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Gold & The Upcoming Recession

We are now seeing the initial stages of a currency, credit, and banking crisis develop.

Driving it are an inflation of prices, contraction of bank credit and a pathological fear of recession.

One can imagine that the major central banks almost wish a mild recession upon us so that they can keep interest rates suppressed and bond yields low.

The key to understanding the course of events is that the cycle of bank credit is turning down, and this time the factors driving contraction are greater than anything we have experienced since the 1930s, and possibly in all modern monetary history.

This article joins the dots between inflation and recession and puts the relationship between money (that is only gold), currencies, credit, and commodity prices into their proper perspective.

The bank credit downturn…
It is increasingly obvious that the economic cost of sanctioning Russia is immense, and there’s now growing evidence of all major economies facing a downturn in economic activity. And we don’t have to rely on GDP forecasts to know why. Intuitively, if food and energy shortages impact us all, higher prices for these items alone will affect our spending on less important items and services.

That’s reasonable enough for sensible citizens. But financial analysts insist on quantifying it with their models. Their principal measure is the total value of all recorded transactions, comprised of GDP. They proceed seemingly unaware of the difference between the value of economic activity to the advancement of the human condition, which can’t be measured, and a meaningless total comprised of only currency and credit, which can. Consequently, all they end up recording is changes in the quantity of currency and credit deployed in the economy.

Of course, there is a broad point that if the quantity of currency and credit contracts, GDP falls. And if it is severe, economic activity tends to fall as well. But to equate the two to the point that a variation of less than a per cent or so from modelled forecasts means anything is nonsense. A proper assessment of the economic condition gets lost.

Instead, an awareness of the role of bank credit is called for. Banks create credit, which feeds into the GDP total when they are optimistic about the outlook for lending. And when they deem the outlook to be deteriorating, they withdraw credit which reduces the GDP total. It leads to a repetitive cycle of boom and bust. We are now entering a period where, at the margin, banks are trying to reduce their exposure to credit going sour. Therefore, GDP will contract And we can assess where it will contract. It really is that simple.

The best thing to do is to stand back and let the excesses of lending and the support for malinvestments wash themselves out of the system. The last time this was done was the brief but very sharp recession of 1920—1921 in the US. The government of the day understood it was not its business to intervene, and anyway, it was not capable of improving thngs.

But increasingly since, monetary policy has become run by central banks which steer their economies through rear view mirrors, reacting to information rather than anticipating. But even if they could anticipate economic trends they lack the commercial nous to manage it. Instead, their stock reaction to declining GDP will be to “stimulate”. Not only do they have a mandate to maintain full employment, but they have a Keynesian belief that a decline in GDP is entirely due to falling demand. Falling demand, they say, leads to lower prices, so the inflation figures in the CPI will fall. Producer prices will fall. All commodity prices will fall. The chart below feeds this line of hopeful thinking.

This basket of commodities has fallen in value by 17% in a month. Panic over. Even wheat and soya prices have fallen. Dr Copper is down. Grasping at these straws, central banks are undoubtedly relieved that inflation might be turning transient after all.

Or so they think. There is no doubt that we are experiencing enormous price volatility. If it was entirely due to consumers deciding not to spend because prices are too high for them, that is one thing. But if it is because banks are withdrawing credit, the consequences are materially different.

A central bank’s concern to maintain consumer spending might discourage banks from contracting credit for consumers, at least initially. Furthermore, their risk models show that while individually consumers using credit are often high risk the magic of securitisation turns these risks collectively into low risk. It becomes a numbers game. So, credit card and other consumer faced lending divisions with very high credit margins are not the first to be targeted. And anyway, that would put the bank’s executives at odds with the central bank.

Instead, in the initial stages of a credit downturn, banks withdraw credit principally from business borrowers who use overdraft facilities. A business that frequently resorts to overdraft facilities is high risk in any bank’s assessment. Weaker businesses are first to succumb to the credit downturn for this reason. Other early victims of credit contraction are financial speculators because their collateral is easily realised. We have seen the decline of US stock indices so far being accompanied by a $200bn reduction in margin lending. There’s still much more to go.

