David Schwartz, chief technology officer at enterprise blockchain firm Ripple, has explained why there is relatively low on-chain volume despite the company's numerous partnerships with banks.
According to Schwartz, there are various reasons why institutions prefer to use digital assets off-chain.
However, this trend is likely to change soon since he believes that institutional participants are starting to see the advantages of moving on-chain. "But I agree it has been very slow," Schwartz added.
Schwartz has added that even Ripple cannot use the XRP DEX because it struggles to prevent bad actors from providing liquidity for payments. This issue could be fixed with the introduction of permissioned domains.
In his social media post, Schwartz has also weighed in on BlackRock potentially using the XRP Ledger (XRPL).
"I'm not sure how much that will really matter so long as we have interoperability and asset portability," he said.
Schwartz has noted that Circle does not launch USDC only on its own blockchain. Similarly, BlackRock will not limit tokenized real-world assets to a single network.
Following the launch of RLUSD, some questioned whether there would be a need for XRP.
However, Schwartz insists that one stablecoin will not be able to win, and it makes sense to have a bridge asset in a world with multiple stablecoins.
"If we're in a multi-stablecoin world, it still makes sense to have a bridge asset that serves the long tail of tokenized securities, loan portfolios, and so on," he added.
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