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Austin King, co-founder and CEO of OmniNetwork, in a latest X post breaks down Ripple’s latest move into tokenization and how it will reshape the onchain economy.
He highlighted that the world’s largest asset manager, BlackRock, is focusing on tokenization, and Ripple is positioned to lead this charge. He also shared a strategic breakdown of this next phase for XRP.
Notably, crypto giants like Coinbase and Binance are losing ground as $7B in trading volume moved onchain in the past 24 hours. The main challenge? A lack of quality assets from traditional finance.
This is where Ripple and Omni come in. Ripple is already making strides with RLUSD, a tokenized dollar, and Omni’s role is to enable seamless expansion of these tokenized assets across the onchain economy. Omni is designed for connecting chains, something $XRP Ledger currently lacks.
What is the problem with the onchain economy today?
He remarked that the primary roadblock is the lack of quality assets from the traditional financial system. And this is the key opportunity for Ripple to introduce high-quality tokenized assets into this open and global financial system.
However, he noted that the missing piece in the XRP Ledger is the ability to connect with other blockchain networks. While XRP Ledger is optimized for payments and tokenization, it lacks cross-chain interoperability.
On the other hand, he pointed out that OMNI is designed specifically to enable seamless connections between different blockchains. Combining XRP Ledger’s strengths with OMNI’s cross-chain capabilities could overhaul the entire onchain economy, allowing for more fluid interactions between different blockchain ecosystems.
He noted that Ripple has taken the first step by tokenizing the dollar with RLUSD. Omni’s next move is enabling the seamless, permissionless spread of RLUSD across the onchain economy. It is already achieved internally and will soon be available to the public.
The Ultimate Goal?
The goal is to tokenize the multi-trillion-dollar securities market, bringing massive value into the digital space. RLUSD is just the first step, and as Ripple tokenizes more assets, OmniNetwork will help distribute them throughout the onchain economy.
This partnership between Ripple and OmniNetwork will lay the foundation for a completely new digital financial system. He noted that what we’re seeing today with billions in on-chain volume will be nothing compared to what’s coming.