Which Banks Use Ripple XRP

TheDinarian

News • Business • Investing & Finance

August 08, 2023

Which Banks Use Ripple XRP: Guide

‍The world of digital currencies has evolved drastically since the inception of Bitcoin in 2009. While Bitcoin remains a significant player, several other cryptocurrencies have emerged, each with unique offerings.

One such cryptocurrency is Ripple XRP, which has seen adoption by various financial institutions worldwide.

This comprehensive guide explores Which Banks Use Ripple XRP and why.

Understanding Ripple XRP

Ripple XRP is an established cryptocurrency that has gained significant momentum over the last few years.

Cryptocurrency provides the technological backbone for payment systems used by numerous banks. Let’s dive deeper into understanding what Ripple is, its origin, and its significance.

The Genesis of Ripple

Ripple is the cryptocurrency company behind the XRP blockchain, an open-source distributed ledger for financial transactions.

Additionally, the idea of Ripple was born in the minds of a group of developers: David Schwartz, Jed McCaleb, Arthur Britto, and their associate, Chris Larsen.

They co-founded Ripple in September 2012 with a vision to create a secure blockchain solution that could cater to the needs of businesses more effectively than Bitcoin.

Why Was Ripple Developed?

They aimed to develop a system to facilitate transparent, cross-border real-time gross settlements (RTGS) with lower costs and shorter transaction times.

Furthermore, this led to the development of the Ripple Transaction Protocol (RTXP) for quick monetary transfers.

Ripple’s approach was to assist the banking system in becoming more efficient rather than attempting to disrupt it. This positioning made Ripple an ideal solution for financial businesses’ transaction requirements.

Initially, Ripple had two payment processing systems based on RTXP: xRapid and xVia. These were later unified into the company’s mainnet, RippleNet.

Exploring XRP

XRP is the digital asset used for transactions on Ripple’s RippleNet platform. It derives its name from xRapid, where it was initially used as a value exchange token.

Additionally, all 100 billion XRP coins have been pre-mined, with about 45 billion XRP coins deposited in Ripple’s Escrow account. The remaining 55 billion XRP have been distributed to users worldwide.

XRP, like other cryptocurrencies, has a smaller unit called a ‘drop’, equivalent to one millionth of 1 XRP. Since the currency has been pre-mined, its supply is fixed, meaning no new XRP can enter the market.

Furthermore, this mining feature eliminates the need for proof of work to mine new tokens. Ripple.net operates on a proof-of-consensus algorithm, a significant strength of Ripple’s blockchain network.

The Advantages of Ripple XRP

Ripple XRP offers several benefits over traditional blockchain networks like Bitcoin. Here are some of the reasons why Ripple XRP is an excellent choice for a blockchain network:

Fast Transaction Speed

The Bitcoin network’s slow transaction times are a major drawback for some users. In contrast, XRP transactions are lightning fast, with the ledger completing transactions in 3-5 seconds. This speed significantly outperforms the average transaction confirmation time for Bitcoin trading, which can extend beyond 20 minutes.

Economical Transaction Cost

Additionally, the Ripple blockchain uses ‘drops’ to account for transactions, making XRP trading highly economical.

Scalability

Ripple can handle up to 1,500 transactions per second, nearly matching the capacity of standard payment processors like VISA, which manages 1,700 transactions per second.

This capability makes Ripple an ideal solution for fintech companies requiring an infrastructure capable of handling high transaction volumes.

High Uptime and Low Power Consumption

Ripple’s distributed ledger platform benefits from a global network of 150 validators on RippleNet, ensuring excellent uptime and stability.

Moreover, since no computing resources are needed to mine XRP, the network consumes less power than conventional blockchain networks like Bitcoin.

Why do Banks Opt for Ripple XRP?

The strengths of Ripple XRP align perfectly with the needs of the banking and fintech sectors. Here’s why banks prefer this blockchain solution:

Facilitating Cross-Border Payments

Ripple XRP’s speed and efficiency enable banks to make international settlements in real time, making it an excellent tool for banks to create RTGS systems to facilitate international trade.

Offering Stable and Secure Backend Infrastructure

With rising cybersecurity threats, banks are increasingly prioritizing secure transaction records. Blockchain solutions, with their cryptographic operations and decentralized nature, offer high data security and reduce system downtime.

Efficient Liquidity Management

Ripple’s high market capitalization and its use in international markets make it a trustworthy token for buying fiat currencies like USD. Therefore, banks can quickly hold onto their XRP reserves and liquidate them into USD and local currency reserves.

Industrial Synergies

Ripple targeted banks and financial organizations early in its lifecycle, leading to a growing network of developers maintaining its core technology.

Furthermore, Ripple’s reputation as an environmentally friendly blockchain platform appeals to companies and governments seeking to enforce sustainability compliance in the banking sector.

A Closer Look at Which Banks Use Ripple XRP

Furthermore, Ripple XRP is now an internationally recognized trading platform adopted by several banks. Here’s a look at some major banks using Ripple XRP.

Bank of America (USA)

The second-largest bank in the USA in terms of asset value, Bank of America (BofA), has partnered with Ripple for several years.

Additionally, their collaboration has been instrumental in setting up RippleNet’s compliance standards for international payments.

PNC Bank (USA)

PNC Bank joined Ripple in 2016 to improve its network speed. With 12 million users, the RippleNet service allows the bank to facilitate quick payments.

