Korean Banks Partner with Ripple, But Is XRP Really the Asset of Choice?

Four major Korean banks - Woori Bank, Kbank, Kyobo Securities, and either Jeonbuk Bank or Kakao Bank - recently shared a stage with Ripple at the XRP Seoul event, sparking speculation about the use of XRP by these banks.

The banks' presence at the event was seen as a sign that they are using XRP, but a closer look at the announcements made during the event reveals that the banks are actually using Ripple's payment software and technology, rather than the XRP token itself.

Ripple provides payment software that facilitates transactions between banks, telling one bank who to pay, how much, and in what currency. This software can operate entirely with traditional currencies like dollars, won, or yen.

The banks have established working relationships with Ripple, with Kbank launching a remittance pilot program with Ripple targeting the UAE and Thailand in April 2026, and Jeonbuk Bank utilizing Ripple Payments to provide near-instant cross-border settlements for its business clients.

Ripple's President Monica Long called the event the start of the 'next big institutional growth phase' for the XRP Ledger, but this statement is more of a potential future forecast rather than evidence of current XRP usage by these banks.