According to BitGo's CEO, Ripple's vision for
$XRP has not materialized, which is why the company is introducing the RLUSD stablecoin.
Ripple's decades-old dream of making XRP a go-to bridge currency has come under fire from BitGo CEO Mike Belshe. According to Belshe, Ripple’s RLUSD launch is a sign of XRP’s failure.
CEO Says RLUSD Killed XRP's Bridge Currency Dream
At American Banker's Digital Banking 2025 conference, BitGo CEO Mike Belshe asserted that Ripple's long-standing ambition for XRP has failed. Proof of this, he added, lies in Ripple's recent launch of RLUSD, a dollar-backed stablecoin.
Specifically, Ripple envisioned
$XRP as a bridge currency. But according to Belshey, the platform failed to realize that vision, which led to the launch of RLUSD as a possible alternative. “
USD stablecoins are better,” the BitGo CEO noted. However, during the launch of RLUSD, Ripple CTO David Schwartz assured that XRP will continue to act as a bridge currency, working alongside RLUSD rather than competing with it.
Ripple voice Crypto Eri highlighted Belshe's harsh criticism of the token through his recent X post. In light of his comments, Crypto Eri highlighted the need for more development in the Ripple space.
These developments include spot ETFs, XRPFi, innovative treasury strategies, and attracting more architects and innovators.
Belshe's criticism of
$XRP and RLUSD's endorsement of the stablecoin has seen its market cap approach $500 million following its recent surge. Additionally, the stablecoin's momentum continues with the recent approval of RLUSD from the Dubai Financial Services Authority (DFSA), furthering its expansion.
Belshey underscores the focus on stablecoins.
Importantly, Belshe's comments reflect his emphasis on stablecoins as the preferred solution for cross-border payments.
Despite Ripple's promotion of XRP for cross-border payments and its adoption by numerous banks and institutions,
Belshe criticizes XRP's approach in favor of stablecoins. In particular, Belshe questions XRP's two-step conversion process, which makes transactions less efficient and more prone to problems. He said,
It turns out that’s two conversions, right? And USD stablecoins are just better. So in fact, Ripple just launched a stablecoin, a US-dollar-backed stablecoin.
Furthermore, in explaining the utility of stablecoins, Belshey argued that they would become "rails around the world", offering only theoretical liquidity benefits.
In essence, BitGo's CEO believes that stablecoins are poised to dominate cross-border payments. He noted, "It just works. It's very simple. Peer-to-peer plus peer-to-intermediary."
In line with Belshe’s comments, stablecoins have been gaining traction recently. Central banks are increasingly adopting these assets for international transactions.
For example, Bank of America has hinted at possibly launching a dollar-backed stablecoin. Additionally, the possible passage of the GENIUS Act in the White House could further boost stablecoins in the US.
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