Touched on this in a post yesterday when the JPM coin news first came out and it has now a popular topic. The threat to XRP from JPM coin cannot be denied. First let me be clear, I do not consider a “bank coin” to be bad news for the crypto space. I think it proves the value in blockchain. But it is important to remember a “bank coin” will not be your typical idea of a cryptocurrency. A cryptocurrency is open and permissionless, if you want to use it, you don’t need permission; you just need software. The JPM Coin is anything but permissionless or available to use. If anything, it is a threat which is trying to undermine the purpose of BTC and other coins. It avoids the issue of volatility by being pegged to the dollar. A threat which I believe will fail as people continue to speculate on BTC as a store of value.
The threat to XRP.
Ripple’s target market is cross-border payments and remittances and now JPMorgan’s effort is a direct threat. How much of a threat? Look at any reports of why companies and banks decided not to choose XRP and the most common reason is they do not like the volatility of XRP’s price. I understand the xRapid transactions take a split second and avoid the voliatlity but that means little when it is the main cause of concern for potential XRP clients. Like I said, read the reports. JPM coin overcomes this by pegging the price of each coin to 1 USD and destroying the coin used after each transaction. Avoiding any volatility. - 1 hour ago