Ripple’s RippleNet payments network utilizes the XRP Ledger blockchain to clear and settle cross-border payments in a fraction of the time and cost required by legacy payment systems.

The XRP cryptocurrency that is native to the XRP Ledger is used as a value transfer medium to effect near-instantaneous conversion and transfer of foreign currencies between counterparties on RippleNet.

Ripple’s RippleNet offers three different solutions for banks, payment providers, and corporates: (1) Processes cross-border payments using fiat currencies; (2) offers on-demand liquidity using Ripple's digital asset called XRP; and (3) provides a standard interface that allows corporates to pay its employees.

Using RippleNet, banks are able to save 60% of the total cost per payment as SWIFT fees are eliminated.

RippleNet allows banks to reduce their international payment infrastructure costs by 42%.

Ripple's Liquidity Hub enables financial institutions and businesses to easily and efficiently source digital assets from global crypto markets—allowing organizations to unlock new revenue streams by offering end customers the ability to buy, sell, and hold digital assets.

In December 2020, the SEC sued Ripple and two of its top executives for seven years of distributions of the cryptocurrency XRP, which the agency labeled as illegal unregistered securities trades – Ripple is disputing all allegations by claiming XRP is a commodity and therefore outside the SEC’s reach.

American Express and Santander have partnered with Ripple to speed up cross-border payments between the U.S. and the U.K. by using blockchain technology. Bank of America also recently partnered with RippleNet technology.

CEO of Ripple, Brad Garlinghouse, recently stated the company could go public if, and when, it resolves its lawsuit with the SEC. “The likelihood that Ripple is a public company is very high at some point,” Garlinghouse told CoinDesk’s Nikhilesh De.

According to CoinTelegraph, Garlinghouse also shared optimism for the future of RippleNet and Ripple X, the latter of which is posed to enhance the utility of the XRP Ledger in an array of emerging sectors, including nonfungible tokens, central bank digital currencies, as well as interoperable, multichain functionalities, among others. Ripple also mentioned that the company is cash flow positive and has more than $1 billion in cash on the balance sheet.

Ripple also experienced its "best hiring year in 2021" and is now seeking to onboard "hundreds of global employees this year" to support the already existing 500-employee workforce, according to CoinTelegraph.

In November 2023, HSBC announced its plan to work with Ripple Labs Inc.-owned technology firm Metaco to offer institutional clients a custody service for digital assets such as tokenized securities. HSBC expects it to go live in 2024. “We’re seeing increasing demand for custody and fund administration of digital assets from asset managers and asset owners, as this market continues to evolve,” Zhu Kuang Lee, chief digital, data and innovation officer, securities services at HSBC said in a statement.

In November 2023, Ripple debuted the evolution of its crypto-enabled cross-border payments solution, Ripple Payments, formerly known as RippleNet. Ripple Payments provides the enterprise-grade infrastructure required for businesses to leverage blockchain easily for faster, cheaper, more efficient cross-border payments without needing to be an expert.

According to The Block, in January 2024, Ripple purchased $285 million in shares owned by early investors, valuing the company at $11.3 billion. CEO Brad Garlinghouse also said Ripple possesses more than $1 billion cash and over $25 billion in digital assets crypto, made up mostly of XRP coins, on its balance sheet.

In February 2024, Ripple announced that it has agreed to acquire Standard Custody & Trust Company, an enterprise-grade regulated platform for digital assets. This move further underscores Ripple's commitment to regulatory compliance and enables the company to strengthen its existing product offerings, as well as explore new, complementary products. “Ripple and Standard Custody are dedicated to enabling enterprises to reap the benefits of blockchain across a host of financial use cases building institutional-grade solutions to tokenize, store, move, and exchange value. By expanding our licenses portfolio and making smart acquisitions, Ripple is well-positioned to take advantage of the current market opportunities and further strengthen our crypto infrastructure solutions,” said Monica Long, Ripple President. “We will continue to leverage our strong financial standing to expand our product offerings, support new initiatives on the product roadmap and serve a broader segment of customers.”

In April 2024, Ripple announced its plans to introduce its own dollar-denominated stablecoin. Ripple’s stablecoin, designed to maintain a constant value of $1, will start trading later this year, Chief Executive Officer Brad Garlinghouse said in an interview. It will be backed by a one-to-one reserve of US dollar deposits, short-term US government bonds and other cash equivalents.