Ripple has finalized its $1.25 billion purchase of non-bank prime broker Hidden Road, rebranding it as Ripple Prime and marking the first time a crypto company owns a global prime broker. The deal enhances institutional services in digital assets and traditional finance. Ripple's stablecoin RLUSD is now used as collateral for these products.
Ripple, the developer of cryptocurrency XRP, announced the completion of its $1.25 billion acquisition of Hidden Road, a platform that clears $3 trillion annually across markets with more than 300 institutional customers. The acquired entity has been rebranded as Ripple Prime, offering institutions clearing, prime brokerage, and financing services in foreign exchange, digital assets, derivatives, swaps, and fixed income. Since the deal was first announced in April, Ripple Prime’s business has grown threefold.
This acquisition positions Ripple at the center of institutional finance, where prime brokers manage leverage, collateral, and risk for professional trading. By owning such infrastructure, Ripple aims to integrate crypto assets like XRP and its stablecoin RLUSD on par with traditional assets such as stocks and bonds. RLUSD is now being used as collateral for prime brokerage products, with certain derivatives customers holding balances in the stablecoin.
"We are at an inflection point for the next phase of digital asset adoption," said Brad Garlinghouse, Ripple CEO, when the acquisition was announced. He added, "The US market is effectively open for the first time due to the regulatory overhang of the former SEC coming to an end."
RLUSD's utility is bolstered by its regulatory compliance; in July, Bluechip ranked it the number one stablecoin for stability, governance, and asset backing. The Bank of New York Mellon will serve as the primary reserve custodian for RLUSD. However, in the $308 billion stablecoin market, RLUSD ranks 20th with $898 million in market value, or about 0.3% of the total, trailing leaders Tether and USDC.
This deal is part of Ripple's recent acquisition spree, including five major purchases in the past two years: GTreasury for $1 billion last week, Rail in August 2025, Standard Custody in June 2024, and Metaco in May 2023. XRP has risen 8% to $2.48 in the past seven days.