New information has highlighted documentation connecting major international banks to early efforts to deploy distributed ledger technology developed by Ripple.
The material, recently shared by crypto researcher SMQKE, references an organized banking consortium established to support the practical adoption of Ripple’s technology within global payment systems.
The material referenced in the post points to the Global Payments Steering Group, a banking consortium established in September 2016 to guide the adoption of Ripple-based infrastructure in cross-border finance.
SBI Holdings confirms The Royal Bank of Canada is directly participating in “efforts toward commercial use of Ripple’s distributed ledger technology.”✅
The GPSG was “established to formalize standards for activity using Ripple, so that financial institutions can smoothly… https://t.co/YHD0BsUkZo pic.twitter.com/eKhQ231RoM
— SMQKE (@SMQKEDQG) March 7, 2026
According to the documentation highlighted by SMQKE, the group was created to formalize operational standards for institutions implementing Ripple’s distributed ledger technology. The objective was to enable banks to introduce the software smoothly while ensuring interoperability and consistent operational practices across participating institutions.
The consortium’s leadership structure includes advisory oversight connected to Ripple itself. The document indicates that Donald Donahue serves as chairman of the initiative, which is a direct link between the technology provider and participating financial institutions.
Participation of Major International Banks
The information shared by SMQKE shows that several globally recognized banks joined the initiative during its early phase. Among the institutions identified is the Royal Bank of Canada, one of Canada’s largest financial institutions.
The post highlights confirmation from SBI Holdings that the Royal Bank of Canada has directly participated in efforts to enable commercial use of Ripple’s distributed ledger technology.
Other banks listed in the documentation include Bank of America, Santander, Standard Chartered, Westpac Banking Corporation, Canadian Imperial Bank of Commerce, and Bank of Tokyo-Mitsubishi UFJ. These institutions collectively represent major financial markets across North America, Europe, Asia, and Australia.
According to the tweet, the consortium’s purpose goes beyond experimentation. Instead, the initiative was created to accelerate real-world deployment of distributed ledger solutions for international remittances and payment infrastructure.
The documentation suggests that establishing shared standards would allow banks to transition from testing environments into commercial operations more efficiently.
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Canadian Developments Within the Ripple Ecosystem
SMQKE’s post also included commentary from an X user named Monica, who highlighted ongoing developments within Canada’s financial sector related to the Ripple ecosystem. She noted pilot initiatives by the Royal Bank of Canada and Canadian Imperial Bank of Commerce, including broader experimentation involving tokenized financial instruments.
According to her statement, these initiatives include projects related to tokenized bonds and potential exchange-traded products tied to digital assets. She also suggested that cross-border payment systems utilizing On-Demand Liquidity could see adoption in Canada within the coming years, with a possible timeline extending to 2026.
Taken together, the documentation highlighted by SMQKE and the accompanying commentary illustrate how major financial institutions have explored structured collaboration around Ripple’s technology.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are advised to conduct thorough research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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