Ripple has officially entered the U.S. digital asset brokerage market with the launch of Ripple Prime, a spot trading platform designed for institutional investors. The new service enables over-the-counter (OTC) spot transactions in digital assets and stablecoins, including XRP and RLUSD, marking a major step in Ripple’s effort to expand its institutional crypto infrastructure. The move follows Ripple’s acquisition of multi-asset prime broker Hidden Road, a $1.25 billion deal that has paved the way for its latest offerings.
Announced via X, Ripple Prime allows institutional clients to execute OTC trades directly without relying on traditional exchanges. These transactions typically occur between large financial entities seeking liquidity and precision pricing. Since Ripple acquired Hidden Road, the company reports that Ripple Prime’s business has tripled, signalling a surge in institutional demand for secure and compliant access to digital asset markets.
The newly launched brokerage offers a comprehensive suite of services, giving U.S. institutions access to a variety of financial instruments—ranging from foreign exchange (FX) and derivatives to swaps, fixed-income products, and cryptocurrencies. Ripple Prime’s design also allows clients to cross-margin their OTC spot trades and holdings across other digital assets, including regulated CME futures and options. This capability aims to improve capital efficiency and portfolio management for institutional traders.
Michael Higgins, Ripple Prime’s International CEO, said the introduction of OTC spot trading enhances Ripple’s existing suite of digital asset services and establishes a robust platform tailored to the strategic needs of U.S. institutions. He added that the launch positions Ripple to deliver a full-scale prime brokerage model spanning both digital and traditional financial assets.
Ripple’s acquisition of Hidden Road, finalised in October 2025 after being announced earlier that year, marked a pivotal moment for the company. Hidden Road, which received its U.S. brokerage license in April 2025, already caters to over 300 financial institutions worldwide. The purchase made Ripple the first crypto firm to own and operate a global, multi-asset prime broker, bridging traditional financial markets and the blockchain economy.
Ripple plans to integrate Hidden Road’s post-trade infrastructure into its native XRP Ledger (XRPL), enhancing transaction speed and reducing operational costs. Furthermore, Ripple’s U.S. dollar-backed stablecoin, RLUSD, will serve as collateral for trading products within Ripple Prime. This integration introduces the first-ever 24/7 cross-margining system between crypto and traditional finance, using a regulated stablecoin to unify both markets.
With Ripple Prime’s official U.S. rollout, the company reinforces its position as a frontrunner in institutional crypto solutions, offering financial institutions a secure, compliant, and capital-efficient gateway to digital asset trading.
