Ripple CEO Brad Garlinghouse named Citi during a session at the Wyoming Blockchain Symposium, according to a widely viewed tweet from crypto commentator Pumpius. The post says Garlinghouse described Ripple as competing with Citi “sort of indirectly” during his appearance and then laid out his reasoning on camera.
Citi’s Role in Cross-Border Payments
Pumpius’s account of the remarks centers on Citi’s role in cross-border payments. The post claims Citi ranks among the two largest correspondent banks operating on the SWIFT network and generates close to $5 billion a year in gross margin from that position. According to the post, this gives Citi a financial incentive to preserve the existing correspondent banking system rather than move toward blockchain-based settlement.
Pumpius frames Ripple’s strategy as a direct challenge to that model, writing that the company’s goal is to shift cross-border settlement on-chain. The post summarizes the contrast in blunt terms: banks want a seat at the table, while Ripple wants the table itself.
🚨 RIPPLE CEO CALLED OUT CITI BY NAME 🤯
Brad Garlinghouse didn’t even try to hide it.
At the Wyoming Blockchain Symposium he looked at the camera and said Ripple competes with Citi “sort of indirectly” — then explained why.
Citi is one of the two biggest correspondent banks… pic.twitter.com/gRNtdpbzp4
— Pumpius (@pumpius) August 30, 2026
Ripple’s Presence at the Wyoming Symposium
Garlinghouse’s session, titled “Modernizing Financial Infrastructure,” took place on August 18 at the Four Seasons Resort in Jackson Hole. CNBC’s Tanaya Macheel moderated the discussion. The invitation-only symposium, hosted by SALT and Kraken, drew roughly 500 attendees, including SEC Chair Paul Atkins and Senators Tim Scott and Cynthia Lummis.
Ripple has spent years building infrastructure aimed at cross-border payments and institutional settlement. The company has expanded its treasury products in 2026, including Digital Asset Accounts and Unified Treasury tools that let corporate clients manage fiat currency alongside XRP and RLUSD in one system. Ripple also acquired GTreasury and launched Ripple Mint, which gives institutional RLUSD customers tools to mint and redeem the stablecoin.
Community’s Reactions
Reaction to the Pumpius post reflects broader community sentiment about banking alternatives. X user Patriot Revolution commented that many people are waiting for more options than banks, citing frustrations with loan terms, credit card balances, merchant transactions, and international settlements.
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— TimesTabloid (@TimesTabloid1) June 15, 2025
Another commenter, FX191976, repeated the core claims from the original post nearly verbatim, reinforcing the same points about Citi’s position on SWIFT and Ripple’s ambition to move that business on-chain. The comment closed by echoing the line that Ripple wants the table rather than a seat at it.
The remarks arrive as Ripple works through separate regulatory milestones in the United States. Though the Office of the Comptroller of the Currency granted preliminary conditional approval for Ripple National Trust Bank in December 2025, Ripple must still satisfy OCC conditions before the bank can begin operations. Congress also continues to debate the CLARITY Act, market structure legislation that industry participants view as central to digital asset regulation.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are advised to conduct thorough research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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