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Ripple has officially rolled out digital asset spot prime brokerage services in the United States, deepening its push into institutional finance and digital market infrastructure. The launch follows its acquisition of non-bank prime broker Hidden Road, announced in late October.
Good to Know
With the integration complete, Ripple has folded Hidden Road’s technology and client network into Ripple Prime, its institutional-grade platform designed to unify FX, digital assets, derivatives, swaps, and fixed income products under a single system.
Ripple said its US Prime clients can now cross-margin over-the-counter (OTC) spot trades and existing holdings alongside their broader digital asset portfolios — a key feature that enhances liquidity and capital efficiency for institutional traders.
The platform is structured to bridge traditional and digital finance by enabling clients to clear and finance transactions seamlessly across multiple asset classes. Ripple executives said the goal is to provide banks, funds, and trading firms with tools that match the sophistication of conventional prime brokerage but optimized for blockchain-based markets.
Ripple first announced plans to acquire Hidden Road in April and finalized the transaction in October. The company said the acquisition immediately accelerated Ripple Prime’s growth, with institutional business volumes tripling since the initial announcement.
By incorporating Hidden Road’s infrastructure, Ripple gains access to an established liquidity network and prime brokerage operations that cater to professional investors trading both traditional FX and digital assets.
The combined offering enables institutional clients to manage exposure, margin, and collateral efficiently across all connected venues.
Ripple also confirmed that RLUSD, its US-dollar stablecoin, will become a cornerstone of its institutional products. The company plans to use RLUSD as collateral within its prime brokerage services, broadening the asset’s use beyond payments.
BNY Mellon, one of the world’s largest custody banks, is expected to act as the primary reserve custodian for RLUSD, a move that Ripple says will help ensure transparency and credibility around the stablecoin’s reserves.
The Hidden Road deal is Ripple’s fifth major acquisition in two years, signaling an aggressive strategy to build a full-stack financial ecosystem for institutional users. Other recent takeovers include:
These deals collectively position Ripple as one of the few companies offering end-to-end institutional access across payments, custody, settlement, and digital asset trading.
Ripple Prime is an institutional financial platform that integrates trading, clearing, financing, and collateral management for both traditional and digital assets.
Ripple acquired the entire non-bank prime brokerage operation of Hidden Road, including its infrastructure, client network, and risk systems.
Ripple’s RLUSD stablecoin will be deployed as collateral for institutional trading and financing within the Ripple Prime ecosystem.
BNY Mellon is set to become the primary reserve custodian for RLUSD, ensuring transparency and compliance for the stablecoin’s backing.
Ripple plans to expand Ripple Prime globally, integrating more asset classes and institutional clients while leveraging RLUSD in new financial products.