TLDR
- Bill Morgan defends XRP’s role in liquidity and market-making agreements.
-
XRP’s use in real-world transactions challenges ChainlinkGod’s view on its adoption.
-
XRP sees institutional use, including loans and payments, beyond speculative trading.
-
ChainlinkGod’s narrow adoption definition is questioned by Bill Morgan’s examples.
Crypto lawyer Bill Morgan has been actively defending XRP against criticisms from Zach Rynes, known as ChainlinkGod, regarding its adoption and utility. In a series of public exchanges on X (formerly Twitter), Morgan has presented real-world use cases of XRP, countering ChainlinkGod’s narrow perspective on what constitutes adoption. The dispute primarily revolves around XRP’s role in institutional use and whether its actions align with the original vision of cryptocurrency.
Questioning the Narrow Definition of XRP Adoption
Morgan challenged ChainlinkGod’s stance that XRP is mainly a speculative investment asset with limited adoption. ChainlinkGod had previously suggested that XRP’s primary value was in its price speculation and that institutional use was not evident in its adoption.
In response, Morgan presented instances where XRP is actively being used by institutions for liquidity solutions, including market-making agreements and loans for liquidity. He also cited Wisdom Tree’s use of XRP for tactical yield harvesting, questioning whether these instances fit ChainlinkGod’s rigid criteria for “adoption.”
What about Bullish, which recently completed its IPO, entering into a master loan agreement with a third-party to borrow XRP for market making purposes.
Does that fall within your definition of adoption? Is that not adoption of XRP for liquidity purposes?
I mean if these things… https://t.co/RRRRxNAngn pic.twitter.com/SW6SdTkJcC
— bill morgan (@Belisarius2020) August 20, 2025
Morgan asked, “Is using $XRP to pay for the acquisition of promissory convertible notes a transaction that falls within your definition of adoption?” This pointed question was aimed at highlighting the gap between ChainlinkGod’s view of adoption and the real-world, practical uses of XRP. Morgan further emphasized that XRP is indeed being used by businesses and institutions as a solution to liquidity challenges, which should be recognized as meaningful adoption, not merely speculation.
Bullish and XRP Institutional Liquidity Solutions
Morgan highlighted Bullish, a cryptocurrency exchange, as an example of an institution leveraging XRP for liquidity purposes. Recently, Bullish entered into a master loan agreement with a third party to borrow XRP for market-making. Morgan argued that this kind of institutional transaction should be viewed as a form of adoption of XRP for liquidity, as opposed to speculative trading.
He pointed out that these transactions and use cases demonstrate that XRP is fulfilling its intended role in providing liquidity, contrasting it with the speculative uses ChainlinkGod seemed to focus on. “It shows that Ripple is approached for liquidity solutions, and Ripple’s liquidity solutions center on XRP, the XRPL, and RLUSD,” Morgan said, reinforcing his point that XRP’s practical utility extends far beyond speculation.
Morgan’s argument implies that XRP’s role in institutional liquidity solutions should be considered genuine adoption. While ChainlinkGod maintains that XRP’s value proposition is marginal at best, Morgan’s real-world examples challenge this narrative.
XRP Utility in Broader Financial Ecosystems
Another example Morgan pointed to is XRP’s use in helping crypto exchanges like Gemini during its IPO. XRP was used as a liquidity solution when Gemini faced challenges with traditional banking systems. In this case, XRP was essential for meeting Gemini’s liquidity needs, demonstrating its utility in real-world financial contexts.
Bill Morgan contrasted this use case with Chainlink, which he believes is frequently praised despite having a different scope of use in the financial industry.
Morgan emphasized that XRP and Chainlink serve different needs and are not in direct competition. While Chainlink focuses on providing decentralized oracles and smart contract infrastructure, XRP’s primary role is as a bridge currency for liquidity and payments. Morgan suggested that a broad perspective on both projects is necessary, rather than engaging in “mindless maxi contests” that pit them against each other.
ChainlinkGod’s Perspective on XRP Adoption
ChainlinkGod, in his public comments, dismissed XRP’s real-world applications, asserting that XRP was merely a “gas token” on the XRPL with little value accrual. He maintained that XRP’s utility was limited in comparison to Chainlink’s broader use in tokenization, cross-chain interoperability, and the tokenization of real-world assets. ChainlinkGod’s narrative focuses on the growing institutional adoption of Chainlink’s technology, which is used by major financial institutions like J.P. Morgan and Mastercard.
The transaction used RLUSD, and paid what, a fraction of a cent in fees on XRPL to issue it? And that’s among the other stablecoins that were used as well
Nothing about what you said shows how XRP is being adopted in any meaningful way for its promoted purpose
— Zach Rynes | CLG (@ChainLinkGod) August 20, 2025
According to ChainlinkGod, XRP’s potential for adoption hinges on institutions choosing it as a bridge currency over other blockchains. In contrast, Chainlink is seen as a more versatile tool, working across a variety of blockchain ecosystems to enable data services, cross-chain interoperability, and compliance solutions.
He believes that the broader adoption of blockchain technologies, including Chainlink’s services, will eventually lead to greater institutional participation in the crypto space.
