Ripple Signed Three Institutional Deals in One Day. Which of Them Actually Needs XRP?

Ripple closed three major institutional deals in a single day, but signing contracts and actually needing XRP are two very different things. Only one of these partnerships puts the token to work, and the answer may surprise investors watching the…

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Ripple and its cryptocurrency XRP (CRYPTO:XRP) were featured in three significant institutional announcements. Meritz Securities, a prominent South Korean brokerage, plans to explore tokenization and Ripple Custody services with Ripple. Meanwhile, Paxos has added XRP to its institutional brokerage and custody offerings. Additionally, Canton Network announced that Ripple Custody will now support its blockchain.

As of October 8, XRP is trading at $1.36, down about 4% in the last 24 hours, 9% over the past week, and about 63% from its July 2025 peak of $3.65. As Ripple’s activities gain attention, it’s essential to distinguish between positive news for Ripple and actual demand for XRP. So, which of the three deals relies on XRP?

Ripple’s Meritz and Canton Deals Expand Custody Services

The agreement with Meritz covers two main services. Tokenization represents financial assets, such as bonds or fund shares, as tokens on a blockchain, making them easier to move and settle, much like cryptocurrencies. The custody service involves securely holding these digital assets for institutions, typically by protecting private keys.