Ripple CEO cites Dutch gold relocation as a crypto use case

Ripple chief executive Brad Garlinghouse highlighted a recent operation by De Nederlandsche Bank (DNB) that moved roughly $11 billion worth of gold from New York and Ottawa to London. He used the months‑long process to illustrate the speed gap between traditional gold logistics and digital‑asset transfers.

Details of the Dutch gold move

DNB shifted about 86 metric tons of gold between March and August. The majority of the metal was not physically shipped; instead, the bank sold approximately 59 tons in New York and repurchased an equivalent amount in London. Around 27 tons were physically moved from North America to DNB’s Zeist facility and then onward to London, avoiding the need to remelt the bars.

The redistribution changed the geographic composition of the Netherlands’ reserves: London’s share rose from 18.1 % to 32.1 %, New York’s fell from 31.3 % to 18.5 %, and Ottawa’s slipped from 19.7 % to 18.5 %. The total reserve level remained at 612.4 metric tons, valued at €72.2 billion at the end of 2025.

Garlinghouse’s crypto comparison

In a post on X, Garlinghouse contrasted the physical and market‑based steps required for the gold move with the ability of cryptocurrencies to transfer ownership instantly across borders. He described crypto’s growth from a $1.5 billion experiment in 2013 to a $2.7 trillion asset class with supporting financial infrastructure, while noting that central banks still rely on processes reminiscent of the 1940s.

According to Garlinghouse, a tokenized representation of value could be moved “instantly, securely, around the world, at little to no cost,” positioning the Dutch operation as an “ideal use case for crypto.”

Broader industry context

Other executives have used gold’s logistical challenges to promote digital assets. Jack Mallers of Twenty One Capital argued that Bitcoin reserves can be verified on‑chain, whereas bullion holdings depend on custodians and audits. However, a token backed by physical gold would still require secure custody, clear ownership rights, market liquidity and a reliable redemption mechanism.

DNB’s objective was to place physical gold closer to a major trading hub for crisis‑time liquidity, not to replace the metal with a digital token.