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Ripple XRP news

Ripple Replaced XRP With USDT For US Clients, Here’s Why

Jake Simmons
by Jake Simmons
1 year ago
·
Posted in XRP
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In yesterday’s court filing opposing the US Securities and Exchange Commission’s (SEC) motion for remedies and final judgment, Ripple disclosed significant changes to its On-Demand Liquidity (ODL) operations in the United States. The filing clarified that its US-based ODL services have shifted from using XRP to Tether (USDT) as a bridge currency.

Why Ripple Chose USDT

This strategic pivot was a response to the summary judgment in the SEC lawsuit which found that institutional sales fell under the US security laws. Since the ruling, non-US entities have been the sole contracting parties for XRP sales contracts to ODL customers. The filing highlights that “the company’s remaining ODL business in the United States uses a non-XRP bridge currency.”

Monica Long, President of Ripple, elaborated in an internal email, details of which were shared by prominent XRP community member Crypto Eri (@sentosumosaba) on social media platform X. Long stated:

Immediately following the Order, we took steps to migrate each US-based ODL customer from using XRP as the bridge currency in ODL to using USDT (or the contract was terminated). We should continue to use USDT (or BTC or other vetted stablecoins) for US based flows unless otherwise approved by Legal.

Related Reading: Ripple Responds To SEC Remedies With A $10 Million Power Move

This adjustment reflects the company’s effort to ensure its service offerings align with US legal standards while still supporting global operations largely unaffected by the SEC’s scrutiny. The email emphasizes the strategic role of the Singapore subsidiaries, which now handle most contractual relationships for selling XRP to new ODL customers, particularly those outside the US Long notes:

Ripple’s Singapore subsidiaries have been the primary contracting entity for Commitment to Sell XRP contracts to new ODL customers, who are predominantly foreign. And since the Order, non-US entities have exclusively been the contracting parties for XRP sales contracts to ODL customers.

Related Reading: Ripple’s 3-Year Growth Strategy Unveiled By CEO Garlinghouse

The restructuring within Ripple’s business model underscores a significant geographical and operational pivot. Most of ODL customers are located in the Asia-Pacific region, leveraging the monetary corridors between non-US entities and countries. The licensing of Ripple Markets APAC Pte Ltd by the Monetary Authority of Singapore facilitated this, as Long further explained:

To service our ODL customers, we should continue to leverage our foreign subsidiaries who are licensed by local regulators to lawfully conduct such activity.

Moreover, the court filing revealed the company’s financial dependencies and operational strategies preceding the SEC lawsuit. Ripple’s accounting expert, Anthony Bracco, calculated that the company operated at a loss from April 1, 2014, through December 22, 2020, without the revenue from XRP sales. This detail highlights the financial impact of XRP sales on Ripple’s overall business stability during that period.

“Bracco calculated Ripple’s monetary operating costs and income taxes paid, which total [redacted]. Deducting those expenses from Ripple’s pre-Complaint revenue from Institutional Sales in that period, which totals [redacted], and further deducting income taxes, which total [redacted], Ripple had a loss of [redacted],” the filing states.

At press time, XRP traded at $0.549.

XRP price
XRP price, 1-week chart | Source: XRPUSD on TradingView.com
Featured image from Shutterstock, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Jake Simmons

Jake Simmons

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Jake Simmons has been a Bitcoin enthusiast since 2016. Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others. His goal is to contribute to Bitcoin's financial revolution, which will replace the fiat money system. Besides BTC and crypto, Jake studied Business Informatics at a university. After graduation in 2017, he has been working in the blockchain and crypto sector. You can follow Jake on Twitter at @realJakeSimmons.

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