XRP’s bank ties split between token and Ledger uses

XRP’s relationship with banks is not a single story. It splits into two distinct narratives that often get mixed up: banks using the XRP Ledger as settlement infrastructure, and banks using XRP the token itself. Ripple, the company behind both, has signed over 300 banks through RippleNet, but most use its messaging layer to move fiat currency faster, not XRP itself. A growing number build on the XRP Ledger for tokenization and stablecoin settlement, again largely without touching XRP as an asset. Only a smaller group uses XRP through On-Demand Liquidity (ODL).

Why Banks Work With Ripple But Not XRP

RippleNet and XRP are not the same thing. RippleNet is a payment messaging network, similar to SWIFT, letting banks send payment instructions faster with more transparency. Santander uses RippleNet in its One Pay FX app, processing over $5 billion in payments, but does not use XRP as a bridge currency. ODL is different. It converts the sending currency into XRP, moves it across borders in seconds, then converts it back, eliminating the need for pre-funded foreign accounts.

XRP Ledger Adoption vs. Token Demand

The XRP Ledger (XRPL) is public infrastructure. Banks can build on it, issue stablecoins, and settle assets without buying XRP beyond a tiny network fee. By July 2026, total tokenized real-world assets on XRPL reached about $4 billion across 291 projects, up from $2.3 billion in February. Ripple added zero-knowledge proof technology with RISC Zero’s Boundless network, letting banks verify transactions privately. In May 2026, JPMorgan, Mastercard, and Ondo Finance completed the first cross-border redemption of a tokenized U.S. Treasury fund on XRPL, settling in under five seconds using Ripple’s dollar stablecoin RLUSD, with XRP only covering the network fee. An IMF report cited Société Générale’s EURCV deployment on XRPL as a sign of institutional adoption.

Which Institutions Actually Use XRP?

A smaller list of banks and payment firms use ODL, mostly in remittance corridors. SBI Holdings, Alloy Networks, and Bitso run their own XRPL validator nodes, showing real commitment. MoneyGram was an early partner but stopped using ODL in 2021. Bank of America holds XRP ETF shares worth about $224,640 through a regulated fund, but has not confirmed operational use of the token or Ledger.

SWIFT and Regulatory Updates

SWIFT introduced a new retail payments framework in early 2026 covering over 50 banks. Around 40% of overlapping banks reportedly use ODL, while the rest use RippleNet purely for messaging. Separately, SWIFT is building its own blockchain-based ledger with 30 banks. Thunes, a Ripple partner, brought stablecoin payouts to 11,500 SWIFT-connected banks in September 2025. Ripple’s SEC lawsuit concluded in 2025, and in March 2026, regulators jointly classified XRP as a digital commodity. The CLARITY Act would make that classification permanent; its Senate floor vote is expected in late July or early August. Ripple also secured full MiCA authorization in the EU on July 6. On June 30, Ripple joined the Open USD consortium, backed by Visa, Mastercard, BlackRock, and others, as a day-one integration partner, positioning XRPL as one of several blockchain rails for the stablecoin. Meanwhile, Goldman Sachs liquidated about $154 million in XRP ETF holdings, showing institutional moves can go both ways.

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