Pierre Rochard, CEO of the Bitcoin Bond Company, has rejected claims that the growing tokenization sector would hold immense benefit for XRP and Ethereum. For context, Ethereum and XRP are at the forefront of the growing tokenization market, with Bitwise recently suggesting that buying them is the cleanest way to invest in the sector. However, Rochard argues that the idea of securities tokenization driving demand for XRP and Ethereum has flaws. Rochard Rejects XRP and Ethereum Tokenization Pitch In a recent X post, Rochard said the current financial system already solves the problems that XRP and Ethereum claim to address. Specifically, he pointed to the Depository Trust & Clearing Corporation (DTCC), which clears and settles securities as a cooperative owned by its users. According to him, with no clear advantage, the only remaining angle is to target people who can’t open brokerage accounts but can use crypto wallets. In his words, that model depends on squeezing fees from some of the world’s poorest investors, who already have the least to put into markets. Beyond that, Rochard highlighted competition as another obstacle. He argued that because blockchain technology is open source, new networks can appear at any time, pushing fees lower and undercutting any profit model. He added that the contest will not be decided by utility but by marketing, where stablecoins like USDT on Tron already dominate instead of ETH or XRP. Notably, in a follow-up commentary, Rochard insisted that making security tokens more useful might raise demand for those tokens themselves, but it does nothing to increase demand for ETH or XRP. Increasing the utility of security tokens may marginally increase the demand for holding security tokens, but it has zero effect on demand for holding ETH or XRP. There’s a whole segment of the crypto industry dedicated to not understanding this. — Pierre Rochard (@BitcoinPierre) August 17, 2025 DTCC Already Building on Ethereum However, the DTCC itself is already building on Ethereum. In April, it announced that it had developed a tokenized collateral management platform, known as AppChain, to launch during its “Great Collateral Experiment” on April 23. The system aims to speed up collateral movements, improve liquidity, and create an open digital ecosystem for financial applications. The initiative runs on LF Decentralized Trust’s Besu platform, an enterprise-focused version of Ethereum designed for institutional use. Rochard Recognizes XRP Utility Notably, being a Bitcoin maxi, Rochard has consistently criticized altcoins, with XRP being one of its frequent targets. In May, he called XRP a retail token that lacks institutional credibility. He acknowledged that XRP has utility but has continued to argue that utility alone does not lead to meaningful price growth. That same month, he questioned why anyone would hold XRP, Ethereum, or Solana when they could simply use the utility of those networks while keeping their money in Bitcoin or stablecoins. He insisted that none of these tokens has a solid value accrual model that justifies long-term holding.