Ripple has announced a set of institutional partnerships built on the XRP Ledger (XRPL).
The firm stated that its work with Mastercard, JPMorgan, Ondo Finance, and OKX is designed to broaden blockchain adoption across both conventional and digital financial markets.
In a video shared by Grayscale, Ripple Senior Vice President Jack McDonald laid out the company’s current institutional strategy, emphasizing how the XRP Ledger and Ripple USD (RLUSD) are supporting real-world usage.
Mastercard, JPMorgan, and Ondo Finance Collaboration
During the discussion, McDonald—who also serves as CEO of Standard Custody and SVP of Stablecoins at Ripple—said the company is concentrated on developing institutional-grade infrastructure for value transfer.
He noted that Ripple recently revealed a joint initiative with Mastercard, JPMorgan, and Ondo Finance, where related transactions will settle on the XRP Ledger.
“Everything we do at Ripple is built around serving institutions and building institutional-grade infrastructure to help move value,” McDonald said.
He characterized the effort as another move to link traditional finance with blockchain-based settlement.
OKX Expands RLUSD Support
McDonald also pointed to Ripple’s recent collaboration with OKX, stating that the exchange now supports RLUSD across several of its offerings.
Per McDonald, RLUSD can be applied to spot trading, derivatives trading, and as collateral, extending the stablecoin’s role beyond payments.
The agreement forms part of Ripple’s plan to establish RLUSD on leading crypto exchanges ahead of wider enterprise adoption.
RLUSD Shifts Focus from Growth to Utility
McDonald said RLUSD has seen strong traction since its launch roughly 18 months ago, reaching a market capitalization near $1.6 billion.
He added, however, that Ripple prioritizes long-term real-world utility over market cap.
According to McDonald, the company has largely met its early aim of listing RLUSD on major exchanges and has put supporting infrastructure in place via market makers and custodians.
With that base established, Ripple is turning to expanded institutional use cases for RLUSD while continuing to rely on the XRP Ledger for settlement.
Accelerated RLUSD Issuance in July
As previously reported, Ripple stepped up RLUSD issuance in early July, creating $291.6 million across the XRP Ledger and Ethereum within two days. Around $225.8 million, or 77%, was issued on XRPL.
On July 1, Ripple minted $169.8 million in RLUSD, almost entirely on XRPL. The next day, it issued another $121.8 million while burning $68.1 million as it rebalanced supply between the networks.
Over the two days, XRPL recorded $225.8 million in mints and $58.1 million in burns for a net increase of $167.7 million. Ethereum saw $65.8 million minted and $10.05 million burned, raising supply by $55.75 million.
