SWIFT veteran questions XRP's real utility despite Ripple's tokenization pilot with Wall Street firms

Tom Zschach, former SWIFT Chief Innovation Officer, criticized the utility of XRP in Ripple's recent tokenization pilot involving J.P. Morgan, Mastercard, and Ondo Finance. While Ripple promoted the pilot as a step toward 24/7 global financial markets, Zschach highlighted that XRP was not used as a settlement asset but only for transaction fees, with actual fiat settlement centralized through J.P. Morgan's Kinexys. He remains skeptical about XRP's core value proposition and institutional adoption, favoring SWIFT's consortium model. This critique raises questions about XRP's role in future financial systems amid ongoing debates over blockchain and native token use.