Ripple CTO Highlights Growing Competition for XRP Ledger from Fintechs
Ripple's CTO David Schwartz highlighted the increasing trend of payments and stablecoin companies launching their own blockchains as validation of blockchain's significance in finance. He emphasized the unique design of the XRP Ledger (XRPL) compared to these new entrants.
- Schwartz noted that building a successful blockchain ecosystem requires more than just launching a network.
- He pointed out XRPL’s public and permissionless nature, which enhances adaptability and interoperability for global financial infrastructure.
- Circle introduced Arc, an EVM-compatible Layer-1 focused on stablecoin finance with dollar-denominated fees, set to enter private testnet soon.
- Stripe is developing Tempo, a high-performance payments-focused Layer-1, currently in stealth mode.
- Schwartz stressed XRPL's low and predictable fees, emphasizing that every transaction burns XRP as an anti-spam measure.
- XRPL allows for compliance without turning into a closed network, maintaining its decentralized core.
- Schwartz welcomed competition while expressing confidence in XRPL's future innovations aimed at institutional use.
XRP was trading at $3.23 at press time.
