The builders on XRP Ledger
57 banks, asset managers, exchanges, issuers and public bodies building on XRP Ledger. Each name has its size, what it does on the chain and a dated primary source. Updated monthly.
As of October 23, 2026 · Verified by the MSB Intel desk · XRP Ledger data and desk notes →
US spot XRP ETF total net assets
$1.49B across 5 funds, 1.81% of XRP market cap (Oct 22, 2026)
US spot XRP ETF cumulative net inflows
$1.80B (Oct 22, 2026)
RLUSD stablecoin market cap
~$2.4B (Oct 23, 2026)
57 NAMES · 8 CATEGORIESDOWNLOAD THE MAP ⤓
Asset managers & funds
| Institution | Size | What they do on XRP Ledger | Date |
|---|---|---|---|
| Franklin Templeton | $1.79T AUM (Sep 30, 2026, preliminary) | Issues sgBENJI, its Singapore-regulated tokenized US dollar money fund, with 192.70M tokens on the XRP Ledger. | 2025-09-18 |
 Aviva Investors | £273B AUM (Jun 30, 2026) | Launched a tokenized share class of its US Dollar Liquidity Fund on the XRP Ledger, with ~$50.05M there. | 2026-07-29 |
 Guggenheim Treasury Services (via Zeconomy) | $246.4B AUM, Guggenheim Investments (Mar 31, 2026) | Issues Treasury-backed Digital Commercial Paper on the XRP Ledger through Great Bridge Capital, tokenized by Zeconomy. | 2025-06-10 |
 Evernorth (Nasdaq: XRPN) | 473M XRP (~$648M, Oct 14, 2026) + $300M gross cash proceeds | Planned: Nasdaq-listed treasury deploying its 473M XRP into XRP Ledger lending and DeFi from Q4 2026. | 2026-10-14 |
Banks & payments
| Institution | Size | What they do on XRP Ledger | Date |
|---|---|---|---|
| BNY | $63.4T AUC/A, $2.2T AUM (Sep 30, 2026) | Primary custodian of the reserves backing RLUSD, Ripple's stablecoin issued on the XRP Ledger and Ethereum. | 2025-07-09 |
 Standard Chartered | $993.4B total assets (Jun 30, 2026) | Offers institutional custody of RLUSD on the XRP Ledger through its DFSA-supervised DIFC branch in Dubai. | 2026-10-12 |
 Cross River Bank | $8.53B total assets (Jun 30, 2026) | Built RLUSD on the XRP Ledger into its core banking API for 24/7 fintech settlement, in limited US states. | 2026-10-15 |
 Mastercard | ~3.5B Mastercard-branded cards; $2.9T Q2 gross dollar volume (Jun 30, 2026) | Pilot: settling card transactions in RLUSD on the XRP Ledger with WebBank and Gemini; go-live not confirmed. | 2025-11-05 |
| WebBank | $2.86B total assets (Jun 30, 2026) | Planned: issuing bank in the Mastercard and Gemini plan to settle card transactions in RLUSD on the XRP Ledger. | 2025-11-05 |
 DriveWealth | 100+ partners globally (Oct 14, 2026) | Planned: RLUSD settlement on the XRP Ledger for its brokerage infrastructure, starting in Europe, then the US. | 2026-10-14 |
 DBS | S$965.6B total assets (Jun 30, 2026) | MoU: to list Franklin Templeton's sgBENJI next to RLUSD on DBS Digital Exchange; no go-live announced. | 2025-09-18 |
| Zand Bank | AED 5B+ customer deposits (FY2025) | Planned: issuing its dirham stablecoin AEDZ on the XRP Ledger; already custodies native XRP. | 2026-02-10 |
 DekaBank (Sparkassen) | €452B AUM, 6M customer securities accounts (Dec 31, 2025) | Offers XRP buying, selling and custody in the Sparkassen app, rolling out bank by bank. | 2026-10-19 |
ETFs
| Institution | Size | What they do on XRP Ledger | Date |
|---|---|---|---|
 Bitwise XRP ETF (XRP) | $544.42M AUM (Oct 21, 2026); Bitwise $9B client assets (third-party figure) | Spot XRP ETF on NYSE Arca holding 416.61M XRP, the largest US spot XRP fund, custodied by Coinbase. | 2025-11-20 |
| Franklin XRP ETF (XRPZ) | $396.49M AUM (Oct 22, 2026); Franklin Templeton $1.79T AUM (Sep 30, 2026, preliminary) | Spot XRP ETF on NYSE Arca holding 306.09M XRP, custodied by Coinbase. | 2025-11-24 |
 Canary XRP ETF (XRPC) | $318.25M AUM (Oct 22, 2026) | Spot XRP ETF on Nasdaq holding 243.44M XRP, custodied by BitGo and Gemini. | 2025-11-13 |
 21Shares XRP ETF (TOXR) | $140.28M AUM (Oct 22, 2026); 21Shares $5B+ AUM (2026) | Spot XRP ETF on Cboe BZX, custodied by Anchorage, BitGo and Coinbase. | 2025-12-11 |
