Kinexys is JPMorgan's permissioned blockchain network, rebranded from Onyx in late 2024, used to settle institutional repo, FX, and intraday liquidity flows for bank clients.

Does this ranking affect the XRP spot ETF approval?

Not directly. The SEC reviews ETF filings on disclosure, custody, and market structure grounds, not on third-party research rankings. But VanEck has an active XRP ETF filing, which gives the note added weight.

VanEck Ranks XRPL Above JPMorgan Kinexys and Coinbase Base in Corporate Blockchain Tally

Q: What is VanEck's corporate blockchain ranking?

It is a research framework published by VanEck's digital assets team that scores blockchains on institutional integrations, tokenization activity, and real-world settlement use rather than total value locked or developer counts.

VanEck ranked Ripple's XRP Ledger above JPMorgan's Kinexys and Coinbase's Base in a corporate blockchain assessment published Friday, according to a CryptoNews report citing the asset manager's research. The ranking, dated May 30, slots XRPL at the top of a peer group built around tokenization throughput, institutional integrations, and real-world settlement use. It is the first time a major Wall Street issuer has scored the public XRPL ahead of two of the most heavily marketed enterprise chains in the United States.

By Elena Stojanović· AI-assisted· Regulation correspondent

What happened

VanEck's digital assets research team placed the XRP Ledger at the top of a corporate blockchain ranking on Friday, ahead of JPMorgan's Kinexys network and Coinbase's Base layer-2, per a CryptoNews writeup of the asset manager's note. The piece cites the firm's framework, which scores chains on institutional integrations, tokenization activity, and live settlement use rather than the more familiar mix of TVL and developer count. VanEck's crypto research lead Matthew Sigel has previously argued that enterprise utility is the underrated leg of the bull case for XRP, and the ranking lands within that thesis. The note arrived at 18:13 UTC, a Friday slot that typically gets thin trading coverage but heavy weekend social pickup.

XRPL was selected over Kinexys, the rebranded Onyx network JPMorgan launched in late 2024 to settle institutional repo and FX flows, and Base, the Coinbase-backed Ethereum layer-2 that crossed $4 billion in TVL earlier this year. Neither JPMorgan nor Coinbase has responded publicly to the ranking. Ripple's communications team has not posted a statement at time of writing.

Why it matters

This is the first time a registered U.S. asset manager with a live spot ETF business has publicly graded XRPL above the two most-cited enterprise chains in American banking. VanEck issues HODL, the spot Bitcoin ETF, and has filed for spot XRP exposure. That makes its research output a signal rather than a side project, and it lands while the SEC's review window for the firm's XRP product is still open.

The headline reads bullish for XRP holders. The flow picture is thinner. XRPL trails both Base and Solana on weekly active addresses and DEX volume, and Kinexys settles real bank balance sheet trades that no public chain has matched. VanEck's framework reads that gap as a feature rather than a problem, weighting compliance posture and bank-grade integrations heavily. Whether other Wall Street desks adopt the same lens is the question worth tracking.

VanEck Ranks XRPL Above JPMorgan Kinexys and Coinbase Base in Corporate Blockchain Tally

What happened

Why it matters

Market impact

What to watch

Disclaimer

Key takeaways

Frequently asked

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