As the economist Irving Fisher pointed out in the 1930s, calling in loans to reduce bank credit can become a self-feeding destruction of value. The bit he failed to understand is that in a serious downturn it can’t be helped, because it is the other side of earlier credit expansion, and it is the unwinding of unsound lending. Both an understanding of what drives periodic contractions of bank credit and the empirical evidence that it has repeated in one form or another approximately every decade since records began, inform us that it should not be stopped but allowed to proceed. Compare the brief 1920—1921 slump in the US with the prolonged 1930s slump, the latter managed by first Presidents Herbert Hoover and then Franklin Roosevelt.

We should also know from understanding that bank credit is a cycle, that the height of the recent expansionary phase measured by the ratio of total bank balance sheet assets to their shareholders’ capital indicates the likely severity of the subsequent credit contraction. It reflects deposit liabilities to a bank’s customers relative to its shareholders assets. Traditionally, asset to equity ratios of more than eight to ten times were deemed risky. Some major banks, particularly in the EU and Japan, are now at over twenty times. While the US banks are less geared, the systemic risks to them from other national banking systems in this financially interconnected world are the highest they have ever been.

For the immediate future we can discern two things. First is that production of goods and services is likely to be more limited than consumption due to an absence of bank credit, knocking on the head the Keynesian misconception that it is a problem of insufficient demand. That is just an initial phase. And following it, the contraction of bank credit can be expected to become more severe, as banks draw their horns in to protect their shareholders from an Irving Fisher style slump. In this subsequent second phase both producers and consumers will face enormous financial difficulties.

Without aggressive intervention by central banks, the correction from excessive over-lending taking bank balance sheets beyond dangerous levels of leverage will simply fuel a GDP slump. Central banks will intervene, not just to deliver on the full employment mandate, but to finance government budget deficits which will soar under these developing circumstances.

Prices in a slump
The last real slump, when the forces driving bank credit contraction were arguably less severe, was in the 1930s following the Wall Street crash. At that time, the dollar and sterling, together the world’s major international currencies, were both on gold standards. Prices of commodities, raw materials and agricultural products collapsed, effectively measured in gold through these two currencies. The political strains led to Britain abandoning its bullion standard in 1932, and the US gold coin standard was suspended for US citizens in 1933, followed by a 40% dollar-devaluation in January 1934.

The effect of the collapse of bank credit was to make circulating media in dollars and sterling scarce, thereby raising their purchasing power. To this extent, gold’s purchasing power also rose, because it was tied to the currencies. While gold gave credibility to the dollar and sterling, it was the contraction of bank credit that drove the slump in prices, while gold got the blame.

We know that priced in gold, over time commodity, raw materials, and agricultural product prices are remarkably stable. Disruption in the price relationship does not come from gold. The following chart of the WTI oil price rebased to 1950 illustrates prices in sterling, dollars, and euros where there are huge variations in prices. Contrast that with gold (the yellow line), where the price today is down about 30% from 1950 with minimal volatility along the way.

Since 1992, which is the earliest common date we have for these series, an unweighted average gold value for them has fallen a net 19% (the black line). Fuel has been the most volatile at up to 2.5 times the 1992 price, but from the previous chart we can see that it was up a net 12 times in US dollars in 2007/08 from 1992. Priced in gold, the relatively little volatility we see in these commodity groups is as close as we can get to free market values in sound money. And even then, we know that gold prices are manipulated in the markets. We can also assume that the origin of this volatility does not come from gold, but from the violent price changes in fiat currencies, their interest rates, and their distortions with respect to demand for commodities.

These findings overturn conventional opinions on price formation. The evidence is that it is not true that fiat currencies are purely objective in their relationship with commodity prices. Forecasters of commodity prices incorrectly assume there is no change from the currency side. But clearly, the fluctuations overwhelmingly emanate from the currencies themselves.

