Ripple is stepping up its digital asset push in Brazil. The blockchain company, closely associated with the XRP Ledger network, announced Tuesday a broader suite of services combining cross-border payments, digital asset custody, brokerage, and treasury management tools. The integrated offering targets banks and fintechs that need to move money across borders, hold cryptocurrencies, and manage liquidity within a single system.
VASP License Application Targets Brazil's New Crypto Framework
Ripple said it will apply for a Virtual Asset Service Provider (VASP) license from the Central Bank of Brazil (BCB), bringing its operations under the country's freshly minted crypto regulations. Monica Long, Ripple's president, said in a statement: "Latin America has always been a priority market for Ripple — not only because of the scale of the opportunity, but because Brazil has built one of the most advanced and visionary financial ecosystems in the world."
Several Brazilian firms already use Ripple's payment network. Banco Genial processes same-day US dollar transfers, while Braza Bank uses the system for foreign exchange flows and has issued a real-pegged stablecoin on the XRP Ledger. Fintech Nomad and others move funds between Brazil and the U.S., settling in stablecoins.
Custody Play and Tokenized Commodities
Ripple is also promoting its custody product in Brazil, targeting institutions that need secure storage linked to trading and tokenization. The company noted that partners including CRX and Justoken are leveraging this infrastructure to issue tokenized assets, including real-world assets such as commodities. This marks Ripple's expansion from a pure payment corridor into asset issuance and custody.
Acquisition Spree: Hidden Road and GTreasury
Ripple has been growing rapidly through acquisitions, including the $1.25 billion purchase of prime broker Hidden Road and the $1 billion acquisition of corporate treasury business GTreasury. The company also issues a US dollar stablecoin, RLUSD (currently $1.5 billion market cap), managed through its custody unit. Ripple says its entire payment ecosystem has processed over $100 billion in transaction volume. It recently launched a share buyback program valuing the company at $50 billion.