Ripple spoke about the prospects for digital currency from JPMorgan

Brad Garlinghaus, a California startup Ripple CEO, believes that the launch of steyblecoin from JPMorgan’s financial holding is generally a positive event for the bitcoin industry, since such a major player in the traditional market has recognized the advantages of calculations on the blockchain. However, this praise is over.

“A spokesperson for Morgan Stanley told me that they most likely would not use JPM Coin. Do you think it will be used by Citi, BBVA or PNC? Not".

Garlinghaus stressed that if all banks start creating their token, the industry as a whole will not budge, and the problem of blockchain interoperability will be exacerbated.

“I don’t understand what: if you move money exclusively within the JPMorgan network, then why do you need this coin at all? Just use the dollar! JPM Coin is pegged to the dollar in a 1: 1 ratio. What problem does it solve? ”

Ripple added that there is no point in the tokenization of fiat currencies if the funds remain in the accounts of one enterprise.

“All I understand is that JPMorgan came to the crypt.”

Earlier, some analysts have suggested that JPM Coin will become a direct competitor to the XRP token and even destroy it.