- David Schwartz clarified that Ripple never held an ICO for XRP, with all 100 billion tokens allocated to the Genesis ledger at launch.
- He emphasized the XRP Ledger’s decentralization, noting over 1,000 nodes and 100+ independent validators not controlled by Ripple.
- Schwartz confirmed Ripple’s RLUSD stablecoin is issued natively on XRPL, refuting claims it relies on Ethereum infrastructure.
Ripple’s CTO, David Schwartz, has finally broken his silence after comments from Custodia Bank CEO Caitlin Long stirred the pot about Ripple’s past and present. Speaking out directly, Schwartz addressed what he calls “misunderstandings” about XRP’s origins, its level of decentralization, and whether Ripple is leaning on Ethereum for its stablecoin.
No ICO, No Crowdfunding—Just the Genesis Ledger
First off, Schwartz shot down the idea that Ripple ever held an ICO for XRP. Back when the network went live, XRP’s price was literally zero, and the full 100 billion supply was placed in the Genesis ledger account. “Ripple did not conduct an ICO,” he said flatly, calling out Long’s claim as simply wrong.
Backing him up was well-known XRP Ledger validator @Vet_XO, who reminded everyone that Ripple’s approach was far more transparent than Ethereum’s early token sale, where Bitcoin was used to distribute ETH. In short—no crowdfunding, no public sale, no capital raise from investors at launch.
Decentralization Isn’t Just a Talking Point
Critics have long suggested Ripple still “controls” the XRP Ledger. Schwartz, however, points to the open-source nature of the network and its validator diversity as proof otherwise. Right now, the ledger runs on over 1,000 nodes and 100+ validators, none of which are directly under Ripple’s thumb. Anyone can spin up a node, join validation, or even fork the code.
This isn’t just theory—@Vet_XO backed it up, stressing that Ripple holds no kill switch over the network. In Schwartz’s view, this makes the centralization narrative more myth than fact.
Stablecoin Issuance Stays Native to XRPL—Not Ethereum
Caitlin Long also suggested Ripple’s stablecoin plans were somehow tied to Ethereum. Schwartz quickly pushed back, clarifying that RLUSD—the firm’s USD-pegged stablecoin—is issued natively on the XRP Ledger, not on Ethereum. Ripple Payments, he added, is still firmly rooted in XRPL infrastructure.
Vet went a step further, noting that Ethereum’s early fundraising model couldn’t be more different from Ripple’s origins. By keeping its stablecoin and payment rails in-house, Ripple reinforces its commitment to XRPL as the core of its ecosystem.
In short—no ICO, no hidden Ethereum dependency, and a network that’s far more decentralized than some give it credit for. Schwartz’s message is clear: the XRP Ledger’s foundation hasn’t changed, and Ripple’s sticking to it.
