At the Digital Banking 2025 conference, BitGo CEO Mike Belshe criticized Ripple's long-standing strategy to establish XRP as a universal bridge currency, declaring it a failure. He pointed to Ripple's recent launch of the US-dollar stablecoin, RLUSD, as evidence of this failure. Belshe argued that the two-step conversion process involving XRP is inefficient compared to stablecoins, which he believes will dominate global transactions. He illustrated a simple retail scenario where stablecoins facilitate seamless payments, emphasizing their practicality. Since its introduction last December, RLUSD has gained traction, achieving a market cap of $244 million by April and reaching approximately $429 million by June. Ripple's CTO, David Schwartz, defended the stablecoin, asserting it provides stable working capital while XRP remains essential for liquidity and pathfinding. Reactions to Belshe's comments were mixed, with some community members calling for more innovation in the XRP ecosystem, while others mocked the critique as validation of their skepticism about XRP's utility as a bridge currency. Read more AI-generated news on: https://app.chaingpt.org/news

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