How far did Ripple's ODL expand around the world?

The full answer

How many markets could ODL pay out to, and when?

Ripple’s November 2022 release says On-Demand Liquidity (ODL) was first released as a RippleNet service in 2018, targeting low-value, high-volume cross-border payments, mainly remittances [1]. The same release describes ODL as the product that uses XRP for instant settlement of payments [1]. How the XRP leg works step by step is covered in how ODL uses XRP.

In its Q3 2021 XRP Markets Report, Ripple said ODL customers could send to over 20 countries [2]. The same report said SBI Remit, a customer that had used RippleNet for fiat-only payments, had switched on ODL [2].

On November 16, 2022, Ripple said ODL had expanded into nearly 40 payout markets, representing about 90% of the FX market [1]. The figure appears in a quote from Brooks Entwistle, named in the release as SVP of Global Customer Success at Ripple [1].

Between the Q3 2021 report and the November 2022 release, Ripple’s stated ODL reach roughly doubled. The 2021 report counts “countries” and the 2022 release counts “payout markets”, so the two numbers may not measure the same thing.

Which regions and customers did the 2022 expansion add?

Ripple’s November 16, 2022 release announced ODL customers in new regions: Africa, Argentina, Belgium and Israel [1]. It said existing fiat-based RippleNet customers were upgrading to ODL in Australia, Brazil, Singapore, the UAE, the UK and the US [1]. Named new and upgraded customers included Andean Wide, BC Remit, iSend, MoneyTrans and Remitee, among others [1].

The release also named three new ODL customers: Lemonway, a Paris-based provider for online marketplaces; Xbaht, a Swedish money transfer service used by Thai remitters; and MFS Africa, which Ripple described as a pan-African gateway connecting 400 million mobile wallets in 35 markets [1]. The same release includes a customer quote about partnering with Ripple to streamline remittances from Israel to China, India and several other countries to be announced later; the release does not identify the speaker [1].

MFS Africa’s 35 markets are Ripple’s description of the gateway’s own network. The release does not say how many of them count toward the “nearly 40” payout markets.

What does “90% of the FX market” cover, and how was it counted?

The 2022 percentage is Ripple’s own figure, stated in an executive’s quote: nearly 40 payout markets “representing ~90% of the FX market” [1]. Ripple’s Q4 2024 XRP Markets Report used a similar measure for a different product, saying Ripple Payments had 90+ payout markets representing more than 90% coverage of the daily FX markets [3].

As of September 30, 2026, neither of the two Ripple documents gives any data source or method for either percentage.

The wording in both documents describes the share of FX activity in the currencies Ripple can reach. It does not describe the share of cross-border payments that Ripple or XRP actually carries. The size of that wider market, and how much of it a bridge asset could serve, is covered in how big the cross-border payments market is.

How do the later “90+” and “60+” figures relate to ODL?

Ripple’s November 16, 2022 announcement said On-Demand Liquidity had expanded to nearly 40 payout markets [1]. This is Ripple’s own company-reported count, and it gives no ODL volume for any single market.

The same March 2026 release said Ripple holds over 75 global licences and Money Transmitter Licenses, including a New York Department of Financial Services trust company charter [4]. Which licences cover which endpoints is covered in Ripple’s licences and registrations.

Because Ripple describes Ripple Payments as settling in stablecoins and fiat, the 90+ and 60+ counts do not show how many markets are reached through XRP. The count also moved from 90+ “payout markets” in Q4 2024 to more than 60 “major markets” in March 2026. The different wording could reflect a narrower definition, closed markets, or both; the sources do not say which.

Which of the markets are still active, and which have been paused or closed?

Ripple’s November 2022 ODL release names new and upgraded ODL customers and regions but does not give a market-by-market list of endpoints. Ripple’s current headline figure is more than 60 major markets, as of its March 3, 2026 release [4].

Does reach in 40 or 60 markets mean XRP carries those payments?

In its own November 16, 2022 announcement, Ripple reported expanding On-Demand Liquidity to nearly 40 payout markets, which Ripple presents as showing where ODL payments can be sent. It does not show how much of that traffic uses XRP to get there. Ripple’s Q3 2021 report said ODL transactions accounted for about 25% of total volume that quarter [2]. On April 1, 2026, 24/7 Wall St. reported that only around 40% of RippleNet partners use ODL, and that Santander uses RippleNet’s messaging layer without touching XRP directly [6]. The same article reported that Swift connects over 11,500 financial institutions across more than 200 countries, and said no blockchain network, including Ripple, comes close to that reach [6].

The 2022 figures show that payout routes through ODL existed across several continents. The open question is volume per route, which the evidence on how much of Ripple’s payment volume uses XRP addresses. The exchanges that supply the XRP leg are covered in which exchanges provide XRP liquidity for ODL, whether routing is live today in is XRP payment routing live, and how Ripple’s reach compares with other networks in who XRP competes with in cross-border payments.