It became known which cryptocurrency can replace the US dollar

Ripple CTO David Schwartz is confident that digital assets, including XRP, can be used as global reserve currencies, becoming an excellent alternative to the US dollar.

During a discussion on X (formerly Twitter), organized by cryptocurrency community member XRPStewie, Schwartz was asked whether digital assets can be used as full-fledged reserve currencies and whether they can coexist with the US dollar. The analyst replied that he believes such a development is quite possible.

Ripple CTO explained that the US dollar currently dominates as a reserve currency for the vast majority of countries. However, many countries are exploring alternative options, including the introduction of digital assets such as XRP.

According to Schwartz, virtual coins can open up new opportunities and change the «currency landscape.» He is convinced that the scenario can be realized if countries recognize the limitations associated with dependence on the US dollar.

The analyst emphasized that small financial organizations often prefer software solutions that have not been developed by large banks. This is due to fears that large market players may impose their preferences, Schwartz explained. However, not everyone shares his point of view. For example, Cardano founder Charles Hoskinson has previously stated that an international currency should be a means of exchange, payment, and savings at the same time, but even bitcoin does not have these three characteristics.

As of the morning of August 14, according to CoinMarketCap, XRP was trading at $ 0.62, a gain of 0.13% overnight. The total supply of coins circulating on the market amounted to $ 33.1 billion, and traders made daily trading deals worth $ 805.3 million.