What XRP Ledger does

XRP Ledger is a decentralized, open-source public blockchain launched in 2013 and governed by the XRP Ledger Foundation, designed for business use cases spanning cross-border payments, tokenization, and decentralized finance. The protocol has operated error-free for over 13 years across more than 63 million ledgers, settling transactions in 3-5 seconds at a cost of approximately $0.0002 per transaction. Core technology includes a consensus-based peer-to-peer network (the daemon now branded xrpld as of version 3.2.0), a built-in decentralized exchange with Automated Market Makers, a Permissioned DEX (XLS-81) for KYC/AML-compliant institutional trading, Token Escrow (XLS-85) for all Trustline-based tokens, Single Asset Vaults, and an XRPL-native Lending Protocol for fixed-term uncollateralized loans. The protocol's atomic transaction architecture structurally prevents flash loan attacks, a differentiator from other DeFi protocols that have suffered cumulative losses exceeding $600 million.

The XRP Ledger does not generate direct commercial revenue; it operates as open infrastructure where network transaction fees are intentionally minimal ($119,182 in 2026). Commercial monetization flows through Ripple (Ripple Labs Inc.), a private company that contributed to XRPL's development and operates RippleNet, the enterprise software and services layer that has processed $95 billion in on-demand liquidity volume across 300+ banking partners including Santander, PNC, SBI Remit, JPMorgan Chase, Mastercard, Deutsche Bank, Societe Generale, and Aviva Investors. Ripple's stablecoin RLUSD reached a $1.6 billion market cap, and the broader ecosystem includes the AUDD Australian dollar stablecoin (ASIC-regulated), the Xaman wallet, and consumer distribution via Rakuten's 44 million users. The ledger recently captured 26% of the global tokenized commodity market, grew RWA market cap 124.1% quarter-over-quarter in Q1 2026, and added 7.7 million holders by March 2026. Customer segments span financial institutions (cross-border payments), institutional asset managers (tokenization), RWA issuers (commodities, treasuries, structured debt), regulated financial institutions (Permissioned DEX), and AI/technology companies (machine-to-machine micropayments).

Name

XRP Ledger

Legal name

XRP Ledger Foundation

Website

https://xrpl.org

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

1–10 employees

Short description

XRP Ledger is a decentralized public blockchain launched in 2013 and maintained by the XRP Ledger Foundation, serving financial institutions, asset managers, and RWA issuers with 3-5 second settlement, sub-penny transaction costs, and built-in DEX, lending, and tokenization primitives.

Ownership category

akta.pro rank

Product category

Blockchain Infrastructure

NAICS

Securities and Commodity Exchanges (52321), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Commodity Contracts Brokers & Dealers (6221)

akta.pro primary industry

Settlement, Clearing & Reconciliation for Tokenized Assets (DvP, PvP, netting, post-trade) (FSAPAIAI)

akta.pro secondary industries

DEX Aggregation & On-Chain Execution (routing, RFQ, intent-based trading) (FSAPAEAD), Permissioned / KYC DEXs (Institutional On-Chain Venues) (FSADABAN), Interoperability & Cross-Chain Infrastructure (Bridges, Messaging, Atomic Swaps) (FSAGAMAI), Digital Asset/Crypto Trade Execution Platforms (FSAFANAO)

Keywords

• Blockchain infrastructure
• Cross-border payments
• Asset tokenization
• Decentralized exchange
• Decentralized finance

Headquarters

HQ city

Kuressaare

HQ country

Estonia

HQ region

Europe

Offices6 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Infrastructure, Marketing or Sales, Operations, Others

Revenue model

1. Network Transaction Fees: The XRP Ledger generates revenue through transaction fees charged for processing transactions on the network. In 2026, the ledger generated $119,182 in fees. The relatively low fee generation is attributed to the protocol's efficient, low-cost architecture rather than high per-transaction fees.
2. Ripple's Enterprise Software & Services: Ripple (the company behind XRP Ledger) generates revenue through software licensing, services, and on-demand liquidity products for financial institutions using RippleNet. Banks pay for operational efficiency gains in cross-border payments compared to traditional SWIFT infrastructure.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels6 records

Core offering

XRP Ledger is an open-source, decentralized public blockchain providing enterprise-grade payment settlement, real-world asset tokenization, and decentralized finance infrastructure. The protocol features a built-in decentralized exchange with Automated Market Makers, a native Lending Protocol with Single Asset Vaults, a Permissioned DEX for KYC/AML-compliant institutional trading, and stablecoin capabilities including RLUSD and AUDD. It serves financial institutions, banks, asset managers, and developers with 3-5 second settlement, sub-penny transaction costs, and 10+ years of error-free operation.

