Korean Banks Partner with Ripple but XRP Usage Unclear

Four major South Korean banks, Woori Bank, Kbank, Kyobo Securities, and either Jeonbuk Bank or Kakao Bank, joined Ripple at the XRP Seoul event, sparking excitement among XRP holders. The event also introduced XRP Asia, a regional initiative to promote the XRP Ledger. However, despite the hype, the banks did not explicitly commit to using XRP for transactions.

The key distinction lies in whether the banks are simply using Ripple’s payment software, which can operate with traditional currencies or Ripple’s RLUSD stablecoin, or whether they are actively using XRP as a bridge asset for cross-border payments. Ripple’s software allows banks to facilitate transactions without needing XRP.

Each bank has existing partnerships with Ripple. For instance, Kbank launched a remittance pilot program targeting the UAE and Thailand in April 2026, while Jeonbuk Bank uses Ripple Payments for cross-border settlements. Kyobo Life collaborates with Ripple on tokenized government bonds, and Woori Bank works with BDACS, a custodian managing XRP for institutional clients. Yet, none of these agreements confirm XRP as the settlement asset.

Ripple President Monica Long described the event as the start of a “next big institutional growth phase” for the XRP Ledger, but this remains a forecast rather than proof of current XRP usage. As of October 4, XRP is trading at $1.50, with demand for the token still uncertain if the partnerships rely on Ripple’s software and stablecoins instead of XRP.