 Grayscale XRP Trust ETF (GXRP) | $85.31M AUM (Oct 22, 2026); Grayscale ~$35.0B AUM (Sep 30, 2025) | Spot XRP ETF on NYSE Arca holding 65.43M XRP, custodied by Coinbase and Anchorage. | 2025-11-24 |
| 21Shares XRP ETP (AXRP) | $325.93M AUM (Oct 22, 2026) | Physically backed XRP ETP on SIX Swiss Exchange and other European venues, custodied by BitGo Europe. | 2019-04-01 |
 CoinShares Physical XRP (XRPL) | $160.26M AUM (Oct 22, 2026); CoinShares ~$6.9B AUM (Aug 31, 2026) | Physically backed XRP ETP listed on SIX Swiss Exchange and Xetra. | 2021-04-13 |
 3iQ XRP ETF (XRPQ) | ~CAD 107.77M AUM (third-party figure) | Spot XRP ETF on the Toronto Stock Exchange. | 2025-06-17 |
 Volatility Shares XRP ETF (XRPI) | $97.64M AUM (Oct 22, 2026) | XRP futures ETF (1x) on Nasdaq. | 2025-05-22 |
 Purpose XRP ETF (XRPP) | CAD 91.9M AUM (Oct 22, 2026) | Spot XRP ETF on the Toronto Stock Exchange holding 49.95M XRP, with Anchorage among its sub-custodians. | 2025-06-17 |
 REX-Osprey XRP ETF (XRPR) | $49.33M AUM (Oct 21, 2026) | XRP ETF on Cboe BZX structured as a 1940 Act fund with a subsidiary. | 2025-09-18 |
 Hashdex Nasdaq XRP Fundo de Indice (XRPH11) | ~BRL 154.29M AUM (third-party figure) | XRP index fund listed on Brazil's B3 exchange. | 2025-04-28 |
Exchanges & custody
| Institution | Size | What they do on XRP Ledger | Date |
|---|---|---|---|
 Coinbase | ~$245.9B assets on platform; 7.6M monthly transacting users (Q2 2026) | Custodies XRP for spot ETFs from Bitwise, Franklin, Grayscale and 21Shares; named partner for Evernorth's XRP. | 2026-10-14 |
 BitGo | $65.2B assets on platform; 5,833 clients (Jun 30, 2026) | Custodies XRP for the Canary XRPC and 21Shares TOXR spot ETFs; named partner for Evernorth's XRP treasury. | 2026-10-14 |
 Kraken | 6.6M funded accounts; $40B assets on platform (Jun 30, 2026) | Planned: partner for deploying Evernorth's 473M XRP treasury from Q4 2026. | 2026-10-14 |
 Gemini | 580K monthly transacting users; $8.4B assets on platform (Jun 30, 2026) | Supports RLUSD on the XRP Ledger, custodies XRP for Canary XRPC and is the first use case in Mastercard's RLUSD pilot. | 2025-12-10 |
 Bitso | 10M+ users, 2,000+ institutional clients (Jun 2026) | Planned: issuing its Mexican-peso stablecoin MXNB on the XRP Ledger's Permissioned DEX alongside RLUSD. | 2026-06-09 |
 Hex Trust | 450+ clients | Holds native XRP 1:1 behind wrapped XRP (wXRP), built on LayerZero's OFT standard and live on Solana. | 2026-04-17 |
 Anchorage Digital | Not disclosed | Custodies XRP for the Grayscale GXRP and 21Shares TOXR spot ETFs, with in-kind creations for GXRP. | 2026-09-29 |
 Komainu | Not disclosed | Custodies the wallets for Aviva Investors' tokenized fund share class on the XRP Ledger. | 2026-07-29 |
Stablecoins & tokenized cash
| Institution | Size | What they do on XRP Ledger | Date |
|---|---|---|---|
 Ripple (RLUSD) | ~$2.4B RLUSD market cap (Oct 23, 2026) | Issues the RLUSD dollar stablecoin natively on the XRP Ledger, with $929.8M of it on that ledger. | 2024-12-17 |
| Société Générale-FORGE | ~€65.8M EURCV circulating (Feb 2026); Société Générale ~€1.67T total assets (Jun 30, 2026) | Issues its MiCA-compliant euro stablecoin EURCV on the XRP Ledger, supported by Ripple Custody. | 2026-02-18 |
| Braza Bank | 6th in Brazil central bank interbank FX operations (Feb 2025) | Issues BBRL, a Brazilian-real stablecoin guaranteed by Braza Bank, on the XRP Ledger, with ~$23.5M there. | 2025-02-19 |
 Circle (USDC) | $73.3B USDC in circulation (Jun 30, 2026) | Issues native USDC on the XRP Ledger, its 22nd native chain. | 2025-06-12 |
Tokenized assets & RWA platforms
| Institution | Size | What they do on XRP Ledger | Date |
|---|---|---|---|
 Ondo Finance | ~$4.0B TVL (Oct 2026, self-reported) | Runs OUSG tokenized US Treasuries on the XRP Ledger, minted and redeemed 24/7 in RLUSD; 1.58M OUSG there. | 2025-06-11 |
| OpenEden | ~$295.9M TBILL fund total (Oct 23, 2026) | Issues TBILL, a BNY-managed tokenized T-bill fund, on the XRP Ledger, with 18.04M tokens there (~7% of supply). | 2024-08-01 |
