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Hello this is Matt on the moon Lambo Channel this is kind of mind-blowing to Me and definitely very interesting um Circle issuer of stablecoin usdc one of The largest stable coins on the entire Damn Planet U and I'll show you this in A second they told an xrp Community Member and somebody who's building on The xrp Ledger that um you know if you Want Usdc on the uh to be issued on The xrp Ledger you know really Ripple's going to Need to come and talk to us I'll show You exactly the way it was worded but That's it and it's kind of crazy to me In a way but after thinking through it Further and getting a little bit of a Better understanding about how the Sausage is made it's it's like I Understand it more at least but it's Still kind of ridiculous to me because Admittedly like this isn't something I've spent a ton of time thinking about You know I don't even use stable coins I've never used them myself ever because You know I'm not a Trader so I don't get In and out of positions I need never Need to you know hold some you know my My value that I want in cryp Decentralized cryptocurrencies into some Sort of centralized uh quote unquote Stable coin which is just backed by the Dollar which actually technically makes It not stable but set that aside I
Talked about that in my last video but Um uh still it just it's just Fascinating because there are all sorts Of platforms that do have usdc including Stellar now mind you Stellar xlm which I've been holding since 2017 by the way Uh you know that's that's a that's a Fork of The xrp Ledger it's a clone and It was modified and uh there's some sort Of arrangement there to where it came on Board like why can't we just have that With the xrp Ledger which has a built- And decentralized exchange you can Tokenize stuff well that's what we're Going to be talking about in this latest Moon Lambo Hot Jam but before going Further I do want to be clear I do not Have a financial background of any kind I am not offering Financial advice and You definitely should not buy or sell Anything because of anything I say all Right I'm just an Enthusiast who enjoys Making YouTube videos about crypto Related topics but just as a hobby and Just for fun and here you can see on Circle's official website experience the Power of usdc on Stellar Stellar Stellar Stellar and here's a headline so this is When this actually happened and I Remember the news breaking at the time I Just couldn't remember exactly where it Was so I just did a quick Google to find An article this one happens to be from Bitcoin.com February 4th
2021 Circle Launches usdcoin on the Stellar Network and good for them happy It's there uh you know why the hell Isn't on The xrp Ledger though well take A look at this xrp Community member Panos shared this there was a discussion Recently about why Circle hasn't issued Usdc on xrp Ledger yet so I decided to Email Circle and ask them directly Mentioning also how important it is for Our project anodos to have usdc and EC On xrp Ledger this is their answer Ripple it's time to step step in and so When I first read that he tagged Ripple And he said it's time to step in before I even read what's on your screen right Now this response from C call is like Whoa wait Ripple has to why does Ripple Have to do that was my like gut reaction And I was like why is he saying Ripple Needs and so but here's here's why Here's the response from Circle to Panos Hi Panos thanks for reaching out in Regards to Bringing usdc or EC to new Chains circle is consistently looking to Expand where we bring USD natively on Shan at this time we do not have Anything to share on any plans to bring Usdc or EC to xrp Ledger those are conversations that most Likely Ripple would need to be having Directly with Circle that's the post and that's the Response to to Panos and I at first I
Was scratching my head I was like what In the ever loving Ripple why do they Have to talk to Ripple don't make no Damn sense now I have a little bit of a Better understanding because I asked Questions so it's just hanging with me Here and I'll give you the best answer I Have to this point Anyway um so there is a a response from Santiago valz who I think is just a Brilliant mind in our space I mean he Definitely is a wealth of knowledge Really truly brilliant guy so he was Sharing his perspective here and he Wrote to pandos and said uh the real Reason is uh the circle and ripple are That he mean he means that that Circle And ripple are competitors in the global Payment space it's highly unlikely to See usdc on the XP Ledger for this very Reason regardless there are already Stable coins on The xrp Ledger via IOU Gateway providers so what's the benefit Here uh now Panos responded to that and He said Ripple is one project on xrp Ledger so that's irrelevant same can be Said for Stellar 2 and other projects Companies on other chains focusing on Payments Circle makes money from usdc Usage so the more the better the benefit Bringing Circle directly to xrp Ledger Are many and mainly exposure for xrp Ledger and its features like the Decentralized exchange automated Market
