U.S. Treasurer Rosie Rios has taken to Twitter to clarify her recent statement about XRP. She claims developers around the globe are working on a slew of other cases for multiple blockchains and cryptocurrencies while Ripple focuses on cross-border payments.
Want to clarify that IMO. While Ripple is committed to the cross-border use case, developers globally everyday are pursuing other use cases, including store of value, medium of exchange, etc for multiple blockchains/cryptos.— Rosie Rios (@RosieRios) September 27, 2021
As reported by U.Today, Rios, who joined Ripple’s Board of Directors in May, raised some eyebrows after tweeting that XRP was the only cryptocurrency with utility while other coins were used exclusively for speculation.
XRP Ledger developer Nik Bougalis called out the high-profile board member for mentioning that XRP’s primary purpose is facilitating cross-border payments.
Ripple CTO David Schwartz said that he wasn’t “quite sure” about how to feel about the endorsement in response to Bougalis’s rebuke.
It’s one thing to talk about what problem a specific party, like Ripple, is trying to solve using XRP and why it’s well suited to that purpose.— ? ? ? ? (@nbougalis) September 27, 2021
But nobody should talk about “XRP’s primary purpose” as if they are the sole arbiter of XRP’s purpose or raison d'être. https://t.co/1pYRKjZ1IW
XRP Ledger developers are exploring other use cases such as smart contracts, non-fungible tokens (NFTs), and central bank digital currencies (CBDC).