Morgan Creek CEO Mark Yusko has suggested that XRP developments could be unfolding “behind the scenes,” even as Ethereum dominates on-chain data narratives.
Yusko shared this view in a recent podcast interview with Altcoin Daily host Austin Arnold. He issued wide-ranging views on XRP, Bitcoin’s long-term outlook, U.S. crypto legislation, Ethereum’s competitive edge, and the possibility of a more centralized future for digital currencies.
During the discussion, Yusko noted that, based solely on spending and positioning, one might assume XRP has a strong edge as infrastructure for the traditional financial system.
He observed that Ripple has invested heavily in partnerships and efforts to position XRP as a base layer for elements of the existing financial system.
However, he pointed out that visible on-chain adoption metrics and activity do not yet reflect dominant usage compared to Ethereum. At the same time, Yusko acknowledged that there could be more happening beneath the surface.
“I worry there’s a curveball coming,” he said, adding that XRP might be doing more behind the scenes than many realize.
That comment has fueled speculation among XRP supporters who have long argued that institutional integration happens quietly before becoming publicly measurable.
When asked whether Ethereum could outperform Bitcoin under new regulatory frameworks such as the Clarity Act and the Genius Act, Yusko argued that Ethereum currently has structural advantages.
He pointed to strong developer activity, higher transaction volume, expanding stablecoin usage, and declining gas fees due to scaling improvements. Yusko suggested that while Ethereum may be slower and more expensive than some competitors like Solana, its deep ecosystem and existing infrastructure give it durability.
He also argued that the Genius Act appears favorable to dominant stablecoin issuers, particularly Tether and USDC, as they are heavily integrated into Ethereum’s ecosystem.
Beyond XRP and Ethereum, Yusko expressed unease about the regulatory direction in the United States.
He criticized aspects of the current market structure proposals, particularly provisions that could limit self-custody or increase federal oversight of crypto assets held on centralized exchanges. In his view, such measures risk pushing the industry toward greater centralization.
More notably, Yusko warned about a possible future scenario involving a government-backed CBDC. He said he worries about a scenario in which authorities restrict the use of private stablecoins like USDC or Tether in favor of a government-issued alternative.
Yusko drew a historical parallel to the 1933 gold restrictions in the United States and said he hopes such a scenario does not materialize.
It is worth noting that in January 2025, President Donald Trump signed an executive order prohibiting the federal government from engaging in CBDC activities.
Despite regulatory concerns, Yusko remains strongly bullish on Bitcoin’s long-term price. He projected that the next major cycle peak, potentially around September 2029, could see Bitcoin trading between $600,000 and $700,000.
Ultimately, while much of the discussion centered on Ethereum’s growth and Bitcoin’s trajectory, Yusko’s brief remark about XRP possibly operating quietly in the background has captured attention.
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