David Schwartz, the CTO of Ripple, responded to recent comments by Caitlin Long, CEO of Custodia Bank, regarding Ripple's projects, the XRP token, and the new stablecoin RLUSD.
Caitlin Long's Criticism
During a podcast, Caitlin Long expressed skepticism regarding Ripple and its projects. She claimed that the company had failed to live up to its initial promise of replacing traditional banking services, such as the SWIFT network. Long also characterized Ripple's past as having all the hallmarks of an Initial Coin Offering (ICO) and questioned the launch of the new stablecoin RLUSD on Ethereum as contradictory to its core principles.
David Schwartz's Response
David Schwartz swiftly reacted to the allegations on social media and offered to discuss the facts about Ripple, the RLUSD stablecoin, and XRP. He emphasized his availability for dialogue and pointed out a detailed post by XRPL validator @Vet_X0 that addresses misinformation. Schwartz stated, 'I’m available whenever you want to chat about the facts about Ripple.'
The Role of RLUSD Stablecoin and XRPL
Caitlin Long expressed concern that Ripple's decision to launch its RLUSD stablecoin on Ethereum undermines the reliability of the XRP Ledger. XRPL validator Vet explained that RLUSD would be issued on both Ethereum and XRPL as part of a multi-chain strategy to enhance liquidity. He stressed that this does not represent a deviation from XRPL but is rather a way to reach a wider audience. Additionally, Vet noted that the XRP Ledger is decentralized, supported by many independent validators.
David Schwartz's response and XRPL validator explanations suggest that Ripple continues to evolve and rely on its technologies despite criticism. The strategy of launching RLUSD across multiple platforms could strengthen Ripple's position within the broader cryptocurrency context.
