Ripple announced on October 24, 2025, that it has finalized the acquisition of Hidden Road, a non-bank prime broker, and rebranded the entity as Ripple Prime. The deal makes Ripple the first cryptocurrency company to own and operate a global, multi-asset prime brokerage, offering services spanning digital assets, foreign exchange, derivatives, swaps, and fixed income products. This marks Ripple's fifth major acquisition in about two years, following the purchases of GTreasury, Rail, Standard Custody, and Metaco, signaling a strategic pivot toward institutional-grade blockchain financial infrastructure.
Ripple Prime Bridges Traditional and Digital Markets
Ripple Prime integrates Hidden Road's existing prime brokerage capabilities with Ripple's blockchain network, allowing institutional clients to access digital assets, derivatives, and cross-asset liquidity through a single platform. Ripple noted in a statement: "Since the initial announcement of the acquisition, Ripple Prime’s business has grown by 3X, and additional growth for new and existing customers is expected." Hidden Road’s founder and CEO, Marc Asch, is working closely with Ripple CEO Brad Garlinghouse and the leadership team to drive integration and expand global institutional reach.
Garlinghouse emphasized on X (formerly Twitter) that XRP remains at the center of everything Ripple does. He hinted that Ripple Prime will deepen XRP's use in cross-border payments and settlement, while also boosting the adoption of the RLUSD stablecoin among institutional players.
RLUSD: From Collateral to Core Asset
Ripple explicitly stated: "Ripple Prime will significantly enhance the utility and reach of Ripple’s stablecoin, RLUSD. Today, RLUSD is being used as collateral for a number of prime brokerage products." Certain derivatives customers have already opted to hold their balances in RLUSD, and this usage is expected to grow substantially in the coming months. RLUSD earned an “A” rating from research firm Bluechip in July 2025 for its stability, governance, and asset backing, with The Bank of New York Mellon Corporation (NYSE: BK) serving as its primary reserve custodian.
With Ripple Prime, RLUSD is no longer confined to Ripple's payment network but is directly embedded in mainstream brokerage operations, providing institutions with a low-volatility collateral option. This marks Ripple's transformation from a "payment protocol" to a "full-stack institutional financial infrastructure provider."
Industry Impact and Competitive Landscape
Traditional prime brokers like Goldman Sachs and Morgan Stanley are gradually entering the crypto space, but Ripple Prime is the first multi-asset brokerage platform fully owned and operated by a crypto-native company. Analysts believe this will force existing brokers to accelerate blockchain integration while generating significant transaction fee and custody revenue for Ripple. Garlinghouse stated, "As we continue to build solutions towards enabling an Internet of Value – I’m reminding you all that XRP sits at the center of everything Ripple does. Lock in."
With the expansion of Ripple Prime, institutional usage of XRP and RLUSD is expected to rise significantly. Ripple has signed cooperation agreements with several large institutions across the U.S., Europe, and Asia-Pacific to provide clearing, settlement, and financing services under compliant frameworks.