As a seasoned analyst with over a decade of observing and dissecting the cryptocurrency landscape, I find myself consistently amazed by the resilience and adaptability of Ripple‘s XRP Ledger (XRPL). The recent reminiscing from Ripple CTO David Schwartz about his 2013 experience with tokenized silver dimes serves as a testament to XRPL’s versatility, even in its infancy.
Recently, Ripple’s Chief Technology Officer, David Schwartz, highlighted an intriguing example from the early days of the XRP Ledger (XRPL), offering insights into its initial stages.
In my analysis, when Zach Rector, a user on Twitter, brought up the possibility of tokenized metals on the XRPL, Schwartz shared a personal anecdote from 2013, demonstrating the ledger’s adaptability even in its infancy. The XRP Ledger made its debut in June 2012, but the groundwork for its development was laid in 2011.
The rector recently discussed the concept of tokenized metals on the XRP Ledger, which can be exchanged for their physical counterparts, and inquired whether any other blockchain offers similar functionality. This led Schwartz to recount his personal experience of redeeming actual silver through the XRP Ledger.
I redeemed silver dimes on XRPL in 2013. I keep them close by for luck.
— David “JoelKatz” Schwartz (@JoelKatz) December 21, 2024
The Ripple CTO stated how he redeemed silver dimes on XRPL in 2013, explaining the process in response to another X user: “A guy has a huge bunch of silver dimes. So he created a gateway. You send him dimes and he gives you a DYM balance on the ledger. I bought DYM for XRP and redeemed it for a roll of silver dimes.”
This initial example of tokenization on XRPL showcases the platform’s ability to connect digital and tangible assets. Although tokenization is currently a widely discussed term in the crypto world, Schwartz’s explanation hints that this idea has been inherent to XRPL since its beginning.
11 years after
Over the course of a decade, XRPL has persistently advanced, incorporating elements such as automated market makers (AMMs) and improved programming capabilities.
This June, Ripple and Archax have decided to expand their ongoing partnership, aiming to move approximately half a billion dollars worth of real-world asset tokens onto the XRP Ledger (XRPL) within the next year. As a result, XRPL is poised to become one of the top blockchains for tokenizing real-world assets.
Recently, Ripple unveiled the debut of a tokenized money market fund valued at $4.77 billion (3.8 billion British pounds), managed by Abrdn, on the XRP Ledger in partnership with Archax.
On December 17, 2024, Ripple USD (RLUSD) was launched on various international exchanges, representing a major achievement for Ripple and the XRP community. Backed by both the XRP Ledger and Ethereum network, this stablecoin by Ripple signifies the start of an exciting new phase for the XRP Ledger.
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2024-12-21 16:54