Siam Commercial Bank (Thailand)

The first bank in Thailand, Siam Commercial Bank (SCB), adopted Ripple in 2020 to launch its outward remittance service, SCB Easy.

Santander Bank (USA)

Santander Bank has been using Ripple since 2018. This adoption enabled them to launch the One-FX service, which facilitates cross-border payments between US and EU customers.

Standard Chartered Bank (UK)

The UK-based Standard Chartered Bank partnered with Ripple in 2016. This collaboration enabled the bank to open payments to customers in over 50 countries in its network.

Cuallix (Mexico)

Cuallix partnered with Ripple in 2017. As one of the early adopters of XRP’s liquidity products like xRapid, Cuallix facilitates cross-border payments between Mexico and the USA.

Final Thoughts: Which Banks Use Ripple XRP?

In conclusion, despite the challenges of adopting blockchain technology for international banking, Ripple XRP holds a strong position in the industry.

Furthermore, many banks favor it due to its operational advantages, and it presents numerous use cases.

Ripple XRP will expand into new regions and gain adoption by more financial institutions in the coming years.

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Since launch, the Soroban Security Audit Bank has successfully conducted over 40 essential audits, deploying over $3 million to support security of the smart contracts on Stellar. Check it out!

Ecosystem Success Stories: How the Soroban Audit Bank Drives Security Forward

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Teams building financial protocols, high-dependency data services, high-traction dApps funded by the Stellar Community Fund are able to request an audit and will typically be matched with a reputable audit firm within two weeks. We recently restructured the program for this year to enhance audit efficiency and incentivize accountability, and rapid and complete vulnerability remediation:

Complimentary Initial Audit: Projects will need to contribute 5% of the audit cost upfront, but this co-payment amount is eligible for a full refund, provided that critical, high, and medium vulnerabilities identified are swiftly remediated within 20 business days of receiving the initial audit report (learn more).
Incentivized Security at Key Traction Milestones: Complimentary, extensive follow-up audits are available as projects achieve critical traction milestones (e.g., $10M and $100M TVL). These audits include deeper assessments such as formal verification or competitive audits, significantly boosting project security at pivotal stages.
Advanced Security Tooling: Projects can enhance their security self-serve through complimentary or discounted access to specialized tooling, which provide vulnerability detection and formal verification capabilities (see full list of available tooling). These tools are encouraged to capture ‘easy-to-spot’ issues prior to audit as well as a final check post-audit to increase the effectiveness and thoroughness of audits.
Enhanced Audit Readiness Support: Projects receive structured preparation support, including the implementation of best practices and security standards based on the STRIDE threat modeling framework. This ensures project teams are thoroughly prepared, optimizing audit efficiency and minimizing delays.

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If you're already funded through the Stellar Community Fund, meet the criteria and ready to secure your smart contracts, check your email for an invitation to submit an audit request–if you haven’t received one, contact [email protected].

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May 31, 2025

Santander mulls stablecoin, crypto offering

Bloomberg reported that Banco Santander is mulling introducing euro and dollar stablecoins, or potentially making a third party coin available to clients, citing sources. This move aligns with broader crypto ambitions, as its digital bank, Openbank, has reportedly applied for a European cryptocurrency license under the Mica Regulations and may enable retail access to digital assets.

Systemically important banks embrace stablecoins?

Major banks are now moving from observers to participants in this expanding market. Should Santander confirm plans to launch a stablecoin, it will be the fourth global systemically important bank (G-SIB) to do so. Societe Generale’s FORGE subsidiary launched the EURCV euro coin in 2023. Deutsche Bank is a partner in ALLUnity, another stablecoin initiative with plans to launch this year, subject to regulatory approval. And Standard Chartered is part of a joint venture in Hong Kong that intends to introduce a stablecoin.

Santander’s involvement could extend beyond an individual initiative. The bank is a shareholder in The Clearing House, where the Wall Street Journal reported that US banks are exploring the potential to create a joint stablecoin. If a US initiative took that route it could involve nine more G-SIBs including Bank of America, Barclays, BMO, BNY Mellon, Citi, HSBC, JP Morgan, TD Bank and Wells Fargo.

Apart from these initiatives, our research shows that more than 20 other banks have been involved in stablecoin projects.

Until recently stablecoins were mainly used to settle cryptocurrency transactions and by residents in countries with volatile domestic currencies. During the last year stablecoin infrastructure has been expanding, especially for mainstream cross border payments. Plus, President Trump issued an executive order prioritizing stablecoins. One of the administration’s motivations is this increases demand for US Treasuries, lowering the interest rate the government pays on the Treasury bills.

Santander as an early digital assets mover

Santander’s stablecoin consideration builds on years of blockchain experience. The bank was an early Ripple investor and previously used Ripple’s permissioned network for payments (not XRP), while also embracing permissionless blockchain activities including issuing a digital bond on Ethereum in 2019. This dual approach led to collaborations with other major players – alongside Societe Generale FORGE and Goldman Sachs, Santander participated in the European Investment Bank’s first digital bond, also on Ethereum. Currently, the bank’s most significant digital money initiative involves Fnality, the wholesale blockchain-based settlement network, where Santander ranks among 20 institutional backers and is part of the early adopter group alongside Lloyds Bank and UBS.

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