Ripple's 1,700 NDAs: Where Partnership Details Actually Get Published

For two years, XRP holders have been told that Ripple sits on more than 1,700 non-disclosure agreements with major banks, and that the names will come out one day. The number is real. What it counts, and where partnership details actually surface, is different from the story most people heard.

The video’s argument is simple: Ripple, as a private company, can tell you a deal exists but can’t be made to publish the terms. Its partners often can. Many are listed companies, regulated firms or banks with their own disclosure duties, and those duties are where the hard numbers come from.

Where does the “1,700 NDAs” number come from?

It comes from the SEC’s lawsuit against Ripple, not from a leaked list of banks. According to the video, a post on August 18, 2024 claimed “over 1,700 NDAs between Ripple and major banks, financial institutions, and companies,” and the line spread from there.

The underlying source is court material. Ripple hired an expert witness, Yale law professor Alan Schwartz (not to be confused with David Schwartz, who helped build the XRP Ledger). His team worked through more than 1,700 contracts covering how XRP had been distributed, all produced in discovery, the stage of a lawsuit where both sides must hand over their documents.

The team sorted the contracts into four groups:

1. Straight transfers of XRP
2. Sales to counterparties on platforms
3. XRP paid out for services
4. A mixed group that fit nowhere else

So the court record does confirm that Ripple holds more than 1,700 signed agreements about moving XRP. The word “NDA” was added between the filing and social media. Many commercial contracts carry confidentiality clauses, the host notes, but these documents were contracts about XRP distribution, not a sealed list of bank partnerships.

Why does Ripple stay quiet about its partners?

Because the confidentiality usually belongs to the customer. A non-disclosure agreement is a promise not to share the other side’s private information. It restricts what each party can say. It does not cancel anyone’s legal duty to disclose.

David Schwartz, who built the XRP Ledger, addressed this directly. In April 2026, according to the video, he said many of Ripple’s partners insist on these agreements to keep their business private. In the same breath he said theories about a big hidden catalyst are almost always false. In May, he added that none of the agreements force him to lie, and that there is nothing he is sitting on that he would call earth-shattering.

In an older clip, Schwartz described two kinds of banks: some just wanted a press release so they looked innovative, while others wanted a working system integrated into their business. The video’s point is that the press release is a marketing choice. The integration is the meaningful signal, and it is often the quiet one.

Who has to disclose the details?

The other side of the table. Ripple is private, and nobody can make it publish terms. But a listed bank owes its investors the deals that move its numbers, a public company has to report what it spends and earns, and a regulated firm has to tell its regulator about the products it launches.

The video walks through four partners. Each made its deal public through a different route.

Partner	When	How the details became public
Santander	April 2018	Its own press release and advertising for One Pay FX
MoneyGram	June 2019 to February 2021	SEC filings and published financial results
SBI (Japan)	April 2024 and June 2026	Joint announcement, then a launch approved by Japan’s financial regulator
BNY	July 9, 2025	Its own press release on its own website

What MoneyGram’s filings revealed

MoneyGram is the clearest example, because it was a listed company.

• June 17, 2019: MoneyGram and Ripple announced a partnership. MoneyGram filed the announcement with the SEC as an exhibit.
• June 27, 2019: Ripple Labs itself had to file with the SEC, because it had bought a large enough stake in MoneyGram to be registered as a major owner. The video says Ripple Labs now has its own page on the SEC’s system with 15 filings.
• Results: MoneyGram reported Ripple market development fees of $11.3 million for 2019 and $50.2 million for 2020. Market development fees are payments from one company to another to build volume on a new system, a normal way to seed a payment network.
• In a TV interview shown in the video, MoneyGram’s CEO said it went live with Ripple at the end of July and had passed $100 million in cumulative volume on the platform.
• February 2021: with the SEC suing Ripple, MoneyGram used the same results statement to say it had suspended trading on Ripple’s platform.

The good years and the wind-down were both reported in the same filings, on the same schedule. That is why the video treats a counterparty’s mandatory disclosures as the source worth following.

Santander, SBI and BNY

Santander launched One Pay FX in April 2018 for retail customers in Spain, the United Kingdom, Brazil and Poland, with a press release on April 12 and its own advertising. The video stresses one detail: One Pay FX ran on Ripple’s software, not on XRP itself.

SBI in Japan: in April 2024, Ripple, HashKey and SBI Group announced a supply chain finance product for Japanese businesses on the XRP Ledger. In June 2026, according to the video, Ripple’s US dollar stablecoin went live in Japan on SBI’s trading platform after approval from Japan’s financial regulator. A stablecoin is a token designed to hold a steady value against a currency, in this case about one dollar.

BNY: on July 9, 2025, BNY became the primary reserve custodian for that stablecoin, meaning it holds the money that backs it. BNY announced this on its own website the same day.

Four partners, four routes: a marketing department, a securities filing, a financial regulator and a custody bank’s newsroom.

How to check Ripple’s footprint yourself

The SEC runs a free search engine called EDGAR. Its full-text search covers filings from public US companies back to 2001, with no login or paywall.

1. Open the SEC’s EDGAR full-text search.
2. Type “Ripple Labs” in quotation marks.
3. Scroll the list of company names that come back.

The host says the search returned more than 1,800 filings when he ran it. That is more documents than the 1,700 agreements people have waited to see, and every one of them is public.

The video adds two more public sources. In a clip shown in the video, a Ripple executive said the company holds 75 licenses worldwide, which means 75 regulators keep a file on the company. And Ripple’s escrowed XRP sits on the public ledger, where any block explorer shows the amounts and release dates.

What to watch next

At XRP Australia in Sydney on February 27, 2026, Garlinghouse described adoption as “thousands of switches” rather than one. The video reads that as thousands of separate companies, each with its own board, compliance team, launch date and reporting calendar. A quiet week usually means nobody on the other side has reached their own publication date yet.

Instead of waiting for Ripple to read out a list, the video suggests watching:

• quarterly results from listed payment companies
• regulator approvals in Japan, Singapore, the Gulf and the United Kingdom
• custody announcements from banks
• new product pages on a bank’s own website, especially ones with a launch date and a regulator’s approval number

None of these predict a price. They show where real adoption gets recorded, in documents the partners are obliged to publish.