作为一家非常快乐的私营公司存在了 12 年。我们并不急于尝试上市。
THAT MAY BE A CHAPTER BE CROSS IN THE FUTURE, BUT FOR NOW WE HAVE BEEN HAPPILY PRIVATE. WE HAVE BEEN ABLE TO DO THE ACQUISITIONS YOU DESCRIBED. LAST YEAR WE SPENT $2.5 BILLION IN ACQUISITIONS. SOME SMALLER ONES AS WELL. THOSE ACQUISITIONS HAVE BEEN PHENOMENALLY SUCCESSFUL. WE HAVE BEEN ABLE TO ACCELERATE GROWTH. OUR ORGANIC GROWTH HAS ACCELERATED ALSO. THERE IS NOT ANYTHING WE ARE READY TO ANNOUNCE NOW. THIS YEAR HAS BEEN ABOUT BRINGING THOSE PIECES TOGETHER THAT WE ACQUIRED LAST YEAR, STITCHING THEM TOGETHER AND SEEING MORE OF THAT AS WE GO INTO 2027.
那可能是未来被划掉的一章，但到目前为止，我们一直快乐地保持私营状态。我们能够进行你所描述的收购。去年我们在收购上花费了 25 亿美元。其中也包括一些较小的收购。这些收购取得了非凡的成功。我们能够加速增长。我们的有机增长也加快了。目前没有任何事情可以宣布。今年主要是将我们去年收购的那些部分整合在一起，将它们缝合起来，并在进入 2027 年时看到更多成果。
SCARLET: GOING BACK TO WHAT ISABELLE WAS SAYING, WITHIN THE DIFFERENT BUSINESS YOU HAVE BUILT UP WITHIN RIPPLE, AUTOMATION, PAYMENTS, IS THERE A MISSING LINK THAT YOU FEEL YOU REALLY WANT TO FOCUS ON OVER THE NEXT 2-3 YEARS? BRAD: RIPPLE WANTS TO STAY AT THAT INFRASTRUCTURE/ENTERPRISE LEVEL. OUR CUSTOMERS ARE FINANCIAL INSTITUTIONS, CORPORATE'S, BANKS. WE SEE INTERESTING THINGS HAPPENING IN OTHER SPACES. THAT IS OUTSIDE OF WHERE RIPPLE IS FOCUSED.
斯嘉丽：回到伊莎贝尔之前所说的，在你于 Ripple 内部建立的不同业务中，包括自动化、支付等，是否有一个缺失的环节是你觉得在未来 2-3 年里真正想重点关注的？布拉德：Ripple 希望保持在基础设施/企业层面。我们的客户是金融机构、企业和银行。我们看到其他领域正在发生有趣的事情。但这不在 Ripple 的关注范围内。
THERE COULD BE THINGS AROUND THE INFRASTRUCTURE LEVEL THAT WE WOULD LOOK AT OR THINK ABOUT. WE WANT TO KEEP THE SAME SET OF CUSTOMERS AND THINK, HOW DO WE HELP THOSE CUSTOMERS TAKE ADVANTAGE OF BLOCKCHAIN TO MAKE TRANSACTIONS MORE EFFICIENT, EITHER BY COST OR SPEED? ISABELLE: WHERE DO YOU GO FROM HERE? WHAT IS YOUR NEXT M&A TARGET? BRAD: I WILL NOT ANNOUNCE ANY M&A TARGETS ON TV TODAY. SUFFICE IT TO SAY WE ARE CONTINUING TO PLAY OFFENSE.
我们可能会审视或考虑围绕基础设施层面的某些事物。我们希望保持相同的客户群体，并思考如何帮助这些客户利用区块链使交易更高效，无论是通过降低成本还是提高速度？伊莎贝尔：接下来你打算怎么做？你的下一个并购目标是什么？布拉德：我今天不会在电视上宣布任何并购目标。 suffice it to say（可以说）我们仍在继续采取进攻姿态。
WE HAVE A STRONG BALANCE SHEET. OVER $50 BILLION OF CRYPTO AND OVER $4 BILLION OF CASH. WE ARE IN A POSITION TO PLAY OFFENSE. LET'S MAKE SURE THE ACQUISITIONS WE HAVE MADE OUR SUPER SUCCESSFUL AND DRIVE THAT IN THE SHORT TERM. AS WE ENTER 2027, WE WILL ASK OURSELVES THOSE QUESTIONS AGAIN AND WHAT WE COULD DO TO WITH SELLER AT THE GROWTH AND BRING OUR CUSTOMERS THE BEST POSSIBLE SOLUTIONS. SCARLET: WE STARTED THIS CONVERSATION BY TALKING ABOUT FINAL APPROVAL AS A TRUST BANK CHARTER.
