What cryptocurrency are banks using?

It isn’t possible to say with certainty the cryptocurrency being used by the banks since none have been publicly endorsed by the institutions. However, behind the scenes, banks are considering the possible uses of cryptocurrencies particularly in facilitating faster and cheaper cross-border payments and transfers. A case in point is the XRP cryptocurrency which is required for Ripple’s xRapid financial transfer product to work. As such, should the banks adopt the xRapid product, then the XRP cryptocurrency will be used. Other banks could choose other cryptocurrencies, or they could band together to create their own. Also, any stable coin could be a good choice for use by banks so that they can be sure that the amount of money they send is the amount of money that will be received.