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Qadir AK
Qadir AK
Author
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
- Aug 21, 2020 04:02 UTC
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Ripple Exec – No, XRP isn’t Competing with Stablecoin or CBDCs
Speaking during an interview, Senior Director of International Business at Ripple, Emi Yoshikawa, emphasized the role of XRP as an asset that bridges the gap of liquidity in the payment system.
In her opinion, XRP isn’t at all competing with stablecoins or CDBC, rather, it focuses completely on global payment systems.
20% of RippleNet transactions occur using XRP
XRP isn’t Competing with Stablecoins or CBDC
XRP, the third-largest crypto asset, is currently struggling to hit $30. Besides having the major market cap, XRP is mainly used across payment networks to bridge liquidity issues. That said, Ripple’s Senior Director Emi Yoshikawa shared her views on how she sees XRP in the chaos of Stablecoins and CBDCs.
While speaking about expanding Ripple’s reach in middle-Asia, Japan, she highlights that the native token of Ripple, XRP is mainly focusing on a global payment system. She strongly argued that XRP is not in any competition with the stablecoins and CBDC’s like China’s digital Yuan. Moreover, she also asserted that stablecoins, CBDC, and crypto-assets like XRP together can bridge the liquidity issue.
“There are various types of crypto assets, but I think that the role of XRP as a bridge asset in the international settlement is not a competition with Stablecoin or CDBC, but on that contrary, complementary,” said Emi.
The director also emphasized the Ripple’s On-Demand Liquidity(ODL) which uses XRP for international transfers without the need for a Nostro account. She further goes on to say the current focus of Ripple would be to launch ODL in new markets by breaking the barriers and involving local regulators.
Also through Ripple’s xSpring, an initiative to assist and aid companies and projects run by proven entrepreneurs, the company is focusing on the creation of new use cases using XRP and Interledger technologies.
Also know – Japanese Regulator States that Stablecoin Isn’t Cryptocurrency
20% of RippleNet transactions occur using XRP
On the other hand, SVP of product and corporate development at Ripple, Asheesh Birla states that 20% of RippleNet transactions occur using XRP. Tweeting about the rise in demand of ODL, Mr.Birla said;
“Our On-Demand Liquidity (ODL) product using XRP as a bridge currency accounts for nearly a fifth of all transactions on RippleNet”
XRP struggled to maintain $0.30 and dropped back to $0.29 at the time of reporting this. As per Coinmarketcap, the token is currently surging by 1.42 percent within the past 24Hrs, holding the market capitalization of $13,168,806,137.
Despite the bleeding value, Ripple is betting high on XRP’s future. What’s your take on Emi’s view on XRP isn’t Competing with Stablecoins or CBDC? Let’s discuss via Twitter – Tag us @CoinpediaNews
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