Is Ripple Still On Its XRP As A Global Reserve Currency Narrative? Details

One of the top figures in the XRP community has said that Ripple abandoned the conversations about XRP as a reserve currency a long time ago, in favor of discussions with banks about issuing stablecoins on the XRP Ledger (XRPL).

Recent discussions within the XRP community revealed some past statements from Ripple where it expressed a desire to make XRP the world’s reserve digital currency.

This was posted on X by onledger.net (@offledger) who was curious about whether Ripple maintains its initial stance of pushing XRP to these heights or whether there had been a change in that commitment caused by significant changes within Ripple.

The 6-year-old statement from Ripple sparked interesting conversations regarding XRP’s role in the global financial landscape.

In response to the post, a supposed XRP enthusiast wrote, “This is why I asked Ripple to clarify its focus on their website. If your focus is everything your focus is nothing. (Sounds like it’s defi right now but who knows) what would you say it is?”

In the same tweets thread, onledger.net also highlighted the difference between what Ripple advertises and what it seems to be developing at the moment.

He said Ripple currently advertises central bank digital currencies (CBDCs), On-Demand Liquidity (ODL), Ripplenet, Liquidity Hub, and Cross border payments, while it’s developing Automated Market Maker (AMM) and side chains.

A New Path for XRP?

The original post from onledger.net drew the attention of Crypto Eri, a prominent member of the XRP community. In her reply on X, she argued that the idea of XRP as a reserve currency had not been spoken about for years.

She pointed out that David Schwartz, the CTO of Ripple, had recently revealed in a live space on X that Ripple was talking to banks and other large financial institutions to bring stablecoins to decentralized exchanges (DEXes).

She stated that this was why people needed to stay current with their information and not rely on old sources. The statements from David Schwartz show a shift in Ripple’s current priorities and a lean away from XRP as the global reserve currency.

While the idea of XRP as a global reserve currency may have been a central narrative in the past, Ripple’s current priorities seem to lie in fostering partnerships with traditional financial institutions and enhancing the functionality of the XRPL through stablecoin integration into DEXes.

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Tobi Loba

Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.