Circle Receives Federal Banking Approval as Ripple Expands XRP Marketing and Infrastructure

Jul 8, 2026

While Ripple Prime expands its institutional footprint, clearing over $3 trillion annually and joining the DTCC tokenization working group, direct demand for XRP remains limited. Most institutional settlement within Ripple's ecosystem relies on the RLUSD stablecoin due to XRP's volatility. XRP's exchange supply has hit a seven-year low of 1.6 billion, but price appreciation is stalled by macroeconomic pressures and regulatory uncertainty. Institutional adoption hinges on the upcoming July 13, 2026 Senate vote on the Digital Asset CLARITY Act.

Ripple Prime DTCC credentials

▪Ripple Prime, formerly Hidden Road Partners CIV US LLC, appeared in the National Securities Clearing Corporation participant directory on March 2, 2026.
▪Ripple Prime's over-the-counter trades are cleared and settled through Pershing, a BNY subsidiary, on existing non-blockchain infrastructure.
▪Ripple Prime clears more than $3 trillion in trades annually for over 300 institutional clients.
▪Ripple Prime was named to the Depository Trust and Clearing Corporation's 50-firm Industry Working Group for tokenization in May 2026.

XRP demand mechanics

▪XRP Ledger transaction fees are fractions of a cent, with total fee burn since 2012 amounting to roughly 14 million XRP.
▪The amount of XRP held on exchanges fell from 3.76 billion in October 2025 to 1.6 billion by July 10, 2026.
▪Ripple Prime accepts XRP as collateral for margin and settlement within its own brokerage.

RLUSD stablecoin settlement dominance

▪Ripple's dollar stablecoin, RLUSD, is predominantly used for settlement and margin backing within Ripple's product stack instead of XRP.
▪A tokenized-Treasury settlement executed by Ripple with JPMorgan, Mastercard, and Ondo cleared on the XRP Ledger using RLUSD.

DTCC tokenization working group

▪The Depository Trust and Clearing Corporation integrated the Stellar network into its tokenized securities platform in late May 2026.
▪The Depository Trust and Clearing Corporation's tokenization working group includes JPMorgan, Goldman Sachs, BlackRock, Citi, Circle, and Ondo Finance.
▪The Depository Trust and Clearing Corporation's tokenization service began a limited production pilot in July 2026, with a full launch planned for October 2026.

XRP institutional adoption barriers

▪The joint SEC and CFTC classification of XRP as a digital commodity occurred in March 2026.
▪The Digital Asset CLARITY Act, which would codify XRP's commodity status, is scheduled for Senate consideration on July 13, 2026.
▪Standard Chartered estimates up to $8 billion could flow into XRP ETFs if the Digital Asset CLARITY Act passes.