VanEck, a major asset manager, has formally identified the XRP Ledger as a key infrastructure layer for capturing settlement economics currently held by some of the world’s largest financial institutions.
On May 5, 2026, VanEck published a research piece titled “The Rise of Corporate Blockchains,” authored by Senior Investment Analyst Patrick Bush and Head of Digital Assets Research Matthew Sigel.
The report examines what VanEck calls a $60 billion+ opportunity created as corporations build their own blockchain infrastructure to process settlement flows previously handled by legacy systems.
Crypto researcher SMQKE (@SMQKEDQG) shared the report with his followers, specifically noting XRPL’s placement within VanEck’s competitive analysis table.
VanEck’s research maps XRPL as a “Corp/Permissioned Chain” competitor across three major financial use cases: cross-border payments, collateral and settlement, and securitization. Each row in the analysis pits XRPL against legacy incumbents like SWIFT, DTCC, Euroclear, Goldman Sachs, JPMorgan, and Citigroup.
Public chain challengers, including Ethereum, Tron, and Base, also appear in the table. XRPL sits in the corporate/permissioned chain column alongside platforms like Kinexys, Fnality, Canton, and Provenance.
VanEck assigns specific revenue projections to each use case by 2030. Cross-border payments represent $20 billion of annual revenue with $7.5 trillion daily in FX volumes, and a 5-10bps take rate. Collateral and settlement projects $10 billion of annual revenue against $2.3 Quadrillion settled with a 10-30bps take rate.
Securitization carries a $15 billion annual revenue estimate tied to $3-$4 trillion securitized at a 50-300bps take rate. These three categories total more than $45 billion in projected annual revenue at the conservative end, with the full opportunity exceeding $60 billion.
VanEck’s report identifies a structural shift currently playing out in crypto markets. Since early 2025, ETH has fallen 40%, and SOL 57%. Meanwhile, VanEck’s crypto equity index, MVDAPPP, declined only 4%. The firm attributes this divergence to corporations capturing settlement economics that previously flowed to public-chain tokens.
VanEck states that value is migrating from protocol tokens to the equities and infrastructure providers building corporate blockchains. XRPL’s inclusion as a named infrastructure layer across all three use cases places it inside that infrastructure category.
VanEck warns that many public crypto projects will lose substantial value if they cannot assert revenue-generating use cases with chain competition. XRPL’s explicit placement within the corporate/permissioned chain column positions it on the infrastructure side of that divide.
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