Ripple created its own form of digital currency referred to as XRP to allow financial institutions to transfer money with negligible fees and wait-time. In 2013, the company reported interest from banks for using its payment system. 

Ripple purports to enable "secure, instantly and nearly free global financial transactions of any size with no chargebacks".
The ledger employs the native cryptocurrency known as XRP.

In December 2020, Ripple Labs and two of its executives were sued by the U.S. Securities and Exchange Commission (SEC) for selling XRP tokens, which the SEC classified as unregistered securities. In July 2023, the court ruled that "XRP, as a digital token, is not in and of itself a 'contract, transaction, or scheme' that embodies the Howey requirements of an investment contract.

Now it´s also possible minting NFTs on the XRPL Ledger. The goal is the tokenization of all kind of assets.