SoFi added XRP deposit service for its 13.7 million banking customers on April 21, becoming the first nationally chartered bank in the U.S. to offer XRP alongside Bitcoin, Ethereum, and Solana.

SoFi doesn't allow users to withdraw crypto to external wallets, so critics describe its listing as more like an ETF within a banking app—exposure to price volatility without actual ownership of XRP or any activity on the blockchain.

The custody model that SoFi follows is beneficial for XRP's price as it adds another outlet for supply flow alongside the 787 million XRP already stashed in seven ETFs. However, this doesn't contribute to the record daily transactions of XRP which stand at 4.49 million transactions.

This barrier is likely temporary since SoFi launched the Solana platform with the same no-withdrawal policy in November 2025 before enabling external SOL deposits in February, and XRP is expected to follow the same launch pattern $XRP $BTC $ETH