In a surprising return, Ripple CTO David Schwartz shared a specific use case of XRP Ledger (XRPL) from 2013, giving us an insight into its early days.
In response to a tweet by X user Zach Rector, who pointed out the potential for tokenized metals on XRPL, Schwartz revealed personal experience from 2013, demonstrating the flexibility of the ledger even in its early years. XRP Ledger was first launched in June 2012, but development work began in 2011.
The rector posted about tokenized metals on XRPL, which are fully redeemable, and asked if any other blockchain would do this yet. This led Schwartz to tell his story of unlocking physical currency through the XRP Ledger.
The Ripple CTO described how he redeemed dimes of money on XRPL in 2013, explaining the process in response to another X user: “A guy has a big bunch of money. So he created a gate. 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. “
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This early demonstration of a token on XRPL highlights the potential of the platform to bridge digital and physical assets. Although tokenization is now a buzzword in today's crypto landscape, Schwartz's statement may suggest that the concept has been part of XRPL's DNA since its inception.
11 years ago
Now 11 years later, XRPL continues to evolve with features including automated market makers (AMMs) and improved programmability.
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In June of this year, Ripple and Archax announced an expansion of their existing collaboration, which is expected to bring hundreds of millions of dollars of real world assets (RWAs) to the XRP Ledger ( XRPL) over the next year, establishing XRPL as one of the leading blockchains for RWA tokenization.
Last month, Ripple announced the launch of the first tokenized money market fund on the XRP Ledger through the Archax collaboration, including a US dollar liquidity fund at $4.77 billion (3.8 billion pounds British) at Abrdn fund manager.
Ripple USD (RLUSD) went live on global exchanges on December 17, 2024, marking an important milestone for Ripple and the XRP community. Released on XRP Ledger and Ethereum, the Ripple USD stable heralds a new chapter for XRP Ledger.
