Uphold Clarifies Ownership of Massive XRP Reserves
Uphold’s CEO Simon McLoughlin addressed questions surrounding the platform’s nearly $5 billion in XRP holdings. He confirmed these reserves are entirely customer assets and not owned by the exchange.
This clarification comes as speculation grew about whether Uphold was accumulating XRP for itself. McLoughlin emphasized that the platform only acts as a custodian, ensuring user assets remain secure. The statement reinforces Uphold’s transparency and customer-first approach.
Among the Largest XRP Holders Globally
According to data from XRPScan, Uphold ranks in the top four global XRP holders. Ripple, Binance, and Bithumb lead the list, but Uphold’s wallets hold significant reserves. One wallet alone stores 1.579 billion XRP, worth nearly $5 billion at current prices. This position fueled curiosity about the exchange’s strategy and motives. McLoughlin clarified that these funds belong to customers, not to Uphold itself.
Uphold’s Loyalty During SEC Lawsuit Built Trust
Uphold gained community loyalty by supporting XRP when most U.S. exchanges delisted it. In late 2020, the SEC sued Ripple, alleging unregistered securities sales. While platforms like Coinbase removed XRP, Uphold kept it tradable. This decision gave investors uninterrupted access during turbulent times. McLoughlin says the XRP community “remembers who stood by them in tough times.”
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Legal Advice Shaped Uphold’s Decision
In a 2023 interview, McLoughlin explained why Uphold resisted delisting XRP. Legal counsel, led by former SEC official Mike Zupon, advised that XRP wasn’t legally a security without a court ruling. Based on this guidance, Uphold continued supporting XRP trading. Later, the SEC itself confirmed it never ordered exchanges to delist XRP. This further validated Uphold’s bold stance in a time of uncertainty.
XRP Overtakes Bitcoin on Uphold
Today, XRP is the most popular asset on Uphold, surpassing even Bitcoin. Customers hold more than $6.19 billion worth of XRP compared to $506 million in Bitcoin. This makes XRP holdings on Uphold more than 10 times larger than Bitcoin reserves. It highlights the deep loyalty of the XRP community toward the platform. McLoughlin attributes this dominance to trust rather than short-term speculation.
A Relationship Built on Transparency and Confidence
By clarifying reserve ownership, Uphold reinforced its reputation as a transparent custodian. McLoughlin stressed that exchanges exist to protect users, not compete against them.
The bond between Uphold and the XRP community is rooted in loyalty during difficult times. This relationship has transformed XRP into Uphold’s flagship asset. For customers, it means confidence that their assets are secure and respected.
Why Uphold’s Message Matters for the Industry
Trust has always been a fragile issue in the crypto sector, especially after high-profile exchange failures. Uphold’s clear communication contrasts with platforms accused of mismanaging customer assets. By highlighting that its reserves belong entirely to users, the exchange sets a standard for transparency.
The $5 billion XRP confirmation reassures investors about Uphold’s long-term role as a custodian. For the XRP community, it signals that Uphold’s foundation is trust, not hype.