Maker that most are unaware of Interoperability with other chains and You are also bringing the issuer Directly instead of a Gateway that adds An extra layer of risk and so I thought That those are really good points there And um and so I I responded to that and I'm sitting there thinking even if if It's true that Circle views Ripple as Some sort of competitor well on any Number of platforms you could have any Number of developers that are trying in Part to do something that circle's doing That that's always a possibility um and I don't even know for sure like maybe s Santiago valz is correct he could be but Um I don't know for sure if circle is Viewing Ripple as an actual competitor Here in many ways what they're doing Very different and some very obvious Ways obviously I mean like Ripple is not Seeking to issue a stable coin obious Obiously for example you know and you Know Circle presumably making a lot of Their funds with these transactions so You know is what it is but um So I Responded to panis and I wrote I think That makes sense plus if usdc views Ripple as a competitor why wouldn't they Want to compete why would they give up All territory that xrp and The xrp Ledger touches I would expect that if Usdc were on The xrp Ledger then some Would use that instead of xrp I'm not
Seeing the downside for USD I also don't understand why usdc would Need to talk to Ripple about this do They genuinely not know the xrp Ledger Is the centralized and they don't need Permission to tokenize usdc there and so Um I reposted that and I tagged Circle Here and I wrote hey Circle you don't Need permission from permission from Ripple to tokenize usdc on The xrp Ledger just for your Information someone from your team Mistakenly thinks The xrp Ledger is Central ized and needs to talk to Ripple About adding your coin but this is not True you can just add it if you want To um and and then there was this post And I'm going to circle back to that a Little bit more because as far as the Idea of why Circle might feel they would Need to talk to Ripple uh just H sit Tight because I think that's actually Probably the most important most Interesting rather piece of all this uh But there's this post from my fellow XP YouTuber mckel and he was talking about This as well and he said other than Ripple just dropping the ball on this The only thing I can think of is they Have a deal with another issue or not to Bring usdc on and it's not a crazy idea That could be I mean you never know for Sure but uh again there's still the Question of why would Ripple need to be
A part of this anyway which again I will Get to in just a second and so um I uh I Responded with the following maybe but Since we're talking about decentralized Systems here I'm having a hard time Coming up with a reason that Circle Would agree to not compete on a certain Chain and to what end again folks just Just think about this that's why I go Back to even if Circle viewed Ripple as A competitor why would what so their Answer to Ripple being a competitor is We're just not going to we're not going To compete in this Arena we're not going To we're just going to seed this landre You this xrp Ledger blockchain all this Land is yours Ripple we're not going to Try and take a piece of that does that Make sense even so that's why the idea Of it being because they're competitors Even if that's perceived as true by by Circle um having trouble coming to terms With that I think that makes Sense uh and I also then wrote If such An arrangement exists it would be a Feudal attempt to slow the adoption of Xrp in The xrp Ledger who would pay Circle to engage in this feudal attempt Especially considering usdc not being on Xrp Ledger is harmful to circle's Global Expansion there's some sort of thought Process going on at Circle that we're Not privy to I don't get it I hope it's Not more xrp derangement syndrome um and
It could be xrp derangement syndrome I'm Not not I'm not saying I think that's The most probable reason and I I don't Think that Actually um but there's also this in Response to Pan's original thread from Xrp Community member of crypto Arsenal He wrote Because again panis just said It's time for ripple to step in a crypto Arsenal said why though is this more Misunderstanding that Ripple does not Control The xrp Ledger or is that in Fact false Panos responded to him and Said For Better or For Worse Ripple is Seen as The go-to Entity when it comes To xrp Ledger and its Integrations for Integrations like that two entities need To discuss I hope that will change in The near future but we need uh we need Big projects on xrp ledger to be able to Do business with ripple I hope anodos Will achieve that and so even there you Might be thinking why do you need two Big entities to do that because the xrp Ledger is decentralized like if you want To right now you listening you can go Tokenize something on The xrp Ledger you Can just try and get it going you could Absolutely do it you could try and get Your own stable coin going absolutely There's nothing stopping you why do you So why do you need two parties and again Just sit tight crypto Arsenal responded And said if this is the reason why
