Chris Larsen, Executive Chairman and Co-Founder of Ripple says One of the strongest features of XRP is that it’s an independent digital asset, so it has the potential to be truly universal. The right digital asset won’t have to be backed by a fiat currency, so it won’t pose a liability in trading. Every bank creating a settlement coin will be worse than what we’ve got now. It would probably add friction, rather than reducing it.

It’s unlikely that every bank will use one digital asset— even one as perfect for the job of settlement as XRP. But XRP has specific benefits, and is the best one for the job. XRP will continue to live on an interoperable network, and banks can still use it.