- Ripple Prime launched RWA swaps giving institutional clients 24/7 exposure to more than 100 traditional financial markets through Hyperliquid-linked futures.
- Virtu is among the clients using the new swaps, with Ripple Prime acting as the institutional counterparty.
- Cross River Bank integrated RLUSD and XRPL into its banking infrastructure to support faster intraday settlement.
- Transak added native RLUSD support on XRPL, expanding access to regulated dollar settlement across its payments network.
There’s a lot happening at Ripple, the San Francisco-based company closely associated with XRP, the fifth-largest crypto asset. Ripple introduces 24/7 swaps referencing Hyperliquid futures, an RLUSD partnership and fresh XRP Ledger (XRPL) support.
In a 15 October press release, Ripple said it has introduced real-world asset (RWA) swaps for institutional clients via Ripple Prime, with Virtu among the clients.
The swaps provide exposure to more than 100 traditional financial markets, including equities, ETFs, commodities and currencies. They reference perpetual futures listed by Trade.xyz on decentralised derivatives platform Hyperliquid, while Ripple Prime acts as the counterparty for institutional clients.
Related: Ripple’s TradFi Ambitions Grow with Wall Street Financing and Korea Deal
Michael Higgins, International CEO of Ripple Prime, said “RWA swaps are where traditional and digital markets meet”, adding that institutions want 24/7 access to trading through digital tools.
With RWA swaps, we are enabling clients to execute increasingly sophisticated trading strategies and actively manage their portfolios in response to today’s dynamic global markets.
Michael Higgins, Ripple Prime International CEO RLUSD Expands Further
Meanwhile, Cross River Bank announced a partnership with Ripple, integrating the stablecoin RLUSD into its banking infrastructure, including XRPL transactions.
In a statement on X, the bank said they’re “combining traditional payment technology with RLUSD on the XRPL”, which will allow “issuers and acquirers greater flexibility to settle intraday and reduce settlement latency”.
RLUSD has become the eighth-largest stablecoin with a US$2.38 billion (AU$3.42 billion) market cap, trailing far behind top players USDT and USDC with US$183.42 billion (AU$264.02 billion) and US$72.71 billion (AU$104.66 billion), respectively.
RLUSD saw further expansion on Thursday, with payments infrastructure provider Transak bringing native RLUSD support to XRPL.
Related: Ripple and Privy Bring XRP Ledger Wallets Into Developer Apps
In a statement, Transak said licensed, dollar-backed digital tokens are increasingly used for international money transfers, corporate cash holdings, card funding and paying sellers and freelancers abroad, with interest coming from traditional financial firms and payment businesses as well as the crypto sector.
Sami Start, the CEO and co-founder of Transak, said merging RLUSD and XRPL on their rails “means any financial application can settle in regulated dollars, in seconds, anywhere we operate”.
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