XRP enters settlement talks with major banks as BNY Mellon, JPMorgan, Mastercard explore tokenization

XRP is garnering renewed attention among large financial institutions as settlement infrastructure becomes a growing focus in the shift toward tokenized assets. In a recent YouTube episode, Crypto Sensei argued that XRP may gain further significance as banks, custodians, and asset managers continue expanding their operations in crypto and tokenization. The speaker identified settlement—rather than trading—as the primary use case emerging across the institutional landscape.

Industry giants explore Ripple networks

Crypto Sensei referenced a Bitwise institutional activity chart, reportedly dated June 30, 2026, which suggests that approximately 79% of the largest financial firms have some connection to Ripple or XRP. This category includes direct partnerships, custodial services, pilot programs, and exposure to XRP-related products. While the exact nature of involvement varies, the trend reveals a growing interest in building settlement infrastructure for tokenized funds, deposits, and securities.

The YouTube discussion singled out BNY Mellon, the world’s largest custodian bank, as a prominent player in this shift. According to the host, BNY Mellon became the primary custodian for Ripple’s RLUSD stablecoin in July 2025. The bank also reportedly provides custody for the Bitwise XRP exchange-traded fund (ETF) and other spot crypto ETFs. BNY Mellon is said to oversee $53 trillion in assets under management, underscoring the scale of institutions now engaging with crypto settlement platforms.

Crypto Sensei also pointed to a 2026 pilot initiative that included Ripple, JPMorgan, Mastercard, and Ondo Finance. The project reportedly used the XRP Ledger, leveraging existing bank payment rails to test the redemption of tokenized US Treasuries. The speaker described the XRP Ledger as acting as a “neutral settlement fabric” for tokenized assets and digital forms of bank money.

Mini dictionary: RLUSD, the Ripple-issued stablecoin pegged to the US Dollar, is designed for institutional and cross-border settlement, aiming to facilitate efficient crypto asset transfers within regulated frameworks.

Innovations in settlement and custody

Another video segment presented evidence of ongoing settlement activity involving Mastercard, JPMorgan, and Ondo Finance on the XRP Ledger. The discussion highlighted RLUSD’s $1.6 billion market capitalization, with the stablecoin’s trading infrastructure and exchange support described as broadly established. The analysis suggested that attention is now turning to unlocking longer-term applications and network utility.

Among these innovations, confidential transfer features are cited as enabling encrypted balances and transaction amounts while retaining supply control mechanisms and selective audit functionality. The delegation of permissions, another emerging capability, allows institutions to grant narrowly tailored operational rights to third parties without sharing main wallet keys.

Broader institutional context

The video also touched on the Depository Trust & Clearing Corporation (DTCC), an important clearinghouse for US financial markets, referencing its inclusion of XRP in educational material about crypto collateral haircuts. The host emphasized that this move was not an endorsement or operational acceptance of XRP as collateral, but rather a step toward considering the asset in institutional risk management scenarios.

This focus on infrastructure, risk management, and settlement-use cases signals wider momentum for digital assets among major global banks and service providers.

Crypto Sensei highlighted BNY Mellon’s adoption of RLUSD custody and the use of the XRP Ledger by leading institutions for tokenized asset settlement, describing these moves as significant progress toward mainstream institutional participation in crypto infrastructure.