News linked to both this project and an event.
According to CoinDesk, Ripple’s brokerage Ripple Prime (formerly Hidden Road) has enabled institutional clients to trade swap contracts linked to over 100 stocks, commodities, and money markets around the clock, with the option to use its US dollar-backed stablecoin RLUSD as collateral. These swap contracts track the perpetual contracts listed on the Trade.xyz platform on Hyperliquid, are currently provided under Ripple Prime’s British Virgin Islands license, with plans to expand into additional jurisdictions in the future, while trading firm Virtu has already joined as an early client. In a client report, Daragh Maher, Head of Digital Assets Research at HSBC, characterized the offering as a “gradual rather than revolutionary” upgrade, noting that its current market size remains modest compared to traditional finance, with initial activity likely concentrated among market makers, proprietary trading firms, and hedge funds executing basis trades.
According to CoinDesk, Ripple Prime, the prime brokerage division under Ripple, has begun providing financing services for leveraged equity ETFs, charging financing fees to funds through total return swaps. This market was previously dominated by large banks and securities firms. In October 2025, Ripple acquired multi-asset brokerage Hidden Road for $1.25 billion, entering the clearing, financing, and cross-asset trading businesses. In August 2026, Ripple launched its Delta One business, offering total return swap products linked to U.S. equities, market indices, and digital assets, while maintaining over $1 billion in regulatory net capital and completing a $275 million senior notes issuance.