This brings us to the likely effect of an economic slump on prices. Initially in our analysis, we will assume there is little change in the public’s desire to hold fiat currencies relative to the range of commodities and consumer goods. That being the case, we can see that it will be variations in the quantity of currency and credit in circulation driving prices. A contraction in this quantity will tend to lower prices. And Keynesian economists might conclude that precious metals being commodities will also fall in price against fiat currencies, given that fiat currencies are no longer tied to gold.

The flaw in this argument is that there are indeed other factors involved, and the consequences for the quantity of currency and credit in a slump must be taken into account. Irrespective of changes in monetary policy, in socialised economies government budget deficits soar and will need financing by expansion of the currency if bank credit is not forthcoming. In other words, despite the tendency for banks to contract bank credit to the private sector and even if central banks do not amend monetary policies, it will be more than offset by an expansion of currency passed into the economy through the government’s books.

Furthermore, under these circumstances monetary policy will change as well. Following the initial withdrawal of overdraft credit from businesses and bank loans for financial speculation, there is likely to be a softening of consumer demand as lending standards tighten and financial insecurity for consumers escalates. Central banks will notice the tendency for the withdrawal of bank credit to lead to a slump in consumer demand. They will almost certainly reduce interest rates and reintroduce quantitative easing to replace contracting bank credit to stimulate flagging economic activity. They have eased and stimulated in every bank credit cycle at this point since the 1930s, and there’s no reason to think they will do otherwise today.

An increase in currency and credit, not emanating from the commercial banks but from the central bank, with increasing budget deficits will continue to debase the currency in gold terms. The currency will also be debased against commodities. But with some volatility imparted from the currency side, we can see that the general relationship between commodities and gold can be expected to remain intact.

A systemic failure is on the cards
All this assumes that within the context of the bank credit cycle there is not a significant systemic failure. Given that the forces behind credit contraction today are greater than any time since the 1930s, and possibly for all modern monetary history, that is a vain hope. Last week I pointed out the looming catastrophe for the euro system and the euro. A similar tale can be told about the Japanese yen. And sterling is just a poor man’s version of the dollar without its hegemony status.

In the event of a systemic crisis, the role of central banks will be to underwrite their entire commercial banking system. The consequences of letting Lehman go bankrupt on the last cycle of bank credit contraction did not serve as a warning to profligate bankers. Instead, it had us all staring into a systemic abyss, and that mistake will not be repeated. In a systemic crisis today, it will take unprecedented currency and credit creation by the central banks to save the financial world. And it’s that debasement that will end up collapsing fiat currencies.

Meanwhile, we can expect central banks to milk the transitory inflation story for all its worth. Forget the CPI rising at 8%+ they will say. It will soon return to the 2% target as recession bites. But that’s another excuse to ease policy. It might buy just a little more time before the crisis hits. But don’t bank on it.

Manipulation becomes official
Earlier this month, three JPMorgan Chase traders faced a federal trial in Chicago, accused of masterminding a massive eight-year scheme to manipulate international markets for precious metals by spoofing, including gold and silver. JPMorgan had already been fined $920m in 2020.

Coincidently, Peter Hambro who was a gold trader in London in the early days of the derivatives market described how the bullion banks created unallocated gold accounts. One of Hambros’ more interesting comments was about the role of the authorities:

Read more at: https://www.zerohedge.com/markets/gold-upcoming-recession

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🚨NEW: Watch @BoHines sit down with @CryptoAmerica_

Watch @BoHines sit down with @CryptoAmerica_ to discuss key details of the White House crypto report including anticipated new DOJ guidance, as well as fresh commentary on the @rstormsf trial, and the nomination of @BrianQuintenz to lead the @CFTC.

00:28:43
Why Invest In XRP?

Because Ripple Is EVERYWHERE!

This is on Wall Street... NY

00:00:06
👉"You're gonna be told that there is a craft on its way to Earth.

"That 100 fxxxing percent is the lie you are going to be told."

Jeremy Corbell in January 2025

00:02:38
👉 Coinbase just launched an AI agent for Crypto Trading

Custom AI assistants that print money in your sleep? 🔜

The future of Crypto x AI is about to go crazy.

