SoFi Lists XRP Deposits but Blocks External Withdrawals

SoFi announced on X that customers can buy and hold XRP in the SoFi app alongside Bitcoin, Ethereum and Solana, but the platform blocks transfers of XRP to external wallets. The listing allows users to gain price exposure to XRP without the ability to move coins off SoFi’s custody.

Users reacted on X, with many arguing the setup denies them control of the underlying token. Dan Thurman wrote that “the platform operates like a spot ETF because users are only getting a derivative of XRP’s value from a risky bank.” Critics said the lack of withdrawal support forces customers to depend on SoFi’s solvency and compliance to access value. Other holders welcomed the listing as evidence of demand for XRP, and Ripple responded that greater access would let more people participate.

SoFi has expanded its crypto services in recent years. The company, which markets itself as the first nationally chartered U.S. bank to offer direct crypto trading from FDIC-insured accounts, reported its first billion-dollar revenue quarter in Q4 last year. In March, SoFi partnered with Mastercard to enable its SoFiUSD stablecoin on Mastercard’s network.

Institutional interest in the XRP Ledger has grown separately from retail listings. At the Digital Assets Forum 2026 in London, Odelia Torteman, director of Corporate Adoption at XRPL Commons, told attendees that BlackRock, Mastercard and Franklin Templeton have shown interest in the ledger. Banks and asset managers are evaluating the network mainly for tokenization, stablecoin settlement and fast payment rails rather than for speculative trading in XRP.

Activity on the ledger has expanded in recent months. Total tokenized value on XRPL is about $2.5 billion, up from roughly $1.5 billion after real-world asset tokenization rose about 875 percent. The ledger offers features that appeal to institutions, including a built-in automated market maker, a native decentralized exchange, trust lines to help enforce compliance and KYC tooling that can reduce separate compliance layers. Technical metrics cited by proponents include settlement times of three to five seconds, transaction costs near $0.0002 and throughput up to 1,500 transactions per second.

Ripple has worked with Franklin Templeton and DBS Bank on tokenized lending and trading projects and partnered with Securitize to provide continuous liquidity for tokenized Treasury products, enabling investors in funds to convert holdings into RLUSD. In November, Mastercard, Gemini and Ripple tested RLUSD on XRPL for settling card payments.

XRP ranks among the largest cryptocurrencies by market capitalization, around $100 billion. The SoFi listing highlights a difference between institutional experimentation on XRPL and the capabilities available to many retail users: deposits and custodial trading give price exposure, while withdrawal limits prevent customers from moving or self-custody tokens.