Bill Morgan, an XRP attorney, stepped in to defend BlackRock after the crypto community erupted over the asset manager's decision to file with the SEC for tokenized fund shares on Solana instead of the XRP Ledger.
BlackRock, which manages $15 trillion in assets, just launched its "BlackRock Daily Reinvestment Stablecoin Reserve Vehicle" on Solana. The move signals the firm's push into onchain stablecoins and reserve assets. Jon Steel, who runs BlackRock's cash management product strategy, framed it as expanding client choice: "Cash remains a foundational building block for investors, corporations, and financial institutions. As demand grows for high-quality reserve assets to support stablecoins and other tokenized financial products, these funds provide clients with additional choice in how they access and use money market fund investment solutions across traditional and digital markets."
Ripple's Separate Path Forward
XRP holders weren't thrilled. The community expected BlackRock to explore the XRP Ledger, especially given Ripple's institutional push. Morgan quickly countered the narrative, pointing out that BlackRock's choice doesn't slow Ripple's momentum. "Ripple by acquisition and investment is enabling institutions to issue and manage tokenized funds and share classes on the XRPL and use them as collateral and achieve atomic settlement of trades on the XRPL," Morgan wrote on X.
His argument cuts to the heart of what Ripple's been building: infrastructure that tackles real settlement friction. Slow clearing times, fragmented liquidity pools, idle collateral sitting in accounts. These aren't theoretical problems. When a bank can't move collateral instantly or settle a trade in seconds, it locks up capital. Ripple's tooling addresses exactly that. Whether BlackRock picks Solana or another chain for this particular product doesn't erase the progress happening on the ledger itself.
Different platforms can serve different institutional needs without cannibalizing each other's growth story.
This article is informational only and should not be construed as financial advice. Cryptocurrency markets carry substantial risk.
