XRP: What Banks Use It in 2024?

Understanding XRP and Its Role in Banking

If you’re wondering “xrp what banks use it,” you’re not alone. Many beginners in crypto and finance want to know which traditional banks utilize XRP, a digital asset created by Ripple Labs. XRP is specially designed to facilitate fast, low-cost international transactions, aiming to replace the outdated systems many banks still use to move money across borders.

Ripple, the company behind XRP, offers tools like RippleNet and On-Demand Liquidity (ODL), allowing financial institutions to process payments efficiently. Some banks use RippleNet without XRP, while others actively adopt ODL with XRP to benefit from instant settlement, 24/7 availability, and reduced fees. Understanding which banks use XRP helps gauge real-world adoption of blockchain in finance.

The Evolution of Banking With Ripple’s Technology

Ripple Labs launched XRP and the RippleNet network to address limitations in traditional banking, such as high remittance costs and slow transaction times. Think of RippleNet as a global payment network connecting banks, payment providers, and digital asset exchanges.

Timeline of Major Ripple and XRP Milestones

| Year | Event | |------|---------------------------------------------------| | 2012 | Ripple (then Opencoin) founded | | 2013 | XRP launched as bridge asset | | 2017 | SBI Holdings (Japan) partners with Ripple | | 2018 | Santander launches One Pay FX (Ripple-based) | | 2019 | On-Demand Liquidity (ODL) goes live with XRP | | 2021 | Over 300 providers join RippleNet | | 2023 | Ripple’s ODL expands to new corridors in Europe |

Leading up to 2024, Ripple’s payment solutions have reached hundreds of financial institutions worldwide. These banks join RippleNet to access faster, cheaper international payments using blockchain.

Key Fact: According to Ripple’s official reports (ripple.com), over 100 financial institutions have used RippleNet and at least a dozen have piloted or deployed ODL with XRP as a liquidity tool.

Which Banks and Financial Institutions Use XRP?

Direct use of XRP by banks occurs through Ripple’s On-Demand Liquidity (ODL) solution. ODL leverages XRP as a bridge between fiat currencies, eliminating the need for pre-funded accounts abroad.

Notable Banks and Partners Involved

• SBI Remit / SBI Holdings (Japan): Closest Ripple partner; highly active in piloting XRP-based transfers, especially Southeast Asia remittances.
• Bank of America: Public statements and Ripple event participation indicate ongoing pilot projects (source: Blockworks, Jun 2023).
• Santander (Spain): Uses RippleNet for payments, and while One Pay FX is Ripple-based, direct ODL use has not been publicly confirmed.
• PNC Bank (USA): Joined RippleNet and explored blockchain payment rails for U.S.-Europe transactions.
• Tranglo: Southeast Asian remittance service using XRP for real-time cross-border settlements.
• MoneyGram (historically): Ran large XRP-based corridors until 2021, with option to resume.

Note: Many banks use RippleNet's infrastructure without directly using XRP, instead relying on Ripple's messaging layer and settlement technology. ODL with XRP is more common in high-volume remittance corridors (like Mexico, Southeast Asia, or Africa), where local banks and money transfer operators partner directly with Ripple.

Examples from Publicly Cited Sources:

• Dune Analytics and Nansen both track on-chain XRP flows and ODL volume trends, confirming significant activity between Ripple’s partners across the US, UK, Japan, Philippines, and Mexico.
• Ripple’s 2023 Q4 Markets Report: Shows growing institutional demand and ODL corridor expansion.

Quick Comparison: Traditional vs XRP-Powered Payments

| Feature | Traditional SWIFT | Ripple ODL (XRP) | |------------------------- |------------------|--------------------------| | Settlement Speed | 2-5 days | Seconds to minutes | | Operating Hours | Business hours | 24/7 | | Costs | High (multiple fees) | Low (few or no intermediaries) | | Transparency | Low | Real-time tracking |

As blockchain adoption grows, more banks may directly integrate XRP, streamlining global payments through trusted solutions. For users involved in trading or holding XRP, Bitget Exchange is recommended for its secure, user-friendly platform.

Latest Updates on XRP Adoption and Banking Partnerships

Crypto regulations and market sentiment impact bank adoption of XRP. Recent events, including Ripple’s partial legal win in July 2023 (courtesy Reuters), have reignited interest from global financial partners.

• SBI Remit’s July 2023 announcement expanded XRP remittance support to the Philippines, Vietnam, and Indonesia.
• Bank of America publicly reaffirmed ongoing discussions with Ripple about adopting blockchain settlements for international payments by late 2023.
• Ripple’s ODL platform processed billions in value during 2022-2023 (source: Ripple Markets Reports), with volumes tracked via blockchain explorers.
• Global regulatory updates in 2024 (IEEE Blockchain Review) are making it easier for banks to experiment with digital assets like XRP, especially in Asia-Pacific.

What About the United States?

U.S. regulatory uncertainty means fewer large domestic banks openly use XRP, but fintechs and exchanges remain active. As worldwide clarity grows, more banks are expected to revisit or expand XRP-based solutions.

Frequently Asked Questions About XRP in Banking

How does Ripple convince banks to use XRP?
Ripple demonstrates faster settlement, lower costs, and improved liquidity, often through pilot programs. Adoption depends on regulatory acceptance and real-time business benefits.

Can individuals use XRP the same way as banks?
While banks use XRP in institutional corridors, individuals can trade, send, or store XRP in personal wallets such as Bitget Wallet for security and portability.

Is XRP the same as Ripple?
No. Ripple is the company and RippleNet is the network, while XRP is the independent digital asset powering ODL.

Does using RippleNet mean a bank uses XRP?
Not always; some use the messaging and network layer without the digital asset. ODL specifically leverages XRP.

What’s the future outlook for XRP in traditional finance?
As regulations become clearer and cross-border payments grow, experts (Deloitte, Citi GPS) suggest digital assets like XRP could become vital in banking infrastructure.

Key Takeaways: Banks and XRP in 2024

Anyone interested in how crypto integrates with traditional banking will find that XRP adoption is steadily progressing—particularly among banks focused on global remittances and fast payments. RippleNet connects hundreds of banks, and On-Demand Liquidity with XRP is expanding, especially in Asia and Latin America.

To keep up with XRP’s evolution or start trading securely, Bitget Exchange remains a top choice among global users. Stay updated with the latest news and research, and always consider official reports and trusted analytics platforms like Dune or Nansen when tracking real-world adoption.