Ripple nears $900 million revenue run rate and expands Coinbase and BNY partnerships at Swell 2026
At Swell 2026, its flagship annual event, Ripple unveiled a series of strategic partnerships and business updates that reflect its growing momentum across payments, custody, stablecoins, prime brokerage and treasury management.
Ripple, the leading provider of blockchain solutions across traditional and digital finance, has reported the company is on track to exit 2026 with $900 million in annualised product revenue. Combining native product growth and strategic acquisitions in 2025, the company’s focus this year is integration – and the results speak for themselves. With over $16 trillion in transactions enabled across Ripple’s products in 2025, the opportunity to convert this volume onto digital rails is historic. At Swell 2026, Ripple also received final approval from the OCC for a National Trust Bank charter.
With over 85 licenses, Ripple has built end-to-end digital asset infrastructure that gives 1,700+ institutions, corporates and enterprises always-on access to move, manage, hold and tokenise value. This year, Ripple has seen 3X growth in customers and partners such as BNY, DriveWealth, Robinhood, and Water.org using multiple solutions together including payments, custody, stablecoin, prime brokerage and treasury management.
“As traditional and digital finance converge, market infrastructure is migrating to modern rails. Settlement is moving to real-time, 24/7, and tokenised assets can be traded, financed and used as collateral. Ripple is at the epicentre of this massive transformation to rewire the world’s financial system, solving the inefficiencies that have slowed money movement for decades with digital assets like XRP. Others focus on individual pieces of the puzzle – Ripple is bringing all of that together, with our partners, to enable the Internet of Value,” said Brad Garlinghouse, CEO of Ripple.
A compliance-first approach to holding and moving value globally
The foundation of Ripple’s business is enabling blockchain infrastructure to help businesses move money between their global accounts more efficiently, 24/7. With 60+ payout markets and the network approaching $150 billion in lifetime volume by year-end, Ripple Payments and Custody allow banks and fintechs such as DBS, HSBC, FirstRand Bank, and Standard Chartered to move and manage their assets around the world. This includes accepting and collecting stablecoins, securely storing assets, and/or paying out in their preferred currency through end-to-end rails with managed custody technology, and institutional trading and liquidity capabilities via Ripple OTC.
Ripple USD (RLUSD) remains the gold standard for reserves and compliance among USD stablecoins, as Ripple receives final approval from the Office of the Comptroller of the Currency for chartering Ripple National Trust Bank, a federally supervised national trust bank. Now at a $2.6 billion market cap, up more than 88% year to date, RLUSD is utilised across all of Ripple’s solutions as an enterprise-grade, regulated digital dollar, and trusted as the stablecoin facilitating onchain repo markets. RLUSD is now available across the world’s largest crypto exchanges and trading platforms, including Coinbase, Robinhood, Binance, Kraken and OKX, and partnerships with Cross River and Mastercard are expanding its role in payment settlement.
Extending always-on finance across treasury and capital markets
The growth of 24/7 markets is enabled through around-the-clock access to venues and asset classes that can be cross-margined. Ripple Prime plays a vital role in providing capital efficiencies across pools of liquidity for the underlying assets being traded. As institutions look to trade derivatives like real-world asset (RWA) perpetual futures and access prediction market venues, this connective tissue is key for broad adoption and scale. Ripple Prime is enabling support for event contracts, and RWA perpetual futures, through the settlement, financing and clearing of transactions across venues and trading partners, including Jump Trading, Kalshi, Hyperliquid, Virtu, and Rothera. Clients now have one prime brokerage platform spanning equities, FX, futures, fixed income and digital assets, with a single point of access, financing and clearing across traditional and digital markets.
With digital rails powering instant global settlement, the opportunity to bring stablecoins and digital asset rails to streamline corporate treasury flows is growing rapidly. Ripple Treasury introduced a new platform for the office of the CFO, powered by an orchestration layer that connects cash management, forecasting, liquidity, and payments. The launch includes 24/7 Returns, enabling customers to put idle operating cash to work outside banking hours through RLUSD, tokenised money market funds on XRP Ledger (XRPL), and Ripple’s institutional liquidity infrastructure. Serving more than 1,000 customers across 160 countries, Ripple Treasury is helping businesses such as American Airlines and Trax automate workflows and manage money around the clock.
Building on the blockchain designed for movement of value
Ripple’s products and solutions provide the full stack of enterprise financial infrastructure, built on the XRPL, a public blockchain designed for the efficient movement of value. Ripple, alongside the XRP community, continues to expand XRPL’s capabilities across payments, collateral and liquidity, and credit and financing. New features like Permissioned Delegation and Batch Transactions give institutions greater control over account permissions and privacy.
Building on capital markets use cases with Aviva Investors, Franklin Templeton and DBS, Ripple and BNY are expanding their collaboration to advance tokenised trade finance on the XRPL, starting with a supplier finance initiative with C2FO. Wallet infrastructure is also expanding how businesses and developers use the XRPL – for example, Privy, a Stripe company, is supporting payments with XRP, RLUSD and other digital assets on the XRPL through programmable wallets, including for AI agents.