 Archax | abrdn US Dollar Liquidity Fund £3.8B (Nov 2024) | UK-regulated exchange giving clients tokenized access to abrdn's money market fund on the XRP Ledger. | 2024-11-25 |
 Justoken | $2.23B represented value (37.15M JMWH at $60 NAV); >$1.7B tokenized (Ripple, Mar 17, 2026) | Issues JMWH energy tokens (1 token = 1 MWh) on the XRP Ledger and built YPF Luz's Enertoken platform on it. | 2026-01-13 |
| CRX Digital Assets | $1.66B represented value; ~$100M settled on-chain (Ripple, Mar 17, 2026) | Brazilian institutional tokenization platform, built by Cryptum and ArchX, issuing assets on the XRP Ledger. | 2026-03-17 |
 Ctrl Alt | >$1.8B assets tokenized (Sep 2026, company figure); $5.7M across 10 assets on the XRP Ledger (Oct 23, 2026) | Tokenizes Dubai Land Department title deeds on the XRP Ledger; 10 properties opened to secondary trading in Feb 2026. | 2025-05-24 |
 Mercado Bitcoin | 4.5M users; >$370M tokenized assets issued (Jul 7, 2026) | Tokenizes permissioned fixed-income and equity-income assets on the XRP Ledger, with $78.3M there so far. | 2025-07-04 |
 VERT Capital | ~BRL 104B issued, BRL 69B under management (Oct 24, 2025) | Records Brazilian structured-credit deals on the XRP Ledger, starting with a BRL 700M agribusiness receivables deal. | 2025-07-23 |
 CSD BR | >BRL 22T registered assets (Sep 29, 2026) | Mirrors BTG Pactual fund-share records on the XRP Ledger as Multi-Purpose Tokens, in a permissioned first phase. | 2026-09-29 |
Public bodies
| Institution | Size | What they do on XRP Ledger | Date |
|---|---|---|---|
 New York State Department of Financial Services (NYDFS) | 3,000+ supervised institutions with nearly $10T in assets | Approved RLUSD, issued by Ripple's NYDFS-chartered Standard Custody & Trust. | 2024-12-10 |
 Office of the Comptroller of the Currency (OCC) | 989 banks, $18T in assets | Conditional approval: granted for the Ripple National Trust Bank charter; no final approval found as of Oct 2026. | 2025-12-12 |
 Dubai Land Department | AED 917B in 2025 Dubai real estate transactions | Pilot: records property title-deed tokens on the XRP Ledger with Ctrl Alt, with $5.7M across 10 assets. | 2026-02-20 |
 Dubai Financial Services Authority (DFSA) | ~7,000 firms active in the DIFC (end-2024) | Recognised RLUSD and XRP as crypto tokens that DFSA-licensed firms in the DIFC can use. | 2025-06-03 |
 ADGM Financial Services Regulatory Authority (FSRA) | 13,974 active licences (H1 2026) | Lists RLUSD as an Accepted Fiat-Referenced Token, naming its XRP Ledger issuer address, on its Sep 1, 2026 list. | 2025-11-27 |
Infrastructure
| Institution | Size | What they do on XRP Ledger | Date |
|---|---|---|---|
 Flare (FXRP) | 143,146,021 FXRP outstanding (~$188.8M), 13,434 holders (Oct 23, 2026) | Wraps XRP 1:1 into FXRP so it can be used in DeFi on Flare. | 2025-09 |
 Doppler Finance | ~$120.5M TVL on the XRP Ledger (Oct 23, 2026) | Runs XRP and RLUSD yield vaults on the XRP Ledger, with SBI Digital Markets as custodian under an SBI MoU. | 2025-12-17 |
 Firelight | ~$68.0M TVL on Flare (Oct 23, 2026) | Mints stXRP 1:1 against FXRP so XRP can back a DeFi cover model; Phase 1 is live. | 2025-12-03 |
 Axelar | Connects 80+ chains | Bridge between the XRP Ledger and the XRPL EVM Sidechain, linking both to 80+ blockchains. | 2025-06-30 |
 XRPL EVM Sidechain | 25+ validator companies | Ethereum-compatible sidechain built by Ripple and Peersyst that uses XRP as gas, linked to the XRP Ledger via Axelar. | 2025-06-30 |
| Xaman (XRPL Labs) | Not disclosed (self-reported 'millions' of users) | Main self-custody XRP Ledger wallet; added one-click XRP deposits into Flare yield vaults in Feb 2026. | 2026-02-26 |
Method. A name is listed only when a primary or top-tier source confirms a live, current relationship with XRP Ledger. Pilots are marked as pilots; ended projects are removed. Sizes are each firm's latest reported figure. Logos are taken from each firm's own website. Spot a missing builder? Email contact@msbintel.com.
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