Ripple CTO Emeritus David Schwartz has settled a renewed debate over XRP (XRP) origins, confirming that a precursor payment network concept predated Bitcoin (BTC) by five years, but that XRP itself did not.
Schwartz responded on X after a social post claimed XRP predated Bitcoin by decades. The post called XRP the oldest digital asset, a label Schwartz addressed directly, drawing a sharp line between an early concept and the coin Ripple manages today.
What Ryan Fugger Designed in 2004
Ryan Fugger conceptualized a decentralized payment and settlement network around 2004. That placed his concept roughly five years before Satoshi Nakamoto published the Bitcoin white paper.
Schwartz confirmed the timeline on X but flagged a crucial omission. Fugger’s design included no decentralized assets. His system, later known as RipplePay, functioned as a trust-based credit network.
Users routed value through pre-existing trust relationships rather than a shared cryptographic ledger. There was no native token and no open asset that could be traded independently.
Schwartz addressed the distinction on X.
Ryan Fugger conceptualized a decentralized payment/settlement network (but without decentralized assets) around 2004, well before bitcoin.
— David 'JoelKatz' Schwartz (@JoelKatz) June 26, 2026
However, that separation matters. Bitcoin introduced open bearer assets secured by proof of work. The XRP Ledger brought its own model for decentralized value transfer, but it arrived after Bitcoin, not before.
XRP Launched Three Years After Bitcoin
The XRP Ledger went live in 2012, three years after Bitcoin’s genesis block was mined in January 2009. Jed McCaleb, Arthur Britto, and Schwartz built the protocol together before Ripple assumed stewardship.
That timeline directly dismantles the 1988 claim. Fugger’s concept may predate Bitcoin, but a concept is not a coin. The XRP Ledger and the XRP token both trace their launch to 2012.
The distinction carries weight beyond historical accuracy. Ripple’s CEO has also criticized Bitcoin’s corporate strategy, reflecting broader tensions between the two communities.
The debate reflects a pattern seen across the crypto industry. Origin stories often conflate an idea with its execution. Earlier this year, the Bitcoin CIA creation claim drew broad pushback through a similar dynamic.
XRP Holds Near $1 as Ripple Expands Into Europe
The token recently tested the $1 psychological level amid a sharp slide from earlier highs. Some investors still treat the coin as a long-term inflation hedge, though analysts have found the math difficult to support at current prices.
Schwartz has stayed active in the community beyond the origins question. He recently discussed investing versus gambling in a post that generated its own round of debate among holders.
How far back XRP’s roots run may be less relevant than where Ripple is heading. The company recently obtained European MiCA approval via a Luxembourg license, broadening its regulatory footprint across the continent.
