These remarks, made by David Stryzewski, CEO of Sound Planning Group, during a January 6 appearance on FOX Business, have ignited debates within the XRP community about the mainstream adoption of the asset in the banking sector.

The Claim: XRP as the Backbone of Bank of America Transactions

Stryzewski asserted that Bank of America uses XRP for “100% of its internal transactions” and has filed 83 patents related to Ripple’s blockchain technology. He described XRP as a transformative force in finance, stating, “XRP is going to be the track that everything runs on in the future.”

While these claims have excited the XRP community, no direct confirmation has been made by Bank of America or Ripple regarding such extensive use of XRP in its operations.

Ripple’s Role in Banking

Ripple and Bank of America have a history of collaboration. As part of Ripple’s global payments network, RippleNet, Bank of America serves on the Governance Committee alongside other financial giants like Santander and Standard Chartered. This committee plays a key role in setting standards for cross-border transactions.

Additionally, in 2017, Bank of America filed a patent for a settlement system utilizing distributed ledger technology (DLT). While the patent referenced “ripple” settlement systems, it did not specifically mention XRP. This historical connection underscores the bank’s interest in blockchain technology but stops short of confirming its direct use of Ripple’s payment token.

XRP’s Growing Use Case Amid Regulatory Challenges

Despite regulatory hurdles, Ripple continues to make strides in the payment market. Stryzewski highlighted Ripple’s recent launch of a stablecoin, which he believes strengthens its position in the financial ecosystem. These developments have bolstered bullish sentiment around XRP as a critical asset for the future of finance.

The XRP community has seized on Stryzewski’s comments, interpreting them as evidence of growing adoption by major financial institutions. However, the assertion that Bank of America uses XRP for all its internal transactions remains unverified and should be viewed with caution.

The Bigger Picture: Blockchain in Banking

Whether or not Stryzewski’s claims hold true, the speculation highlights the broader trend of blockchain adoption in the banking sector. Financial institutions increasingly explore distributed ledger technology to improve efficiency, reduce costs, and enhance transparency in transactions. Ripple’s role in facilitating these advancements places XRP at the intersection of blockchain innovation and traditional finance.