What Banks Are Going to Use XRP: 2024 Insights

Meta Title: What Banks Are Going to Use XRP? Real 2024 List Meta Description: Find out which banks are using or testing XRP and RippleNet for cross-border payments. Discover the big names, new trends, and what it means for the crypto space. URL Slug: what-banks-are-going-to-use-xrp

If you've been wondering what banks are going to use XRP, you're not alone. XRP, the digital asset created by Ripple Labs, is designed for fast and cost-effective cross-border payments—making it relevant for banks and financial institutions worldwide. In 2024, the banking world’s adoption of blockchain and digital assets, including XRP, continues to draw attention from crypto beginners and professionals alike. This guide clearly explains XRP’s role in banking, lists major banks using or piloting XRP, highlights recent developments, and answers common questions.

How Banks Leverage XRP for Cross-Border Payments

Banks face several challenges when sending money internationally: high fees, slow transaction times, and legacy technologies. XRP was developed to address these issues. Unlike Bitcoin or Ethereum, XRP focuses on real-time, cross-border settlements for financial institutions.

Banks using XRP usually tap into RippleNet, Ripple’s enterprise blockchain network, but not all RippleNet users necessarily use XRP. Here's how XRP fits into global banking infrastructure:

• On-Demand Liquidity (ODL): Ripple’s ODL solution uses XRP to provide instant liquidity during cross-border transfers, so banks don’t need to pre-fund accounts worldwide.
• Settlement Speed: While traditional methods can take days, XRP transactions typically settle in seconds.
• Lower Costs: By reducing intermediaries and using XRP for liquidity, banks can lower transaction fees.

According to Ripple’s official website and recent global payments reports, over 100 financial institutions have joined RippleNet, though only a portion directly use XRP for liquidity.

Table: RippleNet vs XRP Usage

| RippleNet Feature | Uses XRP? | |---------------------------|------------------| | Messaging Only | No | | On-Demand Liquidity (ODL) | Yes | | Traditional SWIFT | No |

Source: Ripple.com, 2024 updates

Major Banks and Institutions Associated with XRP

Many new crypto users ask: "Which banks are actually using XRP today?" Let's break this down based on public disclosures, official partnerships, and industry research up to June 2024.

Notable Banks Reported to Use or Explore XRP

• Santander: Although using RippleNet for some payment corridors, Santander has clarified they are not currently using XRP for settlement but may pursue it in the future.
• PNC Bank (USA): Participated in RippleNet for payment solutions but has not confirmed active XRP use.
• Standard Chartered: Has partnered with Ripple on cross-border initiatives and invested in related ventures, but no direct XRP use has been disclosed.
• Bank of America: Cited in Ripple’s partner showcases and has tested Ripple’s tech, but has not publicly confirmed using XRP.

Payment Providers Active with ODL/XRP

Apart from traditional banks, several payment institutions openly use XRP via Ripple’s On-Demand Liquidity (ODL):

• Tranglo: Southeast Asian remittances with real XRP flows.
• SBI Remit: Payment rails between Japan and Southeast Asia using XRP.
• MoneyGram (until 2021): Previously used ODL with XRP, partnership ended in March 2021.
• Azimo: Initiated ODL-based transactions between Europe and the Philippines.

Frequent Misconceptions

• Not all banks on RippleNet use XRP; some only use Ripple for instant messaging or settlements without digital assets.
• There are non-binding MOUs and pilot programs that don’t always lead to production-level XRP usage.

Recent Ripple Developments and 2024 Updates

Ripple’s partnerships and product suite continue evolving. Here’s what’s new as of mid-2024:

• More ODL Corridors: Ripple has expanded its ODL corridors into Latin America, Africa, and Asia-Pacific.
• Licensing and Compliance: Ripple has pursued regulatory licenses in several regions, focusing on compliance for banks and payment providers.
• SEC Lawsuit Outcome: The 2023 court outcome clarified that XRP is not a security when traded on exchanges, boosting institutional interest.
• CBDC Trials: Ripple is involved in central bank digital currency (CBDC) pilot projects, though those do not always directly involve XRP.

According to a June 2024 Dune Analytics report, over $30 billion in payments have been processed on RippleNet, with an estimated $3 billion confirmed to use XRP for ODL.

Common Questions About Banks and XRP

Do all RippleNet banks use XRP? No. Most banks and financial institutions on RippleNet use its network for messaging and settlements, which can run on fiat. ODL, which requires XRP, is optional.

How can users track which banks use XRP? Monitor official Ripple updates, press releases, and blockchain analytics sources such as Dune, Nansen, and Glassnode. Also watch for news from the banks themselves.

Does XRP adoption mean XRP’s value will rise? Adoption by banks may influence usage rates, but XRP’s price depends on broader crypto market trends and liquidity. Make decisions based on research, not speculation.

Is it necessary to open an account to benefit from XRP? Most XRP flows between institutions, not retail users. However, platforms like Bitget Exchange allow individual users to buy, sell, and trade XRP securely.

What’s the role of Web3 wallets in XRP use? To store, send, or receive XRP, users need a secure Web3 wallet. Bitget Wallet is recommended for managing XRP alongside other digital assets.

Quick Comparison: XRP Adoption vs. Other Blockchain Assets

| Blockchain Asset | Bank Adoption | Main Use Case | |------------------|--------------|------------------------| | XRP | High (ODL) | Cross-border payments | | Bitcoin | Low | Store of value | | Ethereum | Low | Smart contracts |

Source: Glassnode, Ripple Insights 2024

Banks remain interested in transforming cross-border payments, and XRP still leads among digital assets designed for that purpose. While not every bank on RippleNet uses XRP directly, Ripple’s evolving network and the growth of On-Demand Liquidity show a gradual, credible path toward broader adoption. Staying updated with reliable sources and understanding how XRP fits in the modern financial ecosystem will help both banks and individual users make informed decisions.

To get started with XRP or to track the latest developments, secure your assets on Bitget Wallet and use Bitget Exchange for transparent trading.