Ripple Prime Expands Into U.S. Equities With Delta One Launch

Ripple is expanding its institutional trading operations into U.S. equities with the launch of a new Delta One business through its Ripple Prime platform, broadening the crypto company's presence across traditional financial markets.

The company announced Thursday that Ripple Prime's Delta One offering is now live, giving institutional investors access to total return swaps linked to U.S.-listed stocks, equity indices and digital assets. The service is designed primarily for hedge funds, asset managers and other financial institutions seeking exposure across multiple asset classes.

The launch extends Ripple Prime beyond its existing prime brokerage, clearing and financing operations. Clients can access foreign exchange, digital assets, derivatives, swaps, fixed income and now U.S. equity-linked products while working through a single counterparty.

Ripple is positioning its Delta One platform differently from conventional trading desks. The company said Ripple Prime does not operate alongside proprietary trading or market-making businesses. Instead, the platform concentrates on providing institutional clearing and financing services.

The expansion is part of Ripple's broader strategy to build financial infrastructure around its institutional prime brokerage operations. According to the company, Ripple Prime currently has more than $1 billion in regulatory net capital. The business also recently completed a $275 million private placement of senior unsecured notes, strengthening its financial position as it expands its services.

Ripple's relationship with institutional brokerage platform Hidden Road played a major role in creating Ripple Prime. Ripple initially became a minority investor in Hidden Road in 2022 before announcing a $1.25 billion acquisition agreement in April 2025.

The transaction was completed in October 2025, after which Hidden Road was integrated into Ripple and rebranded as Ripple Prime.

With the introduction of Delta One trading, Ripple is moving further beyond its cryptocurrency roots and deeper into traditional capital markets. The expansion gives institutional clients a broader range of trading, clearing and financing services through one platform while strengthening Ripple's position in the institutional financial services sector.