XRP News Today: BitGo CEO Criticizes XRP Adoption, Praises RLUSD Stablecoin

BitGo CEO Mike Belshe has openly criticized Ripple's XRP, asserting that it has failed to become a widely adopted bridge currency. Belshe's comments came during the Digital Banking 2025 conference, where he highlighted Ripple's recent launch of the RLUSD stablecoin as evidence of XRP's shortcomings. According to Belshe, the introduction of RLUSD signals Ripple's acknowledgment that stablecoins are more effective for cross-border payments than XRP.

Ripple had long envisioned XRP as a bridge currency, facilitating seamless transactions across different networks. However, Belshe argued that the two-step conversion process required for XRP transactions makes them less efficient and more prone to issues. In contrast, stablecoins like RLUSD offer a simpler, more direct solution. Belshe emphasized that stablecoins are poised to dominate cross-border payments due to their straightforward peer-to-peer and peer-to-intermediary transactions.

The launch of RLUSD has been met with significant interest, with its market cap approaching $500 million. Additionally, the stablecoin has received approval from the Dubai Financial Services Authority (DFSA), further solidifying its position in the market. Belshe's endorsement of RLUSD aligns with the growing trend of central banks and financial institutions adopting stablecoins for global transactions. For instance, Bank of America has hinted at potentially launching a dollar-backed stablecoin, and the possible approval of the GENIUS Act in the White House could provide stablecoins with an added boost in the US.

Despite Belshe's criticism, Ripple's CTO David Schwartz has assured that XRP will continue to serve as a bridge currency, working in tandem with RLUSD rather than competing against it. This dual approach aims to leverage the strengths of both XRP and stablecoins, providing users with more options for cross-border payments. However, Belshe's comments reflect a broader shift in the industry towards stablecoins, which offer greater stability and efficiency in transactions.

The criticism from Belshe has sparked discussions within the crypto community about the future of XRP and the role of stablecoins in cross-border payments. Some analysts have highlighted the need for more developments in the Ripple space, including spot ETFs, XRPFi, innovative treasury strategies, and attracting more builders and innovators. These developments could help Ripple regain its footing in the competitive landscape of digital currencies and stablecoins.