Ripple has announced a significant expansion of its institutional finance strategy, revealing that Mastercard, JPMorgan, and Ondo Finance are now settling trades on the XRP Ledger.
In an interview with Grayscale’s Charlie Perkins, Ripple Senior Vice President of Stablecoins Jack McDonald detailed the partnerships, stating that the collaboration is part of a broader push to integrate traditional finance with blockchain infrastructure. “We have always built our products for financial institutions,” McDonald said, emphasizing that the company’s goal remains creating an efficient Internet of Value for global markets.
The initiative positions the XRP Ledger as a settlement infrastructure for tokenized assets and institutional financial activity, moving beyond cross‑border payments. Alongside the settlement project, Ripple also expanded its relationship with crypto exchange OKX, enabling its U.S. dollar‑backed stablecoin RLUSD to support spot trading, derivatives, collateral use, and additional financial services.
RLUSD, which launched about 18 months ago, has reached a market capitalization of approximately $1.6 billion. McDonald noted that Ripple has achieved most of its exchange distribution goals, with market makers now providing liquidity and custodians integrating the stablecoin. “We are now shifting focus from market cap to practical utility,” he explained, with the next phase centering on enterprise use cases that drive sustained demand.
While Ripple’s legal officer Bill Morgan separately dismissed online criticism of XRP Ledger development activity, the core announcement reinforces Ripple’s commitment to building enterprise‑grade technology for financial institutions and tokenized asset markets.