Product overview

XRP Ledger is a decentralized blockchain platform designed for business use, offering a unified infrastructure combining payments, tokenization, and DeFi capabilities. The core platform consists of the XRP Ledger (XRPL) blockchain with its native XRP cryptocurrency, supported by built-in features including a Decentralized Exchange (DEX) with Automated Market Makers (AMMs), the Lending Protocol for uncollateralized fixed-term loans via Single Asset Vaults, and the Permissioned DEX for KYC-compliant institutional trading. The ecosystem includes RLUSD stablecoin for on-chain settlement, Xaman non-custodial wallet with swap functionality, AI agent micropayment capabilities for autonomous machine-to-machine commerce, and tokenized real-world assets including commodities and regulated stablecoins like AUDD. Recent growth has been driven by $1.9 billion in RWA inflows and 28x tokenization growth to $4.18 billion.

Differentiator

Problem solved

Functional benefit

Products and services

• XRP Ledger (XRPL) Decentralized public blockchain protocol offering payments, tokenization, and DeFi infrastructure with built-in decentralized exchange, automated market makers, lending protocol, and permissioned DEX capabilities. Designed for enterprise and developer use with sub-penny transaction costs and 3-5 second settlement.
• XRP The native cryptocurrency of the XRP Ledger used for transaction fees, bridge asset for cross-currency payments, and on-demand liquidity. Reached $71 billion market cap with fully diluted value of $114 billion.
• Decentralized Exchange (DEX) Built-in high-performance peer-to-peer multi-currency exchange supporting order books, Automated Market Makers (AMMs) with geometric mean 0.5 weight constant product model, and cross-currency payments. Integrated directly into the blockchain protocol.
• Lending Protocol XRPL-native on-chain lending protocol offering fixed-term, uncollateralized loans using pooled funds from Single Asset Vaults. Enables loan brokers, depositors, and borrowers with first-loss capital protection, configurable fees, and compliance features including clawback and freeze capabilities.
• Permissioned DEX (XLS-81) KYC/AML-compliant controlled trading venue where only approved institutions such as banks and brokers can trade. Supports tokenized funds, stablecoin FX rails, and regulated secondary markets for institutional clients.
• Token Escrow (XLS-85) Extended native escrow functionality applied to all Trustline-based tokens and Multi-Purpose Tokens, enabling token vesting schedules, institutional settlement workflows, treasury management, and conditional stablecoin payouts.
• RLUSD (Ripple USD) Ripple's US dollar stablecoin operating on the XRP Ledger used for institutional settlement, AI agent micropayments, and as a bridge asset for on-chain transactions. Reached $1.6 billion market cap.
• AUDD (Australian Dollar Stablecoin) ASIC-regulated Australian dollar-backed stablecoin operating on the XRP Ledger under an Australian Financial Services Licence. Enables Australian banks and businesses to issue, hold, and transact on-chain payments as a regulated non-cash payment facility.

Quantifiable outcome

• 3-5 second cross-border settlement versus hours for SWIFT
• +4 more outcomes

Named customers11 records

Segments5 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

AI capability3 records

Feature12 records

Partnerships

Twelve partnerships are on record, tiered core, flagship, major and minor.