👉 Here’s what you need to know:

💠 'Based Agent' enables creation of custom AI agents
💠 Users set up personalized agents in < 3 minutes
💠 Equipped w/ crypto wallet and on-chain functions
💠 Capable of completing trades, swaps, and staking
💠 Integrates with Coinbase’s SDK, OpenAI, & Replit

👉 What this means for the future of Crypto:

1. Open Access: Democratized access to advanced trading
2. Automated Txns: Complex trades + streamlined on-chain activity
3. AI Dominance: Est ~80% of crypto 👉txns done by AI agents by 2025

🚨 I personally wouldn't bet against Brian Armstrong and Jesse Pollak.

👉 Coinbase just launched an AI agent for Crypto Trading

PYTH Entropy just got an upgrade 🎲

Introducing Entropy V2, the latest evolution of Pyth Network’s onchain randomness engine.

Now more developer-friendly than ever. 🧵

https://x.com/PythNetwork/status/1950934639394148579

👀BlackRock Director of Digital Assets at @Ripple SWELL. Just saying.

$XRP

https://ripple.com/events/swell/speakers/

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🚨 Hedera $HBAR , $XDC Network, and $QNT have been chosen by SWIFT to join this year's Sibos 2025 as discovered exhibitors. Seems SWIFT chose these tokens, which are all DLTs, were chosen specifically for the event, signifying key institutional interest in these ecosystems. This is very good news.

Op: Realallincrypto

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PYTH: We'll Always Have Coldplay

Welcome back to The Epicenter, where crypto chaos meets corporate cringe.

But surprisingly, crypto has not been the most chaotic corner of the internet as of late.

That honor goes to the startup Astronomer, whose CEO’s cheating scandal broke the web in a glorious meme-fueled media frenzy. The company’s damage control? Hiring Gwyneth Paltrow as a “temporary spokesperson.” Do we think they’re grasping at straws or setting a new standard for PR?

Meanwhile, the markets didn’t blink. BTC is still flexing near its all-time highs. Michael Saylor’s bringing a bitcoin-adjacent money-market product to Wall Street. A pharma company just earmarked $700M to stack BNB, and analysts are calling time of death on the four-year crypto cycle. It’s a steady boom now, kittens.

A few things that are also worth noting: Winklevoss vs. JPMorgan, Visa’s take on stablecoins, and Robinhood’s Euro drama that defies the chillness of eurosummer.

Let’s get into it 👇

⛓️ The On-Chain Pulse: What’s Happening on the Front Lines of Finance

This week’s biggest news in crypto and all things digital assets

🗣️ Word on the Street: What the Experts are Saying

Stuff you should repost (or maybe even cough reword and take credit for)

Meme of the Week

🏦 Kiss my SaaS: What’s Changing the Game for Fintech

Things you should care about if you want to impress your coworkers

Closing Thoughts

From meme-fueled PR stunts to Bitcoin-backed money-market funds, this week reminded us that markets move fast—and headlines move faster. With Wall Street automating itself, fintechs beefing with banks, and even your smartphone becoming a miner, anything is possible. Stay curious, stay cynical, and as always—stay sharp and stay liquid. We’ll see you back here in two weeks.

— The Epicenter, powered by Pyth Network

 

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4 Fintech Companies 💸& Things To Know About 🤔

The fintech revolution is reshaping the way we manage, invest, and move money, breaking down traditional barriers and empowering individuals worldwide. As financial technology continues to evolve at a rapid pace, a select group of innovative companies are leading the charge by offering groundbreaking solutions that redefine banking, payments, and digital assets. Whether you’re a savvy investor, an industry professional, or simply curious about the future of finance, discovering these trailblazing fintech companies is essential to understanding today’s dynamic financial landscape.

 

  1.  Alina Invest - The AI Wealth Manager for GenZ Women

Alina is aimed at women under 25 who identify as beginner investors. They're an SEC-registered investment advisor that charges $120/year for membership. The service "buys and sells for you" and gives up notification updates of recent transactions like a wealth manager would.