我们拥有强劲的资产负债表。超过 500 亿美元的加密货币和超过 40 亿美元的现金。我们处于可以采取进攻态势的位置。让我们确保我们已经进行的收购取得巨大成功，并在短期内推动这一势头。随着我们进入 2027 年，我们将再次问自己这些问题，以及我们可以做些什么来促进增长，并为我们的客户提供尽可能最好的解决方案。斯嘉丽：我们这次对话始于讨论作为信托银行牌照的最终批准。
WHAT IS THE FIRST THING THERE IS ON YOUR TO DO LIST AS A NATIONAL TRUST BANK? BRAD: GETTING THE NATIONAL TRUST BANK CHARTER HAS BEEN A MAJOR STEP IN OUR STABLECOIN BUSINESS. IT HAS BEEN VERY IMPORTANT FOR US TO BE THE GOLD STANDARD OF REGULATORY AND LICENSING. WHAT YOU SAW FROM THAT ANNOUNCEMENT IS A CONTINUATION OF THAT. WE WERE ALREADY REGULATED ON THE NEW YORK DEPARTMENT OF FINANCIAL SERVICES. THIS IS A FURTHER STEP.
作为国民信托银行（National Trust Bank），你的待办事项清单上的第一件事是什么？布拉德：获得国民信托银行牌照是我们稳定币业务的重要一步。对我们而言，成为监管和许可方面的黄金标准至关重要。你从该公告中看到的内容是这一进程的延续。我们此前已受到纽约州金融服务部（NYDFS）的监管。这是进一步的举措。
YESTERDAY WE WERE ALSO RATED BY MOODY'S AT THE HIGHEST RATING OF ANY STABLECOIN. WE BELIEVE THERE IS A MAJOR OPPORTUNITY WHEN INSTITUTIONS CONTINUE TO ENGAGE WITH STABLECOINS. THERE IS AN OPPORTUNITY FOR RLUSD TO BE AT THE FOREFRONT OF THAT. THIS IS ALREADY A $300 BILLION MARKET. MOST OF THE MARKET WAS STAGNANT AND STABLE LAST YEAR. RLUSD GREW ABOUT 80% YEAR ON YEAR. WE ARE IN GOOD POSITION TO CONTINUE THE GROWTH WITH LEANING INTO REGULATION AND LICENSING SO WE KNOW WE CAN BE THE MOST TRUSTED STABLECOIN.
昨天，穆迪（Moody's）也对我们进行了评级，这是我们作为稳定币获得的最高评级。我们认为，随着机构持续参与稳定币领域，存在重大机遇。RLUSD 有机会处于这一进程的前沿。这已经是一个价值 3000 亿美元的市场。去年大部分市场停滞不前且保持稳定。RLUSD 实现了约 80% 的年同比增长。我们通过拥抱监管和许可措施，处于继续增长的良好位置，因此我们知道我们可以成为最受信任的稳定币。
ISABELLE: I WANT TO PIVOT. DOES RIPPLE PLAN ON CONTINUING TO GIVE TO A SUPER PAC? BRAD: IN MANY WAYS FAIR SHAKE HAS BEEN SUCCESSFUL. IT IS SOMETHING WE LEANED INTO. THEY HAVE SUPPORTED ON A BIPARTISAN BASIS CANDIDATES THAT HAVE LEANED INTO SUPPORTING CRYPTO. WE FEEL LIKE CO
伊莎贝尔：我想换个话题。Ripple 计划继续向超级政治行动委员会（Super PAC）捐款吗？布拉德：在许多方面，Fair Shake 取得了成功。这是我们着力推动的项目。他们在两党基础上支持那些致力于支持加密货币的候选人。我们感觉像 CO
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更进一步：量化金融体系
看懂新闻只是起点——沿量化金融路径，把它变成能交付的工程能力