Which US Banks Use XRP: 2024 Insights and Facts

Which US Banks Use XRP: 2024 Insights and Facts

Are you curious about which US banks use XRP or are leveraging Ripple's blockchain network? XRP is the native token of the XRP Ledger, a blockchain designed for fast and affordable international payments. While Ripple Labs, the company behind XRP, partners with financial institutions worldwide through its RippleNet network, the direct use of XRP by US banks remains a major point of discussion. In this guide, we break down Ripple's current US banking relationships, industry developments, and key facts about XRP adoption in American finance.

How RippleNet Connects Banks Without Needing XRP

RippleNet is a global payments network built by Ripple Labs. It allows over 300 financial institutions worldwide to process cross-border transactions instantly and at low cost. A common misconception is that every member of RippleNet automatically uses XRP for payments. In reality, RippleNet offers two main solutions:

• xCurrent: Enables settlement messaging and tracking without XRP. Used mainly for faster money messaging and settlement.
• On-Demand Liquidity (ODL): Uses XRP as a bridge asset to source liquidity instantly. Cuts down costs in cross-border payments.

Many banks, including several in the US, have partnered with RippleNet to access faster transaction infrastructure – but this doesn’t always mean direct XRP use. As of 2024, US regulatory uncertainty and the ongoing SEC lawsuit against Ripple have limited official adoption of XRP by major American banks. However, some non-bank providers, credit unions, and payment companies have engaged in ODL pilots or research.

Ripple’s US RippleNet Partners

• PNC Bank (Top 10 US bank): Joined RippleNet in 2019, focusing on xCurrent. No public XRP use confirmed.
• American Express & Santander Partnership: Enabled cross-border payments with RippleNet messaging (not specifically using XRP).
• Bank of America: Engaged in RippleNet testing, per official events and patents, though has not confirmed live XRP adoption.

Table: US Financial Institutions Associated with RippleNet

| Institution | Partnership Type | Public XRP Use? | |-----------------------|------------------------|-------------------| | PNC Bank | RippleNet (xCurrent) | No | | American Express | RippleNet messaging | No | | Bank of America | Innovation/Test | No | | Cuallix (US-Mexico) | ODL Pilot | Yes (ODL pilot) | | AvidXchange | RippleNet | No | | Mercury FX (global) | ODL via RippleNet | Yes (outside US) |

Source: Ripple Official, Fintech Futures

Current Barriers for XRP Adoption in US Banks

The main factors holding back direct use of XRP among US banks include:

• Regulatory Uncertainty: Ongoing SEC v. Ripple Labs litigation has led banks to wait for legal clarity. XRP’s status as a security is contested, impacting adoption.
• Banking Risk Profiles: US banks are traditionally risk-averse, requiring strong regulatory approval before integrating new digital assets.
• Alternative Blockchain Options: Some banks explore other blockchain railroads or private networks with known compliance profiles.

According to a 2023 American Banker survey, over 60% of large US bank executives report interest in blockchain, but only a minority are considering direct cryptocurrency transactions, including XRP. Instead, they prefer using blockchain for settlement, documentation, or internal reconciliation. (Source: Deloitte, 2023 Blockchain Survey)

Why US Banks May Adopt XRP After Legal Clarity

Interest in XRP remains high due to these benefits:

• Instant Settlements: XRP enables nearly real-time global settlements; transactions confirm in 3-5 seconds.
• Lower Costs: Reduces the need for banks to pre-fund overseas accounts, saving millions annually.
• Global Coverage: RippleNet includes over 70+ countries, making it attractive for global US banks.

If the SEC case results in regulatory approval, industry experts from Deloitte and Dune Analytics expect increased piloting of XRP-based ODL for cross-border US payments, especially in remittance corridors where speed and cost savings are crucial.

Frequently Asked Questions: US Banks and XRP

What is the main use of XRP in banking?

XRP serves as a bridge asset for cross-border payments. It enables banks and payment providers to instantly source and settle foreign currency conversions, decreasing transaction times and costs.

Is XRP banned in the US?

No, but there is ongoing legal disagreement about its security status. This makes some banks cautious about integrating XRP directly into their payment flows.

Are any US banks using XRP right now?

As of this writing, there are no major US banks using XRP in full-scale production, but several have tested or partnered with RippleNet messaging services. Smaller partners have participated in ODL pilots.

Which companies in the US use XRP for payments?

Non-bank financial institutions, such as Cuallix and some fintechs, have run ODL pilots involving XRP, primarily for remittance payouts.

Could US banks use XRP in the future?

Yes. Once regulatory uncertainty is resolved, experts believe adoption among major US money center banks may accelerate, particularly for international payments.

Getting Started With XRP: Safe Wallets and Exchanges

If you want to explore or invest in XRP, it’s important to use safe and reliable tools:

• Consider reputable exchanges like Bitget Exchange for buying or trading XRP.
• Use Bitget Wallet for secure storage and management of your digital assets across multiple blockchains.

Both are beginner-friendly and offer strong security features.

Key Takeaways for Crypto Newcomers

While US banks are not publicly using XRP for daily payment flows in 2024, the underlying RippleNet technology is already being piloted and integrated by several American banks for cross-border messaging. The real momentum for XRP as a bridge asset hinges on future regulatory clarity. For now, fintech firms and non-bank providers are leading the way with ODL pilots.

Stay informed as regulatory outcomes and blockchain adoption continue to evolve—banks may soon accelerate the integration of XRP and blockchains in payments. Always use secure platforms like Bitget Exchange and Bitget Wallet for your crypto journey.