Do banks actually use XRP?

The full answer

Which banks use Ripple, and does that mean they use XRP?

AllAboutXRP, an XRP reference site, lists Jeonbuk Bank, Kbank, BBVA, BNY, Santander, Standard Chartered, Axis Bank, RAKBANK and WebBank in Ripple-related payment, custody, reserve or settlement initiatives [3]. Its directory, last updated on September 8, 2026, states that no complete public list proves that every bank using Ripple also uses XRP [3].

For each bank, the directory records what the primary source confirms. Kbank uses Ripple Custody wallet infrastructure, with no direct XRP use stated. BBVA’s Ripple Custody announcement identifies bitcoin and ether, not XRP. BNY is the primary reserve custodian for RLUSD, with no direct XRP use stated. The Santander One Pay FX case describes xCurrent, not direct XRP use [3].

24/7 Wall St. reported on 1 April 2026 that at least 30 of the 50-plus banks Swift named for its new consumer-payments framework have ties to Ripple, and that most of those ties are to the network infrastructure rather than to the XRP token itself [9]. The same article described RippleNet as a messaging and settlement network that banks can run entirely in fiat [9].

Which Korean bank uses Ripple Payments, and did it use XRP?

On August 18, 2026, Ripple announced a partnership that made Jeonbuk Bank, in Ripple’s words, the first regional bank in Korea to deploy Ripple Payments for cross-border remittances [1]. Ripple said the bank serves business customers including import-export companies, IT startups and online content creators [1]. The Coin Republic reported the same day that Jeonbuk joined Kyobo Life Insurance and Kbank as Ripple’s third Korean financial partner of 2026 [2].

The Coin Republic wrote that investors will watch for details on supported corridors and settlement assets [2].

What did American Express do with Ripple, and did it use XRP?

Ripple wrote on November 16, 2017 that American Express had become a member of RippleNet [4]. The post said American Express FX International Payments (FXIP) would initially partner with Santander UK to create a transaction channel between the U.S. and the U.K. [4].

The parts of this post that were reviewed describe RippleNet membership and a business-payment channel, and do not name XRP or On-Demand Liquidity. The post supports the claim that American Express used Ripple’s network, not that it used XRP. AllAboutXRP applies the same test to other 2017 RippleNet launches: for Standard Chartered, Axis Bank and RAKBANK, it records that the cited launch does not state direct XRP use [3].

Did JPMorgan use XRP in the Ondo redemption?

Ondo Finance announced on 6 May 2026 the first near real-time cross-border, cross-bank redemption of a tokenized U.S. Treasury fund, run as a pilot with Kinexys by J.P. Morgan, Mastercard and Ripple [5]. According to the release, Ripple redeemed a portion of its OUSG holdings on the XRP Ledger, and the ledger processed the asset leg in under five seconds [5]. Kinexys settled U.S. dollar proceeds to Ripple’s bank account in Singapore through its correspondent banking network [5]. The release states that one leg occurred on a public blockchain and the other settled on bank infrastructure [5].

A June 2026 Yahoo Finance article described the pilot this way: RLUSD did the bridging, the banks handled the cash leg, and XRP covered the network fee [6]. crypto.news wrote on 8 July 2026 that the instrument that carried the money was RLUSD [7]. The steps of the pilot are covered on the page about the JPMorgan, Mastercard and Ondo tokenized Treasury redemption.

Which institutions have documented XRP use?

AllAboutXRP names four relationships with public evidence of XRP-based payment flows: SBI Remit, Bitso, Tranglo and Cuallix [3]. It describes SBI Remit as having clear first-party evidence of using XRP through On-Demand Liquidity [3]. It also records that Bitso expanded its use of Ripple Payments with both RLUSD and XRP named as settlement options [3].

Coinpaper reported on 30 May 2026 that SBI Remit has used RippleNet since 2017 and, in 2021, became the first company in Japan to introduce international remittance services powered by On-Demand Liquidity (ODL), which uses XRP as a bridge asset [8]. The same report said SBI Remit’s cumulative international transfers had passed 2.5 trillion yen, roughly $15 billion [8]. How that flow works is set out in how SBI uses XRP for Japan remittances. Firms that move money with XRP without Ripple’s products are covered in whether XRP is used for payments outside Ripple.

Why is a Ripple customer not the same as an XRP user?

AllAboutXRP states that a customer can use Ripple technology without using XRP in a transaction [3]. crypto.news found on 8 July 2026 that inside Ripple’s own product stack, the asset doing the settlement work is predominantly RLUSD, Ripple’s dollar stablecoin, not XRP [7]. CaptainAltcoin summed up the distinction on 10 September 2026: “Connected to Ripple” does not mean “uses XRP” [10]. Whether a bank has to hold XRP at all is examined in do banks and businesses need to hold XRP.

What is the strongest case that bank use of XRP is wider than this?

24/7 Wall St. wrote on 1 April 2026 that only around 40% of RippleNet partners use Ripple’s On-Demand Liquidity service, which it called the product that actually requires XRP as a bridge asset between currencies [9]. The same article described a routing chain in which a payment can flow through Swift, be routed via Thunes, and settle on ODL rails using XRP as the bridge asset, without any bank being forced to use XRP directly [9].

crypto.news set out the bull argument on 8 July 2026: RLUSD adoption seeds the ledger with the institutional liquidity that XRP-based collateral and bridging would later plug into [7]. The same article called this a claim about sequencing whose first half is observable and whose second half is not yet [7]. It added that skeptics deny that infrastructure owned by the token’s issuer, absent third-party adoption, constitutes token demand, and that on the evidence to date they have been right [7]. That debate continues on the page about whether Ripple partnership announcements mean demand for XRP.