Steven McClurg (스티븐 맥클러그), chief executive of asset manager Canary Capital, argued the XRP Ledger (XRPL) will become a leading foundation for financial infrastructure aimed at institutions.

According to blockchain outlet The Crypto Basic on Aug. 25, he said XRPL's centralised character could be an advantage for institutional finance.

Ripple, along with Clearpool and Cicada Partners, is working to build an institutional lending market on XRPL. The project uses RLUSD for loans and is structured to supply funds to fintech companies, payment companies and cryptocurrency firms. Clearpool is responsible for the lending infrastructure, and Cicada Partners will manage credit and borrowers. Ripple plans to participate as an investor along with other institutions.

McClurg said criticism that XRP and XRPL are less decentralised than Ethereum may not be a major issue for institutions. He argued banks and large companies, which value control, regulatory compliance and predictability, may prefer a centralised structure to full decentralisation.

He said this view aligns with a trend of blockchain technology expanding within regulatory environments into lending, payments and tokenised assets. He argued individual investors may prefer higher decentralisation, but institutions judge networks by different standards. That could allow XRPL to secure a differentiated position in services for institutions, he said.

McClurg also said revenue-generating features could increase inflows of funds into the network. He said this would not simply add a single loan product, but could serve as a catalyst to raise liquidity and usage across the network.

He also voiced an optimistic view on price prospects. McClurg said it would not be surprising if XRP tops $3.4 within the next 12 months. He added that the institutional lending market to be formed on XRPL could exceed $1 billion or $2 billion. He also stressed the market is still at an early stage.

McClurg's argument reinterprets controversy over XRP's centralisation from the perspective of institutional finance. With Ripple and its partners building institutional lending infrastructure on XRPL, attention is focusing on how much institutional money a structure that emphasises regulatory friendliness and controllability can attract.