Bank of America is reportedly using XRP for 100% of its internal transactions, according to claims made on FOX Business.
This unconfirmed report highlights the bank’s deepening relationship with Ripple, as the company’s RLUSD stablecoin surpasses $500 million in market capitalization.
Key Takeaways
Bank of America allegedly processes all internal transactions through XRP, though the bank hasn’t confirmed this claim
RLUSD stablecoin reached $500M market cap with 30% growth since launch
BNY Mellon serves as official custodian for RLUSD reserves, managing $52 trillion in assets
OpenPayd integration enables direct RLUSD minting and burning through a single API
XRP Ledger processes Real World Asset tokenization with 3-5 second settlement times
The Bank of America-Ripple Partnership
David Stryzewski, CEO of Sound Planning Group, told FOX Business that Bank of America has implemented XRP for all internal transaction processing.
The bank hasn’t officially confirmed these claims.
Historical Context
Bank of America’s blockchain involvement includes:
83 blockchain-related patents filed
Membership in RippleNet Governance Committee
2017 patent filing for distributed ledger settlement system
The 2017 patent (USPTO Application №16/660,945) described real-time settlement technology compatible with RippleNet infrastructure.
This groundwork suggests the current reported adoption builds on years of development.
RLUSD Stablecoin: The Enterprise Solution
RLUSD launched in early 2025 after beta testing began in August 2024.
The stablecoin operates under a New York Department of Financial Services (NYDFS) Trust Company Charter.
Technical Specifications
RLUSD runs on both XRP Ledger and Ethereum blockchains.
On XRP Ledger, transactions complete in 3-5 seconds with fees under one cent.
This dual-chain approach provides flexibility for institutions with existing Ethereum infrastructure.
Market Performance
Current RLUSD metrics show:
Jack McDonald, Senior Vice President of Stablecoins at Ripple, reports RLUSD usage has exceeded internal projections.
BNY Mellon’s Custody Role
The Bank of New York Mellon Corporation (BNY Mellon) became RLUSD’s primary custodian in July 2025.
America’s oldest bank manages approximately $52 trillion in assets.
Custody Structure
BNY Mellon maintains RLUSD reserves consisting of:
Cash deposits
Short-term U.S. Treasury securities
Segregated, auditable accounts
1:1 backing for all tokens
Emily Portney, Global Head of Asset Servicing at BNY Mellon, stated the bank facilitates “seamless movement of reserve assets and cash to support conversions.”
For the latest stablecoin news, this custody arrangement represents significant validation from traditional finance.
OpenPayd Integration
OpenPayd partnered with Ripple to connect traditional and digital finance systems.
The London-based provider enables direct RLUSD minting and burning through one API.
Integration Features
OpenPayd provides:
Real-time EUR and GBP payment rails
Multi-currency account management
Virtual IBAN infrastructure
Single API for all operations
The platform processes over €130 billion annually while maintaining institutional reliability standards.
For more on stablecoin innovation, see our analysis on how stablecoins enhance financial transparency and inclusion.
XRP Ledger as RWA Platform
The XRP Ledger enables Real World Asset (RWA) tokenization without complex smart contracts.
The platform has processed over 3.3 billion transactions since inception.
Notable RWA Implementations
Current projects include:
Dubai Land Department: Tokenizing $16 billion in real estate by 2033
Archax: Bringing hundreds of millions in tokenized assets to XRPL
OpenEden: Launching tokenized US Treasury Bills
These implementations demonstrate institutional demand for blockchain-based financial products.
For insights on blockchain transparency, read about blockchain-based voting ensuring electoral integrity.
Banking Industry Implications
Major U.S. banks are developing their own blockchain initiatives:
Regulatory Progress
The GENIUS Act established disclosure requirements for stablecoins.
Federal Reserve Chair Jerome Powell supports stablecoin regulation, while recent presidential statements emphasize swift implementation.
Market Impact and Outlook
XRP currently trades at $2.32, down 4.04% despite positive institutional news.
RLUSD’s growth appears more consistent, with analysts projecting $1 billion market cap by end of 2025.
2025-2026 Projections
Expected developments include:
Additional bank announcements
Expanded stablecoin use cases
Increased regulatory clarity
Growing RWA tokenization
Competition from Circle’s USDC and Tether’s USDT will intensify as the market matures.
To understand token classifications, explore our piece on security tokens vs. utility tokens.
Conclusion
The reported Bank of America-Ripple partnership, combined with verified developments like BNY Mellon custody and OpenPayd integration, signals growing institutional blockchain adoption.
While Bank of America hasn’t confirmed comprehensive XRP usage, RLUSD’s rapid growth and institutional partnerships demonstrate real momentum.
Financial professionals should monitor official Bank of America statements, RLUSD market cap progression, and regulatory developments.
The 2025-2026 period will likely determine whether institutional blockchain adoption reaches critical mass.
For more on blockchain automation, see our analysis on smart contracts automating business processes.
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FAQs:
1. Has Bank of America officially confirmed using XRP for internal transactions?
No, Bank of America has not officially confirmed the claims made by David Stryzewski about using XRP for 100% of internal transactions. The reports remain unverified by the bank.
2. What is RLUSD and how does it differ from other stablecoins?
RLUSD is Ripple’s enterprise-focused stablecoin backed 1:1 by USD reserves. Unlike retail-focused stablecoins, RLUSD targets institutional users with regulatory compliance through NYDFS licensing and BNY Mellon custody.
3. Why is BNY Mellon’s involvement significant for RLUSD?
BNY Mellon manages $52 trillion in assets as America’s oldest bank. Their custody of RLUSD reserves provides institutional credibility and ensures regulatory compliance for enterprise users.
4. How does the OpenPayd integration benefit RLUSD users?
OpenPayd enables businesses to mint and burn RLUSD directly through one API, while providing real-time EUR/GBP payment rails and virtual IBANs for seamless fiat-crypto conversions.
5. What are Real World Assets (RWAs) on the XRP Ledger?
RWAs are physical or financial assets tokenized on blockchain. XRP Ledger enables tokenization of properties, securities, and commodities with 3-5 second settlement times and minimal fees.