As Ripple concludes its 10th annual Swell event, bringing together over 1,500 financial institutions, builders, asset managers, regulators and XRP enthusiasts, the company is also launching a global campaign to bring awareness of digital asset utility to modernise global finance with actor, producer and businessman, Miles Teller.
Ripple and Coinbase partner to expand access to Ripple USD
Ripple and Coinbase have announced a partnership to bring Ripple USD (RLUSD) to Coinbase, significantly expanding market access and utility for the enterprise-grade stablecoin in the U.S.
Retail and institutional clients can now trade and manage RLUSD through Coinbase Prime, Coinbase Exchange and the Coinbase Retail app, with 1:1 conversion from U.S. dollars and other supported USD-denominated stablecoins into RLUSD. Availability for Coinbase Global Exchange customers, including leveraging RLUSD as collateral, will follow.
“Institutional appetite for compliant, high-quality stablecoins is clear. The challenge is making them readily available through the platforms institutions already trust and use. Our partnership with Coinbase meets that demand head on. It brings RLUSD to the largest institutional client base in the U.S. crypto market, across execution, settlement and custody – all in one place,” said Jack McDonald, SVP of Stablecoins at Ripple.
“Institutions want access to a full range of payment options, alongside the execution, settlement, and custody they already rely on. Adding RLUSD on Coinbase is another step toward the everything exchange — one venue where clients choose the assets that fit their strategy, on infrastructure built for security and compliance,” said Brett Tejpaul, Co-CEO, Coinbase Institutional.
Support for deposits and withdrawals across XRPL, Base and Ethereum offers users greater flexibility to move RLUSD across blockchain ecosystems. On Base, Ripple will provide liquidity to support the growth of RLUSD.
BNY and Ripple expand strategic collaboration
Ripple and BNY, a global financial services company, have also announced an expansion of their strategic collaboration to broaden institutional digital asset custody capabilities and explore new institutional use cases for blockchain technology, including tokenised trade finance. The collaboration brings together Ripple’s digital asset solutions and the XRP Ledger (XRPL), a public blockchain, with BNY’s scale, servicing model and digital capabilities.
Building on BNY’s role as primary reserve custodian for Ripple’s stablecoin, RLUSD, and its custody relationship with Ripple Prime, BNY now supports XRP, the native digital asset of the XRP Ledger, and RLUSD on its Digital Asset Custody platform. BNY’s platform is designed to provide institutional clients with secure digital asset custody within the governance, controls and resiliency of its broader servicing model, giving eligible clients a seamless way to safekeep, hold and transfer digital assets.
“We’re moving past the initial issuance of assets onchain – now, it’s all about making these tokenised assets usable for payments and collateral across financial markets. With BNY, we’re connecting the necessary components of financial infrastructure on the XRP Ledger so institutions can move from holding digital assets to using them within capital markets and trade finance seamlessly,” said Monica Long, President of Ripple.
“Future market infrastructure will deliver connectivity across payments, liquidity, collateral and securities, driven by architected bridges between traditional scaled systems and always-on blockchain technology. In collaboration with Ripple, we are working to shape a more continuous, efficient and resilient financial system, paving the way for broader institutional adoption,” said Carolyn Weinberg, Chief Innovation and Market Transformation Officer at BNY.
BNY intends to broaden its support for tokenised assets and investment products issued on the XRPL as institutional use cases on the ledger continue to develop and work with Ripple to enable BNY clients to mint and redeem RLUSD directly through BNY. Both initiatives aim to support more efficient payments, settlement and collateral workflows over time.
Ripple and BNY also intend to advance tokenised trade finance on the XRPL, subject to client requirements. Tokenised trade finance uses blockchain technology to digitally represent existing trade finance assets, such as receivables, with the potential to broaden investor access and simplify how those assets are managed and distributed. As a first step toward this ambition, Ripple and BNY are exploring a supply chain finance initiative with C2FO, a global platform for working capital, focused on expanding investor access to the asset class.
“We’ve spent years building a platform that gives businesses more information and control over their working capital. The next opportunity is to make the financial infrastructure behind our marketplace as efficient and connected as the experience we’ve created for customers. Working with Ripple and BNY and leveraging XRPL, we are excited to explore how a new model for financing approved receivables has the potential to broaden access to capital while preserving the relationships and experience our customers already trust,” said Ragui Selwanes, President & COO Americas at C2FO.
Purpose-built for institutional use, RLUSD has grown to approximately $2.5 billion in market capitalisation and supports use cases across payments, trading and tokenised finance. XRPL has processed more than 4.6 billion transactions since launch, with transactions settling in approximately three to five seconds. Its native capabilities for issuing, transferring and exchanging digital assets support institutional use cases.