👉 Getting people to invest early is crucial to building long-term wealth. One thing that holds them back is a lack of confidence and experience. Being targetted "for beginners" and people who live on TikTok should appeal. I love the sense of "we're buying and selling for you." Funds always do that, but making it an engagement mechanic is very smart. The risk here is that building a wealth business will take decades for the AUM to compound. But the next generations, Wealthfront or Betterment, will look something like Alina.

2. Blue layer - The Carbon project funding platform

Bluelayer allows Carbon project developers to take from feasibility studies to issuing credits, tracking inventory, and managing orders. Developers of reforestation, conservation, direct air capture, and other projects can also directly report to industry registries. 

👉 Carbon investing and tax credits are heavily incentivized but need transparent data. By focusing on the developers, Bluelayer can ensure the data, reporting, and credits lifecycle is all managed at the source. This is smart.

3. Akirolabs - Modern Procurement for enterprise

Akiro is a "strategic" procurement platform aiming to help enterprise customers identify risks, value drivers, and strategic levers before issuing an RFP. It aims to bring in multiple stakeholders for complex purchasing decisions at multinationals. 

👉 Procurement is a great wedge for multinational corporate transformation. Buying anything in an enterprise that uses large-scale ERPs is a nightmare of committees and spreadsheets. Turning an oil tanker-sized organization around is difficult, but the right suppliers can have a meaningful impact in the short term. That only works if you can buy from them. Getting people on the same page with a single platform is a great start.

4. NeoTax - Automated Tax R&D Credits

NeoTax allows companies to connect their engineering tools to calculate available tax advantages automatically. Once calculated, the tax fillings are clearly labeled with supporting evidence for the IRS.

👉 AWS and GCP log files and data are a goldmine. Last week, I covered Bilanc, which uses log files to figure out per-account unit economics. Now, we calculate R&D tax credits. The unlock here is LLM's ability to understand unstructured data. The hard part is understanding the moat, but time will tell.

In an era where technology and finance are increasingly intertwined, these four fintech companies stand out as catalysts for positive change. By driving progress in digital payments, asset management, lending, and decentralized finance, they are not only making financial services more accessible and efficient—they are also paving the way for a more inclusive and empowered global economy. Staying informed about their innovations can help you seize new opportunities and take part in the future of finance.

 

👀Things to know 👀

 

PayPal issued low guidance and warned of a “transition year.” The stock is down 8% in extended trading despite PayPal reporting a 9% growth in revenue and 23% EBITDA. Gross profit is down 4% YoY. PayPal's total revenues were $29Bn for the year

Adyen reported 22% revenue growth and an EBITDA margin of 46% for the full year. Adyen's total revenues were $1.75bn for the full year. The margin was down from 55% the previous year, impacted by hiring ahead of growth.

🤔 PayPal’s Braintree (unbranded) is losing market share in the US, while Adyen is winning it. eCommerce is growing ~9 to 10% YoY, and PayPal’s transaction revenue grew by 6.7%. The higher interest rate environment meant interest on balances dragged up the total revenue figure. Their core business is losing market share. Adyen is outgrowing the market by ~12%.

🤔 The PayPal button (branded) is losing to SHOP Pay and Apple Pay. The branded experience from Apple and Shopify is delightful for users; it’s fast and helps with small details like delivery tracking. That experience translates to higher conversion (and more revenue) for merchants.

🤔 The lack of a single global platform hurts PayPal, but it helps Adyen. In the earnings call, the new CEO admitted their mix of platforms like Venmo, PayPal, and Braintree are holding them back. They aim to combine and simplify, but that’s easier said than done.

🤔 Making a single platform from PayPal, Venmo, and Braintree won’t be easy. There’s a graveyard of payment company CEOs who tried to make “one platform” from things they acquired years ago. It’s crucial if they’re going to grow that they get their innovation edge back. Adyen has one platform in every market.

🤔 PayPal’s UK and European acquiring business is a bright spot. The UK and EU delivered 20% of overall revenue, growing 11% YoY. Square and Toast don’t have market share here, while iZettle, which PayPal acquired in 2018, is a strong market player. Overall though, it’s yet another tech stack and business that’s not part of a single global platform.

