A Six-Month Gold Operation Sparks a Crypto Debate Ripple CEO Brad Garlinghouse seized on a months-long gold operation by De Nederlandsche Bank (DNB) to make a pointed argument about the struc
Ripple CEO Brad Garlinghouse seized on a months-long gold operation by De Nederlandsche Bank (DNB) to make a pointed argument about the structural limits of traditional finance. In a September post on X, Garlinghouse described the Dutch central bank's move as an ideal crypto use case, contrasting the logistical friction involved with crypto's ability to transfer value instantly across borders.
Between March and August 2026, approximately 86 tonnes of gold were transferred from the combined total held in the United States and Canada to London, which is regarded worldwide as a major trading centre for physical gold. DNB framed the move as crisis preparedness, citing increasing geopolitical instability and a desire to improve how quickly its reserves could be deployed in an emergency.
The operation was split into two parts. Approximately 59 tonnes of gold were sold in New York and replaced by gold purchased in London that meets international market standards. In addition, more than 27 tonnes were physically transferred from the United States and Canada to DNB's facility in Zeist, and a similar quantity was then moved from Zeist to London, avoiding the need to remelt gold bars. The total size of the Dutch gold reserves remained unchanged.
Garlinghouse argued that the months-long operation exposed the limitations of traditional financial infrastructure. In his X post, he contrasted the process with crypto's capacity to transfer value globally, noting that blockchain networks can settle transactions quickly and securely without requiring an asset to change physical location. His broader point: finance has not kept pace with other areas of technology.
The argument aligns with Ripple's focus on replacing slow institutional processes with blockchain infrastructure. DNB, for its part, was clear that the gold move served a different purpose entirely. The central bank repositioned physical reserve gold in London so the metal could be traded more readily during a severe crisis, while keeping its total holdings unchanged. DNB Governor Olaf Sleijpen framed the move as insurance: "We expect that we will never need to use them, but we do need to strengthen our resilience and preparedness."
The DNB operation is not without precedent among European central banks. The move follows the French central bank, which replaced 129 metric tons of gold held at the New York Federal Reserve between July 2025 and January 2026.
Sources:De Nederlandsche Bank: DNB improves tradability of gold reservesCNBC: Dutch central bank moves gold bars out of US over crisis preparednessBitcoin.com News: Ripple CEO Sees $11B Dutch Gold Move as an Ideal Crypto Use Case
