Banks Are Tokenizing Everything: Do Chainlink or XRP Benefit?

Financial institutions are increasingly integrating blockchain technology to move funds, bonds, and commodities, yet the direct value accrual to native tokens like Chainlink (LINK) and XRP remains uncertain. In late September 2026, Chainlink announced a partnership with Infosys, a software provider managing 1.7 billion customer accounts, and established a connection to SWIFT’s new blockchain ledger involving 17 major banks including HSBC, Citi, and UBS. Simultaneously, the XRP Ledger has seen $2.2 billion in tokenized commodity inflows in 2026, surpassing Ethereum’s $1.6 billion, largely driven by energy tokens like JMWH. Despite these institutional milestones, both LINK and XRP have experienced significant price declines, with LINK trading 40% lower year-over-year and XRP down nearly 50%. The disconnect stems from the fact that banks often utilize these networks for settlement without holding the native tokens, opting instead for dollar-backed stablecoins or intermediary services. While Chainlink’s CCIP protocol requires fees that could theoretically drive demand for LINK, banks can settle payments in fiat, limiting the token's utility. Similarly, the XRP Ledger burns small amounts of XRP during transactions, but this deflationary pressure is negligible compared to the asset's $89 billion market capitalization. This trend highlights a growing gap between the adoption of blockchain infrastructure by traditional finance and the actual investment value captured by the underlying crypto assets.