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Ripple’s former CTO, David Schwartz, has dismissed the notion that the company is paying banks to adopt XRP. He argues that genuine adoption must be driven by utility, not incentives. Schwartz made these statements in response to concerns raised by Mason Versluis about Ripple’s potential financial gain from its large XRP holdings.
Former Ripple CTO David Schwartz has publicly rejected the idea that the company is buying its way into the banking system. He stated that authentic adoption cannot be achieved through enforcement actions.
Schwartz was responding to a question from Mason Versluis about why global banks would choose to use XRP. Versluis noted that Ripple holds 34 billion tokens and could gain immense power if the price rises sharply. Schwartz did not deny that Ripple stands to benefit from increased XRP usage.
He clarified that the company is not paying banks or offering incentives just to push usage. Schwartz suggested that growth driven by such payments would not last beyond the early stages.
The debate centers on whether adoption should be organic or incentivized. Schwartz emphasized that for adoption to work, the asset must solve real problems like slow and expensive cross-border payments.
He made it clear that banks will not adopt a system that benefits someone else more than themselves. Schwartz drew a line, arguing that if XRP is used, it is because it works better.
Ripple’s strategy involves building tools that combine fiat and crypto in one system. The XRP Ledger powers transactions and supports new financial products.
Firms like Aviva Investors are already exploring its potential. Schwartz continues to advocate for this vision, stating that XRP must prove its worth in the real world.
