- Uphold CEO clarifies XRP holdings are customer assets, not corporate.
- Ripple wallets dominate balances, but exchanges hold billions in custody.
- Transparency builds trust as Uphold reinforces commitment to XRP users.
A recent article published by Cointelegraph disclosed that Uphold exchange positions as one of the largest XRP holders globally. The report sparked a lot of reaction online, prompting Uphold’s CEO, Simon McLoughlin, to set the record straight.
According to McLoughlin, the exchange’s appearance among the top XRP holders reflects customer balances, not corporate holdings. His tweet made it clear what these assets were, following the chart that went viral.
The XRPScan chart provided by Cointelegraph listed the 20 largest XRP holders. Ripple-controlled wallets dominated even though a significant amount of its holdings are tied to escrow accounts exceeding billions of XRP. In addition to Ripple, trading platforms like Binance, Bithumb, Upbit, Bitbank, and Coincheck also ranked in the lists.
Uphold’s XRP Balances Belong to Customers
McLoughlin stressed that Uphold’s ranking in the report does not represent company-owned XRP. Rather, it demonstrates assets held to the benefit of the exchange’s customers. He pointed out that such balances are constructed based on trust and are not related to the company’s speculative activity.
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Uphold has over 1.59 billion XRP, which makes it one of the largest depositories of the asset. Such positioning emphasizes the platform’s importance in regulating the XRP flow and strengthens customers’ confidence in its custodial services.
Other exchanges, such as Binance and Bithumb, recorded balances of more than one billion XRP besides Uphold. Their inclusion indicates that major trading platforms are primary custodians, which bear high sums of XRP that are actively circulated on the market.
Transparency in XRP Holdings
McLoughlin’s statement arrives at a moment when transparency continues to play an important role in building user confidence. His differentiation between customer and company funds is clear at a time when people are very critical of exchange procedures.
In addition, Ripple still holds a significant amount of XRP in escrow, and billions of it are ordered across various accounts. Although these reserves are not directly circulated, the large size of the exchange balances depicts active liquidity flows. The report discloses the organizational ownership of XRP between Ripple and major exchanges.
Ultimately, the appearance of Uphold in the list of top XRP holders proves the activity of the number of customers as well as its significance to the whole XRP ecosystem. McLoughlin’s message emphasized that Uphold stands on the principle of protecting client assets, reinforcing the value of trust in digital asset markets.
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