• Common PrefixcoreTechnology or Integration · 22 June 2026XRP Ledger partnered with Common Prefix for formal verification of core XRPL components following a security review that uncovered numerical and behavioral bugs. Common Prefix will conduct formal verification work on Single Asset Vault proposal (XLS-65) and Lending Protocol proposal (XLS-66), enhancing institutional credibility and security posture. XRP price rallied approximately 3.6% following the announcement.
• JPMorgan ChaseflagshipStrategic or Co-development Partner · 6 May 2026JPMorgan Chase participated in a live cross-border repurchase transaction using a tokenized US Treasury fund on XRPL, completing settlement in under five seconds. This collaboration with Mastercard, Ondo Finance, and Ripple demonstrates institutional-grade tokenization capability and positions XRPL as viable settlement layer for major financial institutions.
• MastercardflagshipStrategic or Co-development Partner · 6 May 2026Mastercard collaborated on cross-border tokenized Treasury settlement pilot with JPMorgan, Ondo Finance, and Ripple, completing settlement in under five seconds. This positions Mastercard as a key payments infrastructure partner for blockchain-based institutional settlements.
• Ondo FinanceflagshipStrategic or Co-development Partner · 6 May 2026Ondo Finance partnered with Ripple, JPMorgan, and Mastercard on tokenized US Treasury redemption pilot completing settlement in under five seconds. Ondo represents institutional DeFi players bringing tokenized treasuries to XRPL.
• Aviva InvestorsmajorStrategic or Co-development Partner · 18 February 2026Ripple's partnership with Aviva Investors to tokenize funds on XRPL signals growing institutional interest. Aviva represents major traditional asset manager bringing established fund products to blockchain infrastructure, validating XRPL's position in institutional finance.
• Deutsche BankmajorStrategic or Co-development PartnerDeutsche Bank committed capital to XRPL for tokenization as one of the major institutional players adopting the ledger. This represents significant validation from a top-tier global bank for blockchain-based financial infrastructure.
• Societe GeneralemajorStrategic or Co-development PartnerSociete Generale committed capital to XRPL for tokenization as part of institutional adoption wave. The French banking giant represents traditional finance exploring blockchain settlement and tokenization capabilities.
• ArchaxminorStrategic or Co-development PartnerArchax, a regulated digital asset exchange, committed to XRPL for tokenization, representing fintech infrastructure providers building on the ledger for institutional clients.
• RakutenmajorChannel Partner/ Reseller/ DistributorRakuten opened XRP access to its 44 million users at 5 million merchants with $23 billion in convertible loyalty points, effectively distributing XRP through a major e-commerce platform with extensive consumer reach in Japan and globally.
• Ripple National Trust BankmajorStrategic or Co-development PartnerRipple secured regulatory approval for Ripple National Trust Bank, representing the company's shift from software provider toward becoming a regulated financial institution, enabling direct banking services on XRPL.
• Dubai Government/RTAmajorStrategic or Co-development PartnerDubai launched blockchain-based real estate tokenization project using XRPL targeting $16 billion market by 2033, alongside Dubai AI Strategy 2030 with 81 AI projects. Government-backed initiative provides institutional validation and regulatory support.
• JustokenminorStrategic or Co-development PartnerJustoken launched JMWH tokenized energy product worth $895.6 million single-day surge, representing over 86% of all tokenized commodities on XRPL and driving the ledger's 26% share of the $7.7 billion tokenized commodity market.

Scale indicators14 records

Recent moves6 records

Expansion highlights7 records

Direct peers

• Ethereum: Ethereum is the dominant smart-contract platform for DeFi and RWA tokenization. Both XRPL and Ethereum compete for institutional tokenization flows, with XRPL's $1.9B in 90-day RWA inflows directly rivaling Ethereum's $1.6B. They differ in that XRPL prioritizes settlement speed/cost over smart-contract flexibility.
• Solana: Solana is a high-throughput Layer 1 blockchain competing with XRPL on transaction speed and low cost for payments, tokenization, and DeFi. Both target institutional and consumer use cases where settlement performance matters, though Solana leads in memecoin/DeFi activity while XRPL leads in regulated finance.
• Stellar: Stellar is a blockchain purpose-built for cross-border payments and tokenized assets, overlapping directly with XRPL's core use cases. Both target financial inclusion, remittances, and RWA issuance, with similar institutional distribution strategies and comparable transaction cost profiles.
• Avalanche: Avalanche is an enterprise-focused Layer 1 blockchain offering subnets for institutional tokenization and custom blockchains. Like XRPL, it targets regulated financial institutions and RWA tokenization at scale, competing head-to-head in institutional pilot deals.
• Polygon: Polygon provides Ethereum-scaling infrastructure with strong institutional adoption for tokenized assets, payments, and DeFi. It competes with XRPL on RWA tokenization flows, particularly for TradFi institutions preferring Ethereum-compatible tooling over a separate protocol.
• Algorand: Algorand is a Layer 1 blockchain focused on enterprise and institutional use cases including payments, asset tokenization, and DeFi. Like XRPL, it targets regulated financial institutions and offers low-cost, fast settlement, making it a close competitor for tokenization mandates.
• Hedera: Hedera is an enterprise-grade distributed ledger using hashgraph consensus, targeting tokenization, payments, and supply chain applications. Both XRPL and Hedera pursue regulated institutional clients and emphasize governance/regulatory positioning over decentralization maximalism.

Emerging players

• Ondo Finance: Ondo Finance is an RWA tokenization platform that partnered with JPMorgan, Mastercard, and Ripple for tokenized US Treasury settlement on XRPL. It is both a customer on XRPL and a competitor building tokenization products that could be deployed on alternative chains.

Broad incumbents

• SWIFT: SWIFT is the incumbent global cross-border payment messaging network that Ripple explicitly targets as the legacy incumbent. Ripple's enterprise sales motion replaces SWIFT's $10-50 per-transaction, hours-long settlement with XRPL's $0.0002, 3-5 second alternative for bank customers.

Others

• Chainlink: Chainlink is the dominant blockchain oracle network providing data feeds and cross-chain interoperability. While not a direct Layer 1 competitor, Chainlink enables institutional DeFi functionality on multiple chains including XRPL, making it both an enabling partner and a strategic dependency for tokenized RWA use cases.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• GitHubgithub.com/XRPLF
• LinkedInlinkedin.com/company/xrpl

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about XRP Ledger