Ripple CEO: JPM coin, other banks will not use it at all.

Brad Garlinghouse, CEO of San Francisco blockchain startup Ripple, gave JP Morgan Chase a new stable coin, JPM Coin, on Wednesday. There is a reservation of praise, but he denied the possibility that the Morgan coin was adopted by other banks and questioned its practicality.

Garlinghouse said in a fireside talk at the American Digital Business Association blockchain summit in Washington, DC, that he believes that large financial institutions such as JPMorgan Chase "joined in" is a good thing .

But he quickly added:

This is the only benefit I have to say.

In fact, Ricky, led by Garlinghouse, has been attracting financial institutions to use its distributed ledger technology (DLT) for payments—including products that use the cryptocurrency Ripple (XRP). He immediately expressed doubts about the prospects of the recently announced JPM Coin.

At another meeting last week, Garlinghouse recalled, "There was a guy from Morgan Stanley who was interviewing me. I said,

So, will Morgan Stanley use the coins of JP Morgan Chase?'" he said, maybe No. So, will Citibank use the currency of JP Morgan Chase? Will the Spanish Foreign Bank meet? PNC will? The answer is no.

Therefore, he said that a bank that creates its own stable currency may face the problems that the DLT will solve again.

So, does this mean that we will have all these different currencies? Have we returned to the situation of lack of interoperability in the past? I don’t understand this.

If you give them a dollar as a deposit, they will give you a JP Morgan Chase, and then you can transfer the coin in JP Morgan Chase's distributed ledger. Wait a minute, this can only be used in dollars! I don't understand. If You are only turning in JP Morgan Chase's account, and it must be USD/USD, one-on-one. I don't understand what this can solve.

As early as the release of Morgan Coin, some people think that this bank will have an impact on the market of Ruibo. However, Garlinghouse immediately counterattacked at the time:

As expected, the bank’s attitude towards cryptocurrencies has begun to change. But this JP Morgan Chase project did not capture the essentials – launched a closed network, just like Netscape was listed by AOL two years after its launch. Like the acquisition (the companies acquired by AOL are almost gone), the bank can't solve any problems.