“The network is shifting from retail speculation only to institutional rails,” Marcin Kazmierczak, co-founder of RedStone, told Decrypt. “That transition rarely looks pretty in the address chart.”
The drop reflects speculative retail rotating out following the late-2024 rally rather than institutional usage collapsing, Kazmierczak said, with the two trends moving in opposite directions.
Connecting XRP to interbank settlement railsThe transaction settled the redemption of Ondo's OUSG—a tokenized U.S. Treasury fund—across borders and banks in near-real time and outside traditional banking hours. Ondo processed the redemption on the XRP Ledger, Mastercard's Multi-Token Network routed settlement instructions to Kinexys, and JPMorgan delivered U.S. dollars to Ripple's Singapore bank account.
The pilot transaction represents a structural shift rather than an isolated experiment. “The bigger signal is JPMorgan choosing public infrastructure over a walled garden,” Kazmierczak said. “Once one Tier-1 bank crosses that line, peer compliance reviews start moving.”
