According to U.Today, Ripple CEO Brad Garlinghouse has criticized Coindesk for its recent article that depicted Ripple's entry into the stablecoin market as a desperate move. Garlinghouse expressed his disappointment with the negative portrayal, describing it as 'childish antics' under the guise of a credible brand that should be leading the coverage of the crypto industry.
The article, written by Daniel Kuhn, deputy managing editor for Consensus Magazine, suggested that Ripple's announcement of a new stablecoin signaled the 'death' of the controversial XRP token. Kuhn also insinuated that the company, currently embroiled in legal issues with the U.S. Securities and Exchange Commission (SEC), might be in desperate need of a new revenue source. The SEC has asked Ripple to pay over $2 billion in fines and penalties, arguing that such a hefty fine would act as a deterrent for the wider industry.
The article also highlighted that Ripple's On-Demand Liquidity solution has not gained significant traction with 'legitimate' financial institutions, possibly due to concerns about XRP's volatility. It further stated that Ripple's partnerships with Santander and MoneyGram have not been successful, and there is no data to show how frequently RippleNet customers use XRP for cross-border liquidity.
However, supporters of the XRP community have defended Ripple, arguing that the company is not struggling as the article suggests. They pointed out that major institutions like American Express are still among Ripple's financial partners. Furthermore, XRP continues to be one of the top cryptocurrencies by market capitalization. Despite accounting for only a small portion of Ethereum's value, it is still far from irrelevant. Artur Kirjakulov, co-founder of XPMarket.com, stated that Ripple continues to push forward and find new opportunities, emphasizing the company's resilience and progress rather than any perceived setbacks.