In an interview conducted by the Japanese cryptocurrencies exchange FXcoin today on August 19, 2020, the Senior Director of Global Operations of the company Ripple Emi Yoshikawa has said that the role of their native digital currency XRP is not to compete with Central Bank Digital Currencies or Stablecoins rather it follows the same purpose.
There is no competition at all
Various central banks all across the world are currently working on launching their own Central Bank Digital Currencies (CBDCs) including the Central Bank of China, Japan, and England. China is even in the final stages of launching its Digital Yuan. Apart from this, various stablecoins are also emerging in the market.
Regarding this, the interviewer asked Emi Yoshikawa what does she thinks about the survival of cryptocurrencies whether they will be utilized or not in the industry after the emergence of stablecoins as well as CBDCs. In response to this question, Emi Yoshikawa said that Ripple’s XRP’s role while acting as a bridge asset in the international settlement is not to have a competition with CBDCs and stablecoin.
She said:
“There are various types of crypto assets, but I think that the role of XRP as a bridge asset in international settlement is not a competition with Stablecoin or CBDC, but on the contrary, complementary. We believe that various stable coins and CBDCs will create a synergy by responding to the liquidity problem by bridging independent crypto assets, XRP.”
Ripple aims at creating new use cases for XRP
Furthermore, Emi Yoshikawa talks about the On-Demand Liquidity (ODL) solution of Ripple and says that it is very popular. She claims that the company is looking forward to opening new ODL corridors.
Emi Yoshikawa then says that the company has also made plans to create new use cases for XRP and that is their main focus now. She said:
“Through Xpring, we are also making a great effort to support the creation of new use cases that utilize the technologies of XRP and Interledger. I would like to see more Japanese developers learn about XRP and Interledger and utilize them in the future.”