Why Ex-Ripple Vice President Has 'Déjà Vu' Over Goldman Sachs' New Bank-Backed Stablecoin

Former Ripple VP Emi Yoshikawa reacts to Goldman's stablecoin bid, highlighting Wall Street's predictable shift and 21-bank governance traps.

Gamza Khanzadaev · 3 Sep 2026 · 5 min read

Wire content from U.Today

Why Ex-Ripple Vice President Has ‘Déjà Vu’ Over Goldman Sachs’ New Bank-Backed Stablecoin

News

By
Gamza Khanzadaev

Thu, 3/09/2026 – 12:21

Former Ripple VP Emi Yoshikawa reacts to Goldman’s stablecoin bid, highlighting Wall Street’s predictable shift and 21-bank governance traps.

Why Ex-Ripple Vice President Has 'Déjà Vu' Over Goldman Sachs' New Bank-Backed Stablecoin

Cover image via U.Today

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

What is behind the former Ripple strategy executive’s “dÃ©jÃ vu”
The technology won, but there’s a catch

Fintech entrepreneur Emi Yoshikawa commented on plans by a consortium of 21 banks to launch its own U.S. dollar stablecoin.

Reacting in Japanese to the official announcement of the megaproject led by Goldman Sachs and Japan’s MUFG Bank, the former Ripple vice president of strategic initiatives wrote on X that she felt “a sense of déjà vu,” adding that “this is exactly how it was supposed to go.”

*Former Ripple VP Emi Yoshikawa’s reaction to the Goldman Sachs and MUFG stablecoin initiative, Source:* *Emi Yoshikawa via X.com*

Behind this comment is Yoshikawa’s eight years of experience at Ripple from 2016 to 2024, during which she developed XRP’s institutional presence in Asia.

HOT Stories

XRP Is Most Asked-About Crypto in Wealth Manager Meetings, Bitwise Claims

Dogecoin (DOGE), Hyperliquid (HYPE), Shiba Inu (SHIB) and Bitcoin (BTC) Price Analysis for September 2: Recapturing Bullish Momentum

Such a reaction points to a pattern typical of TradFi: the world’s largest banks spent years exploring third-party blockchain solutions but ultimately chose to create isolated structures that allow them to control liquidity, compliance, and transaction fees instead of integrating with networks such as the XRP Ledger.

What is behind the former Ripple strategy executive’s “déjà vu”

This context overlaps with developments in Japan, where MUFG Bank, the only Asian participant in the dollar project, is simultaneously involved in a domestic initiative. By March 2027, MUFG, together with megabanks SMBC and Mizuho, plans to launch settlements using a yen-denominated stablecoin based on Progmat, a platform originally created within MUFG.

This could potentially allow the bank to conduct international yen-to-dollar conversions entirely within a controlled banking blockchain environment.

The technology won, but there’s a catch

Meanwhile, tokens such as RLUSD and USDC could maintain their positions in the open fintech sector, retail payments, and DeFi ecosystems, where rapid implementation without excessive coordination is critical.

Yoshikawa’s position combines recognition of the viability of blockchain-based settlements with skepticism: historical experience shows that alliances comprising 21 major stakeholders face complex governance challenges.

While the consortium works to agree on internal rules ahead of its planned 2027 launch, independent regulated stablecoins could retain their time advantage.

#Ripple News
#XRP