The two banks provided accounts to UK front companies secretly owned by an Iranian petrochemicals company. PCC has used these entities to receive funds from Iranian entities in China, concealed with trustee agreements and nominee directors. 

🤔 This is the headline every bank CEO fears. Oof. Shares of both banks have been down since the news broke, but this will no doubt involve crisis calls, committees, appearing in front of the regulator, and, finally, some sort of fine.

🤔 The "risk-based approach" has been arbitraged. A UK company with relatively low annual revenue would look "low risk" at onboarding. One business the FT covered looked like a small company at a residential address to compliance staff. They'd likely apply branch-level controls instead of the enterprise-grade controls you'd see for a large corporation. 

🤔 Hiring more staff won't fix this problem; it's a mindset and technology challenge. In theory, all of the skill and technology that exists to manage risks with large corporate customers (in the transaction banking divisions) are available to the other parts of a bank. In practice, they're not. Most banks lack a single data set and the ability for compliance officers in one team to see data from another part of the org. Getting the basics right with data and tooling is incredibly hard and will involve a multi-year effort. 

🤔 These things are rarely the failure of an individual or department; the issue is systemic. While two banks are named in this headline, the issue is everywhere. Banks need more data and better data to train better AI and machine learning. That all needs to happen in real-time as a compliment to the human staff. Throwing bodies at this won't solve the visibility issue teams have.

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What is XAH and Xahau?

If you're new to XRP, you may have noticed some of us discussing another network named 'Xahau'.

It's Like XRP ... But Different

The Xahau network was created in 2023, and its starting point was the open-source code for the XRP Ledger. A small team of researchers and entrepreneurs decided to add smart contracts to the network code.


The XRP Ledger has no smart contract capabilities, by default.

To integrate smart contracts, the team decided to use an architecture that includes 'WASM' or 'web assembly' code. Each account can have up to 10 'hooks' installed that are triggered for transactions that match specific criteria. They can run before or after a transaction is processed. This enables a variety of use cases that do not involve the need to change the network's core code.

Hooks

A 'hook' is what is known as a smart contract that can be triggered in relation to a specific account and its transactions.

The term arises from the programming world, where it generally means "code that runs based on triggering conditions." In Xahau's case, it indicates code that is run before, or after, a transaction is processed.
 
Each hook must be installed on a specific account by the party that controls the account - i.e., the secret key holder.
 
What Can XAH Do That XRP Cannot?
 
The primary benefit from the use of hooks, is that the core network code does not need to be changed every time a new use case is identified. This means that additional use cases can be addressed immediately, with no requirement for intervening steps, such as:
  • Community review
  • Community approval
  • Amendment voting
All of those steps are eliminated with the use of hooks; new use cases can be addressed as fast as the code can be developed.
 
To read more about how hooks enables Xahau to handle more use cases than even the XRPL, you can read this article:
 
Key Differences From XRP
 
Other unique differences from the XRP Ledger include:
  • Much smaller supply ~612 million coins vs. 100 billion coins
  • XAH hodlers are rewarded at 4% of their account balance. There are no rewards for XRP.
  • Governance participants are incentivized
  • Payment channels available for user-created tokens (IOUs)
  • URI tokens instead of NFT tokens
Who's Who of Xahau?
 
The list of those that are either founders, or closely associated with the founding organizations, is extensive. Here are the names of three organizations mentioned in the whitepaper, or their current moniker:
  • Xaman (a.k.a. XRPL Labs)
  • Gatehub
  • InFTF (Inclusive Financial Technology Foundation)
There exists a long list of impressive developers, architects, and technologists among the Xahau inner circle. But the three names that people associate most prominently with the leadership of the Xahau network are Wietse Wind, Richard Holland, and Denis Angell. The links to their 'X' accounts are:
 
Friend Or Foe?
 
This topic is one of the most contentious.
 
While Ripple, the company with the largest stake of XRP, showed interest in hooks early on, they ultimately decided to advocate for a different approach; the use of an EVM-based solution (Ethereum Virtual Machine) to handle smart contracts on the XRP Ledger. This decision was met with consternation by the Xaman team that had worked with them for several years to advocate for the use of hooks.
 
