- Ripple, which aims to replace the SWIFT interbank payment system with instant transactions and reduced fees per transaction.
Ripple is an altcoin, not a token (so it's kinda cheating to my challenge). I know it has some real life value between banks, but as far as I know it doesn't need many XRP coins for that. And it's centralized. If not many coins are actually needed, there's no justification for a
45 billion dollar market cap. And the recent legal scares made it all the more clear that centralization is not a good thing.
There is also a big difference between Ripple and XRP. The banks were (initially) interested in Ripple (the technology) and wanted to adapt it while not caring about XRP at all. That failed since SWIFT is already centralized and adapting a different technology didn't provide the promised benefits and the same banks abandoned it while only some remained for the profit from pump and dumps since they were partners with Ripple foundation and had the premined coins in their control.
P.S. Some people are also confusing solving a problem with pretending to solve a problem while adding dozens of new ones. It is the bitcoin forks all over again, they pretend they are solving bitcoin problems while adding dozens of new serious issues while the problem they pretended to solve also remains strong!