Ripple’s Chief of Payments, Oliver Segovia, asserts that “tokens are the key to everything” and predicts that “everyone will transact using tokens.”
The future of XRP heavily relies on the tokenization of real-world assets, as confirmed by a survey conducted by Ripple, wherein 72% of global finance professionals expressed their intention to explore this application within the next three years.
Tokenization remains at the core of Ripple’s vision for the future of XRP, with the XRP Ledger gradually integrating seamless token technology. According to a recent statement made by a Ripple executive, tokens are the fundamental building blocks of the computing and payments world.
Last year, Ripple conducted a study involving more than 1,700 senior professionals in the financial services industry. The study revealed that 72% of the participants expect their organizations to delve into tokenization by 2026. This highlights the critical nature of this application for the future of XRPL and the entire sector as a whole.
Oliver Segovia, Ripple’s Head of Payments Marketing, recently shared his thoughts on the impact of tokens, stating, “Everything is computed through tokens. Every transaction is conducted using tokens.” Segovia, who hails from the Philippines, has previously held various positions at Coinbase and Google Pay. He has played a significant role in Ripple’s groundbreaking efforts to introduce innovative features and products, including their recent foray into stablecoins. However, there have been reports that this move has caused tension with potential competitors.
Regarding stablecoins, Segovia expressed his belief in their demand, particularly in emerging markets like the Philippines, where he grew up. He stated that Ripple’s extensive experience in blockchain-based solutions for enterprise use cases positions it as the ideal company to compete with Tether and Circle in the rapidly expanding stablecoin market.
Tokenization on the XRP network is expected to revolutionize the blockchain industry. This sentiment is shared by major entities such as HSBC, the Boston Consulting Group, Goldman Sachs, Deloitte, and governments in the US and UK. Ripple’s report on tokenization from last year highlighted the optimism among finance leaders about its impact on securitized assets, such as mortgages and asset-backed securities. Additionally, enterprises see great potential for tokenization in the metaverse and for events or ticketing.
Ripple believes that bringing assets onto the blockchain is just the first step. It is equally important to establish protocols and marketplaces where these tokens can be freely traded, sparking a new wave of financial applications.
Brad Chase, Ripple’s Head of Liquidity Products, commented, “As assets are tokenized, we will witness the rapid expansion of supporting financial instruments like derivatives, as well as the emergence of novel use cases that are only made possible by a blockchain foundation.”
Currently, XRP is trading at $0.5067 and has maintained a sideways movement over the past day, despite a 10% dip in trading volume.