You can read more about the 'business politics' part of this topic here:
 
So how do Xahau fans view the relationship between XRP and XAH?
 
The Xahau team - and many of its community members - advocate for the use of a 'dual-chain' solution to implement smart contracts. This can be accomplished by the use of 'listener' software, along with native Xahau hooks.
 
A proof of concept, developed by Denis Angell, has demonstrated that bi-lateral communication can work with a simple approach.
 
From an economic standpoint, every chain that has its own digital asset is a competitor; but the simple way to think about Xahau, is that a 'bunch of XRP geeks' decided to implement smart contracts on their own version of the XRP Ledger.
 
The team emphasized transparency along the way, and initially received support from the primary XRP stakeholder, Ripple. They published Xahau as open-source code that could, in theory, be back-engineered and integrated with the XRP Ledger. You can clearly observe the team's idealistic mindset in early marketing mistakes, where they named their digital asset 'XRP Plus' in an effort to emphasize the way that they viewed their creation. While this resulted in confusion - and even suspicion - in its early days, the team quickly pivoted, and named their digital asset 'XAH', which became its ticker symbol.
 
Synergy effects between the two camps speak to a genuine camaraderie, with many Xahau developers being open and willing to help with changes to the core XRP Ledger protocol. You can find many examples of this open dialogue on the 'X' platform.
 
How To Purchase XAH
 
If you wish to speculate by buying XAH directly, it is available in a variety of convenient locations, depending on where you are located. If you're in a country that is supported by Bitrue, you can directly purchase or trade XAH by using that exchange.
 
On January 20th, 2025, Bitmart announced that it supports trading of XAH for customers in their list of supported countries; And in late March, another major exchange announced that they would be supporting XAH trading pairs: Coinex.
 
If you're located in the United States, you can purchase XAH directly from a vendor known as 'C14'. The xApp for C14 is located in the Xaman wallet.
 
XRP Ledger geeks can also purchase XAH IOUs on the XRPL Dex and then convert them to 'real' XAH using a Gatehub bridge. This is available in countries that Gatehub supports.
 
Which XAH Accounts Should I Follow?
 
On the 'X' platform, there exists two major community groups for XAH fans:
In addition to the Xahau notables I've already mentioned in this article, my advice is to take a look at who is posting in the above two communities. There are many impressive leaders and entrepreneurs included. You should be able to find multiple 'X' accounts that reflect your interests.
 
Xahau Development Roadmap
 
Xahau leaders have published a roadmap for 2025 that lists their various goals for the ecosystem:
 
To read a detailed explanation for each item, refer to this: Xahau Roadmap Super Thread
 
One of the most incredible waypoints listed is 'JavaScript Hooks Implementation.' 🤯
JavaScript!
 
With the 'JavaScript Hooks Implementation', Xahau is making history; it will enable anybody that knows JavaScript to easily create and install a smart contract. While networks like Ethereum are impressive early movers, they require developers to learn a new language and syntax.
 
Xahau will soon open 'crypto smart contracts' to a group of developers that number in the tens of millions.
 
Project L-10K
 
Project L-10K is one of the most important items in the pipeline. L-10K refers to the effort to boost the throughput of Xahau consensus to over 10,000 transactions per ledger! This will benefit hosted projects such as Evernode, and future issued assets. Heading up the effort is Richard Holland, who provided a progress update to the community in late May of 2025:
 
To learn more about this ambitious effort, you can watch his full presentation here:
The Future Of Defi And Payments
 
Once you've seen the extensive list of use cases that XAH easily handles, it's truly inspiring. Xahau is everything that you love about XRP, plus a long list of more things to love. ❤️
 
Be an early adopter of XAH and the Xahau network! Join the community groups listed and follow the accounts that seem to reflect your own interest - speculator, developer, or crypto fan. You have a place in our community, no matter what your background or interests are. Welcome to the future of crypto Defi and Payments
 
Sources:
 
 
NOTE: Payment channels for IOUs is currently in amendment status for the XRP Ledger, authored by Denis Angel here:
 
 

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