Mati Greenspan has gotten into trouble with the XRP community for his recent utterances about the project. It all began with his critical review of the company behind the digital asset, Ripple. As we wrote on CryptoMute, the analysts took a swipe at Ripple as one of the main reasons XRP is not performing well. Here is the full story. Now, the analyst has stated that XRP could face major rivalry from the recently launched Utility Settlement Coin by UBS bank.
Interestingly, it all began with Greenspan talking about Central Bank Digital Currencies (CBDCs). He noted on Twitter;
Imagine a world where Europe, China, and 50 other central banks have their own digital currency that settles international payments in real-time & have smart contract capabilities.
The XRP community was quick to note that XRP could bridge the gap between banks. This was notably mentioned by the head of Bank of England, Mark Carney. He believes that banks could adopt digital currencies to bridge the gap between themselves. But as Greenspan was quick to point out, Carney did not say that this would be Ripple’s token.
Will Utility Settlement Coin (USC) Be Favoured Over XRP?
Mati Greenspan, in fact, believes that XRP will face major resistance among banks following the launch of the Utility Settlement Coin by UBS bank. As the name suggests, the digital currencies will fill the gap between banks in fast settlements. As of last year, the project had collected over $63 million in investment.
“It does seem more likely that a coin created by banks, for banks, would be favorable to most large financial institutions.”
At the off chance that XRP succeeds to become the global settlement digital currency, the token will soar exponentially. In fact, this could easily lead to it being the biggest cryptocurrency by any measurable means. However, with competition from bank projects like UBS, it is more likely that the competition will be too heated for Ripple.