Goldman Sachs and MUFG Stablecoin Plan Sparks Déjà Vu Memories for Former Ripple Exec

Emi Yoshikawa, former vice president of strategic initiatives at Ripple, expressed a 'sense of déjà vu' over Goldman Sachs' and MUFG Bank's plan to launch their own US dollar stablecoin. This reaction stems from her eight years of experience at Ripple (2016-2024), where she developed the company's institutional presence in Asia.

The move by the 21-bank consortium is reminiscent of traditional finance's pattern: instead of integrating with existing blockchain networks like the $XRP Ledger, they opt to create isolated structures that allow them control over liquidity, compliance, and transaction fees. This trend was evident during Yoshikawa's tenure at Ripple.

Interestingly, MUFG Bank, a participant in the dollar project, is simultaneously involved in a domestic initiative to launch settlements using a yen-denominated stablecoin based on Progmat by March 2027. This could enable the bank to conduct international yen-to-dollar conversions within its controlled banking blockchain environment.