Ripple Launches Institutional Prime Brokerage, Reaches $1 Billion for RLUSD Stablecoin

Ripple Labs officially launched its institutional prime brokerage service this week, marking a significant shift in the company’s focus toward serving larger financial institutions. This move follows their recent acquisition of Hidden Road, a multi-asset prime brokerage, for $1.25 billion. The newly established Ripple Prime enables institutions to execute large OTC trades in digital assets like XRP and the company’s dollar-pegged stablecoin RLUSD, which recently hit a market capitalization of over $1 billion. Ripple’s expansion into this space presents competition to established players like Coinbase Prime and Anchorage Digital.