Ripple CTO Reveals Rare 2013 XRP Ledger Use: Details
2024-12-21
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In a fascinating throwback, Ripple CTO David Schwartz shared a unique use case of XRP Ledger (XRPL) from 2013, providing a glimpse into its early days.
In response to a tweet by X user Zach Rector, who highlighted the potential for tokenized metals on XRPL, Schwartz revealed a personal experience from 2013, showcasing the ledger’s versatility even in its early years. XRP Ledger first launched in June 2012, however, development work commenced in 2011.
Rector posted about tokenized metals on XRPL, which are fully redeemable, and asked if any other blockchain does this yet. This prompted Schwartz to share his story of redeeming physical silver through XRP Ledger.
I redeemed silver dimes on XRPL in 2013. I keep them close by for luck.
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 early demonstration of tokenization on XRPL highlights the platform’s potential to bridge digital and physical assets. While tokenization is now a buzzword in today’s crypto landscape, Schwartz’s narration may suggest that the concept has been part of XRPL’s DNA since its inception.
11 years after
Now 11 years later, XRPL continues to evolve with features including automated market makers (AMMs) and enhanced programmability.
In June of this year, Ripple and Archax announced an extension of their existing collaboration, expected to bring hundreds of millions of dollars of tokenized real-world assets (RWAs) onto 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 XRP Ledger via the Archax collaboration, comprising asset manager Abrdn’s $4.77 billion (3.8 billion British pounds) U.S. dollar liquidity fund.
Ripple USD (RLUSD) went live on global exchanges Dec. 17, 2024, marking a significant milestone for Ripple and the XRP community. Issued on XRP Ledger and Ethereum, the Ripple USD stablecoin heralds a new chapter for XRP Ledger.