People like Circle are not coming to xrp Ledger then the questions around why Development on The xrp Ledger is slow Are answered either Circle have it wrong Or Ripple have more control than the Community is led to believe okay I will Say that when it as far as the idea of This there not being more developers Because of this I I don't think that's a Factor I think that it's very clear Development's been trending up for a Very long period of time over half a Decade um but if if you think that there Should be more developers and there Aren't I would just argue that a primary Reason for that is that there's not L One smart contract functionality on The Xrp Ledger but the good news is the Market has deemed that that doesn't Particularly matter because xrp is Functionally useful and that has Resulted in the market keeping xrp in The top 10 cryptos by market cap uh you Know in the top 10 for for over a decade Now um so there's that and but here's How Panos responded he wrote to crypto Arsenal and said on every chain there is A foundation or Labs company behind it As the core development team and ripple Has been that for xrp Ledger since Inception the best would be for xrp Ledger Foundation to take that role but I would guess since it's relatively new And not many outside of xrp Ledger know
About it all they know is Ripple and so You know if if that's if that's how These things start and that's you know There's some sort of leading entity that Makes sure that USD gets on these other Chains Okay but still um I was kind of curious Like how does that functionally work and So um TR this is where we get to the Answer crypto Arsenal uh had a separate Post and wrote hey David Schwarz and Tagged a couple others how do we foresee This moving forward I see this a major Barrier and issue is this a Misconception from Circle that they need Permission from Ripple to be be able to Bring usdc natively to The xrp Ledger or Is this in fact the only Way and this is the answer this is what I think is the best it's the best answer I've seen uh X xrp Community member and Developer W say wind responded to that And said it's always about money and There's only one entity in The xrp Ledger space with that kind of money and So I responded to we say wi there and Said so they'd want Ripple to use their Money to back the usdc that would be on The xrp Ledger is that how this works And we say did respond to me and he said Usually a party wants money to integrate Exchanges want listing fees AML indexers Want integration fees etc etc and in Case of stable coins they want volume
Users Market making commitments not many I know who can make these kinds of Commitments and so this is like a little Bit of an idea like kind of a behind the Because he knows he happens to be more Aware of like how the sausage is made Than I because I just I haven't really Spent time thinking about I don't even Use stable coins um it would be Beneficial it's easier to get in and out Of positions on The xrp Ledger then it Would it would certainly bring more Activity unquestionably so it would be a Net plus 4 xrp itself uh it also Requires the usage of xrp by the way Like literally with every single Transaction a little bit of xrp gets Burnt with every single transaction like Literally if you have usdc on The xrp Ledger xrp is required for that so it's Fantastic that's another use case right There but I responded to that and said I See Mak sense that's why a participant Within the xrp ecosystem that has a Serious War chest of money is needed Then and presumably at least the only Entity building on The xrp Ledger that Fits the build just happens to be Rippled which is by the way basically What we say wind was getting at here There are tons of developers on The xrp Ledger but Ripple I'm not aware of one That has anywhere near that kind of Money because Ripple has more money than
God basically like that's that's pretty Much it so I can see so going back to That maybe Circle understands yeah we Don't need to uh get permission we know The xrp Ledger is decentralized but we Need to be incentivized so the answer May be they don't have enough funds to Back their own usdc if they issued It On The xrp Ledger and they need money from Someone else and who has that money That's interested in The xrp Ledger Ripple that's the that's the probable Answer at this point that's what I think Makes Sense so is it going to Happen uh well if rip Maybe but if Ripple hasn't showed interest to this Point it makes me a little skeptical It's going to happen I mean you guys can Tell me you I maybe it happens I'm not Saying it won't but why why not yet like It should be been like and why wouldn't Ripple view this as beneficial I'd be Curious to that so there may be things That I haven't considered you haven't Considered we just don't know uh there There's probably more to this it's a Virtual certainty but I I'm just super Curious now if you guys out there have Any ideas as to why it hasn't happened Yet or anything else if you have any Information about how this actually Works CU I'm not a know at all I'm not Pretending to know everything I'm just
Sharing with you in this latest Moon Lambo Hot to jam what I do know what's Happening and what I've learned uh but Let me know if you know something that I Don't and uh I'd be happy to talk about It in a future video I'm not a financial Adviser you should not be sell anything Because of anything I say or right that Would be a very very very bad idea until Next time to the Moon Lambo
