Ripple and XRP have revolutionized cross-border payments with their fast, cost-effective blockchain solutions. Despite rapid adoption by major banks, this trend remains underreported, contributing to XRP’s stagnant price. Below, we explore top-tier financial institutions integrating RippleNet and XRP, along with key developments like Ripple’s upcoming stablecoin.
5 Leading Banks Using Ripple and XRP
1. Santander Bank
- Assets Under Management (AUM): €207 billion
- Service: One Pay FX (international transfers via RippleNet)
Santander’s integration ensures seamless cross-border remittances, reducing transaction times and costs.
2. American Express (AMEX)
- Market Cap: $164.96 billion
- Initiative: Blockchain-based B2B payments via RippleNet
AMEX adopted Ripple in 2023 to streamline supplier payments, enhancing speed and customer experience.
3. Standard Chartered Bank
- Global Reach: 1,200+ branches in 70+ countries
- Focus: Bridging CBDCs and trade finance
CEO Bill Winters highlighted Ripple’s role in connecting central bank digital currencies (CBDCs).
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4. Federal Reserve (FedNow)
- Rumored Integration: FedNow processes XRP transactions
In April 2024, a user reported transferring XRP via FedNow to a U.S. bank account, sparking speculation about Ripple’s backend involvement.
5. UBS
- AUM: $1 trillion+
- RippleNet Member Since: 2018
UBS leverages Ripple for efficient payment processing, with internal testing dating back to 2017.
Ripple’s Stablecoin: A Game-Changer for XRP
Ripple Labs announced a USD-pegged stablecoin launching in 2024, backed by cash equivalents and U.S. bonds. Contrary to concerns, this strengthens XRP’s utility:
- Historical Precedent: Ethereum’s ETH surged after DAI’s launch in 2017.
- XRPL Growth: Stablecoins could drive adoption, potentially boosting XRP’s value.
FAQs
Q: How does RippleNet improve cross-border payments?
A: It eliminates intermediaries, reducing costs and settlement times from days to seconds.
Q: Is XRP used in FedNow transactions?
A: Evidence suggests FedNow processes XRP transfers, though official confirmation is pending.
Q: Why hasn’t XRP’s price risen despite bank adoptions?
A: Limited public awareness and regulatory uncertainties have suppressed momentum.
👉 Discover more about Ripple’s partnerships
Conclusion
Over 80 financial institutions use Ripple’s technology, with Santander, AMEX, and UBS leading the charge. The upcoming stablecoin may catalyze XRP’s breakout. For real-time updates, monitor Ripple’s official channels.
What’s your take on Ripple’s banking partnerships? Share your thoughts below!
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