Ripple announced a institutional partnership with Meritz Securities on October 14, 2026, marking its first securities firm collaboration in South Korea, even as retail trading volumes for XRP on local exchanges experience a steep decline.
Institutional Expansion Across South Korean Finance
The agreement with Meritz Securities represents Ripple’s fourth institutional partnership in South Korea this year, joining previous deals with Kyobo Life Insurance for tokenized government bond settlement, Kbank for wallet infrastructure, and Jeonbuk Bank for cross-border remittances via Ripple Payments. Meritz plans to integrate Ripple Custody and tokenization tools into its capital market operations while exploring spot ETFs, fractional investments, security tokens, trading platforms, and won-denominated stablecoins. This expansion aligns with broader market infrastructure shifts, such as Standard Chartered's custody deal with Ripple and Ripple's integration with Privy for AI payments.
Fiona Murray, Ripple’s managing director for Asia Pacific, noted that South Korean institutions are moving "from exploration to real-world utility." Francis Kang, executive director of Korea Blockchain Week, informed Chainalysis that every major South Korean bank and brokerage firm now operates a dedicated digital asset team testing stablecoin, tokenization, or custody pilots. Domestic compliance remains paramount, particularly after South Korea blocked 27 foreign crypto exchanges to steer trading activity into regulated local channels.
Retail Capital Shifts Toward AI Tokens
Despite institutional adoption, retail demand for XRP in South Korea has cooled. Data from Chainalysis revealed that artificial intelligence tokens surpassed payment tokens in South Korean won trading volume by June 2026, recording a concentration 19.5 times higher than the Japanese yen market. Worldcoin (WLD) led the AI category with $7.41 billion in annual volume through June, growing alongside the stock market rise of chipmaker SK Hynix.
On local exchange Upbit, monthly XRP/KRW trading volume contracted from 28.94 billion XRP in November 2024 to 3.54 billion XRP in September 2026. Even so, XRP remained Upbit’s top asset by 24-hour trading value on October 14, 2026, generating 80.5 billion won, ahead of Bitcoin (BTC) at 73.8 billion won. Price-wise, XRP traded at $1.37, down 7.19% over seven days and 62% below its all-time high of $3.65 set on July 17, 2025.
Key Takeaways
- Meritz Securities signed as Ripple's first South Korean brokerage partner, joining Kyobo Life, Kbank, and Jeonbuk Bank.
- Monthly XRP/KRW volume on Upbit dropped from 28.94 billion XRP in November 2024 to 3.54 billion XRP in September 2026.
- AI tokens led by Worldcoin ($7.41B volume) overtook payment tokens in Korean won trading share by June 2026.
- XRP traded at $1.37, down 7.19% over seven days while retaining 80.5 billion won in daily volume on Upbit.
Why It Matters
The split between South Korea's institutional uptake and retail trading trends highlights a structural transformation in the market. While retail traders have rotated out of payment tokens into AI-focused assets, traditional financial institutions are establishing enterprise-grade custody and tokenization rails. If Korean regulators eventually authorize institutional products like spot ETFs or security token frameworks, these enterprise integrations could establish a sustainable institutional liquidity base independent of retail trading cycles.
