Overview
- Ripple Prime, which launched its Delta One business on Thursday, August 27, 2026, is offering total return swaps that give institutions synthetic exposure to U.S.-listed equities, major indices and selected digital assets without requiring ownership of the underlying securities.
- The desk operates as a single-counterparty prime-brokerage product that lets hedge funds, asset managers and market makers cross-margin eligible positions across traditional and digital markets on a round-the-clock basis.
- Ripple Prime says the business follows a conflict-free execution model focused only on clearing and financing rather than proprietary trading or market-making, and it arrives after a $275 million private note placement and a $200 million debt facility.
- Key operational details remain undisclosed at launch, including the specific stocks, indices and cryptocurrencies supported, pricing and margin schedules, named counterparties and any explicit role for XRP, RLUSD or the XRP Ledger.
- The Delta One rollout builds on Ripple’s October 2025 acquisition of Hidden Road and expands its multi-asset prime-brokerage footprint, a move that could shift some equity-derivatives flow away from bank desks but will depend on client adoption, disclosed volumes and transparent settlement terms.