- Goldman Sachs closed its $153.8 million XRP ETF position by March 31.
- Ripple’s major banking partnerships mainly use its software or RLUSD rather than requiring XRP purchases.
- SBI Shinsei Bank has started a pilot that lets depositors redeem rewards for XRP.
Big banks keep appearing in XRP headlines, yet the public records tell a more limited story. Some institutions have traded XRP-linked funds, while others use Ripple’s payment infrastructure without adding the token to their balance sheets.
The clearest evidence comes from recent regulatory filings. Goldman Sachs exited its entire XRP ETF position during the first quarter, while Morgan Stanley reported only a small amount of new exposure. Meanwhile, SBI Shinsei Bank has taken a different route by offering customers XRP-linked rewards through a new deposit program.
Goldman Exits as Morgan Stanley Enters
Goldman Sachs previously held $153.8 million across four XRP exchange-traded funds. That position accounted for a large share of the disclosed institutional XRP exposure tracked at the end of 2025.
However, its first-quarter filing showed that the bank had sold the full position by March 31. Goldman still held about $700 million in Bitcoin ETFs, so the move did not represent a complete exit from digital assets.
The original XRP stake may also have reflected client trading activity rather than a long-term investment by the bank itself. Large financial institutions often hold ETF shares to support market-making, customer orders, and other trading operations.
Morgan Stanley moved in the opposite direction, although the scale was much smaller. Its filing showed about $15,488 spread across the Volatility Shares XRP ETF and Grayscale’s GXRP product.
Against Morgan Stanley’s reported $1.66 trillion portfolio, the position was minimal. Notably, both filings describe holdings at the end of March, not current activity, as institutional disclosures arrive several weeks after each quarter closes.
Related: XRPL Foundation Teases XRP Ledger Native Privacy Amid Zcash Crisis
Ripple Partnerships Do Not Equal XRP Buying
Ripple has announced several major financial partnerships this year, but those deals do not automatically create demand for XRP.
Banks can use Ripple’s software for cross-border payments, custody, foreign exchange, or tokenization without holding the token. Some settlement activity also runs through RLUSD, Ripple’s dollar-backed stablecoin.
Deutsche Bank’s reported integration focuses on Ripple’s broader software stack rather than direct XRP adoption. Societe Generale’s crypto unit also launched its euro stablecoin on the XRP Ledger, which expands network use without requiring the bank to buy XRP.
On-Demand Liquidity remains the Ripple product most directly connected to the token. It uses XRP as a temporary bridge between currencies, but the asset is usually bought and sold within seconds during settlement.
That process can create transaction volume. Nevertheless, it does not necessarily produce long-term XRP holdings on a bank’s balance sheet.
Related: XRP Stabilizes Near $1.12, But Analysts Warn of Possible $0.90 Retest
SBI Brings XRP to Depositors
SBI Shinsei Bank offers the strongest example of a major financial group placing XRP directly in front of customers.
The Japanese bank launched a three-month pilot on June 10 covering about 4.33 million depositor accounts. Customers can receive vouchers worth 20% of their interest payments, then redeem them for Bitcoin, Ethereum, or XRP through SBI VC Trade.
The individual rewards remain small, but every XRP redemption requires the group’s exchange to source the token. SBI Holdings has also supported Ripple for years, owns a stake in the company, and has previously distributed XRP through shareholder rewards.
Public filings still show little evidence that large banks are accumulating XRP in meaningful sizes. Goldman’s exit, Morgan Stanley’s limited position, and the structure of Ripple’s banking deals suggest that institutional interest currently centers more on infrastructure, trading products, and customer access than direct balance-sheet ownership.
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