Ripple Swell draws Bessent reports as Robinhood deal unfolds

The three-day event, Swell, scheduled for October 27 to October 29 at The Shed in Manhattan, features more than 1,500 expected attendees and features over 100 speakers across three stages, according to the official conference website.

Reports suggest that U.S. Treasury Secretary Scott Bessent is slated to speak at Swell, following the company's announcement regarding final approval for its national trust bank. This claim about Bessent's attendance has not been confirmed by an official Treasury notice or a readable listing of sessions, and no verified transcript exists to detail his intended topics.

Ripple's October 27 announcement detailed an accord involving both the internal financial operations and the customer services of Robinhood, covering RLUSD, institutional financing, and treasury management. Separately, KuCoin circulated a social-media post indicating that Bessent has been added to the speaker roster subsequent to Ripple's declaration of final approval for its national trust bank.

In its September 29 program release, Ripple outlined three thematic tracks: the XRP Ledger ecosystem, institutional finance, and research. The event incorporates Swell, the Apex gathering focused on developers, and UBRI Connect, which supports the company's network for university blockchain research.

Regarding the partnership with Robinhood, the announcement specified that the stablecoin, RLUSD, is currently accessible on Bitstamp by Robinhood and on Robinhood Chain, with a rollout inside the Robinhood application anticipated before the close of the year. The companies stated that institutional settlement will utilize RLUSD on the XRP Ledger. Furthermore, Robinhood intends to integrate Ripple Treasury for various functions, including payments, forecasting, risk management, cash and liquidity management, and intercompany netting.

Johann Kerbrat, an executive at Robinhood, is slated to engage in a discussion with Ripple President Monica Long concerning access to financial services and digital assets, as per that notification. Laide Majiyagbe from BNY and Billy Hult from Tradeweb are scheduled to participate in a discussion pertaining to liquidity, settlement, and trading.

The financing arrangement encompasses lending and margin financing across approximately 20 digital assets via Ripple Prime. Clients designated as Prime have the ability to trade spot markets on Bitstamp, while perpetual futures support is planned for a later date this year. Kerbrat stated in the release, “Utility is what moves stablecoins forward.” The announcement also noted 28.6 million funded customers globally for Robinhood, although it did not specify how many would utilize RLUSD or which customers would receive each service. Long characterized the agreement as encompassing “customer-facing offerings and core financial operations.” Neither executive provided a figure for the contract value or revenue goals of this relationship.

In its October 26 bank announcement, Ripple stated that the Office of the Comptroller of the Currency granted final approval for Ripple National Trust Bank, following conditional approval granted in December 2025. The company specified that the approved activities include fiduciary digital asset custody, serving as a collateral trustee for holders, and the management of segregated RLUSD reserves. The release noted that custody authority is available immediately upon opening. Ripple confirmed that RLUSD issuance will continue to be managed by Standard Custody & Trust Company, the limited-purpose trust company regulated in New York. The establishment of this national bank adds federal supervision to the reserve arrangements without superseding the named issuer. Garlinghouse commented in the announcement, “For years, we’ve said crypto and banks work better together.” Ripple identified BNY as the primary reserve custodian for RLUSD, and the backing for this reserve includes cash equivalents, U.S. government securities, and dollar deposits. The company mentioned that it releases monthly third-party attestations detailing the circulating supply and reserves. The release also referenced ongoing collaboration with New York regulators and the OCC as the bank commences operations and the United States implements the GENIUS Act framework.

Earlier coverage pointed out that former Governor of the Reserve Bank of India, Raghuram Rajan, was set to participate in the invitation-only Institutional Summit that kicks off Swell week on October 27. The September 6 article described this summit as a meeting for asset managers, payment companies, banks, and other types of institutions. Rajan served as India’s central banker from September 2013 until September 2016 and previously held the role of chief economist at the International Monetary Fund. His current academic post is identified in earlier reports as professor of finance at the University of Chicago Booth School of Business.

For Robinhood clientele, Ripple's declaration differentiates between the existing availability of RLUSD and products that are anticipated later. The stablecoin is currently available on Bitstamp by Robinhood and on Robinhood Chain, while its integration within the Robinhood application is expected before the end of the year.

In a separate October 26 development, Aviva Investors introduced a tokenized share class of its Sterling Liquidity Fund onto the XRP Ledger, committing £50 million to the offering. The fund possesses a total asset value of £22 billion, which pertains to the conventional portfolio and not assets transferred onto the blockchain. The tokenized sterling shares from Aviva employ a digital-twin structure, while BNY Mellon retains custody of the fund's underlying assets.

Prior to this week’s announcements, crypto.news had previously reported that Ripple selected Matt Damon as a keynote speaker on August 30. Damon, along with fellow Water.org co-founder Gary White, is listed in the organizer’s September program to discuss how Ripple’s RLUSD transfers and payment infrastructure can aid in improving access to safe water and supporting financial inclusion. Tom Farley, the current CEO of Bullish and former president of the New York Stock Exchange, is another speaker confirmed. Ripple’s schedule includes Garlinghouse engaging in conversations with Farley and the Water.org founders, while technical sessions will feature Ayo Akinyele, an engineering executive at RippleX, and David Schwartz.

This high-profile appearance by Ripple CEO Brad Garlinghouse alongside U.S. Treasury Secretary Scott Bessent at the company's Swell 2026 conference in New York City has garnered significant attention from the XRP community. Bessent has become a prominent proponent within the Trump administration for creating a comprehensive regulatory structure for digital assets. He has repeatedly called on Congress to advance the CLARITY Act, asserting that clearer regulations would assist the United States in maintaining its competitive standing within the swiftly evolving cryptocurrency sector. It is noteworthy that Ripple and Bessent have interacted before; in September 2025, Ripple took part in a financial industry roundtable at Downing Street where Bessent and British Chancellor Rachel Reeves were present. These discussions contributed to the formation of a joint initiative between the UK and the U.S. focusing on digital assets and financial markets. This latest appearance occurs at a crucial juncture for Ripple, given that on October 26, the firm announced it secured final approval from the Office of the Comptroller of the Currency to establish Ripple National Trust Bank. Concurrently, Ripple announced expanded collaborations with Robinhood and BNY on October 27, thereby reinforcing its ties with established financial institutions. Bessent is not the sole notable figure connected to this year's Swell conference.