Ripple Prime Launches Delta One Business With Total Return Swaps

Ripple Prime launched a Delta One business offering institutional clients total return swaps on U.S.-listed equities, indices and digital assets, expanding Ripple’s financial-market services after its $1.25 billion acquisition of Hidden Road.

The business went live Aug. 27. Its contracts provide economic exposure to an asset or index without requiring direct ownership, while incorporating financing-related payments.

Clients can cross-margin positions across equities, foreign exchange, derivatives, fixed income and digital assets through a single counterparty relationship. Access is available 24/7.

“The launch of our Delta One business is an important development for Ripple Prime and a natural extension of the platform we’ve built,” Noel Kimmel, president of Ripple Prime, said.

Ripple announced the acquisition of Hidden Road on April 8, 2025. The transaction created a global, multi-asset prime brokerage covering foreign exchange, digital assets, derivatives, swaps and fixed income.

The acquisition closed Oct. 24, 2025, and Hidden Road began operating as Ripple Prime. The business had grown threefold from the time the acquisition was announced. Hidden Road cleared more than $3 trillion annually and served more than 300 institutional customers at that time.

Ripple Prime had more than $1 billion in regulatory net capital when the Delta One business launched. Ripple also completed a $275 million private placement of senior unsecured notes in August 2026, following a $200 million debt facility arranged earlier in the year.

Ripple USD (RLUSD) serves as collateral for some prime-brokerage products, while certain post-trade activity is planned to move to the XRP Ledger.

The expansion follows Ripple Prime’s broader expansion into institutional market services. On Oct. 6, Ripple Prime agreed to provide multi-asset prime brokerage, clearing and financing services to Brevan Howard funds.

Prime brokerage platforms combine financing, clearing, custody support and access to multiple asset classes for institutional clients. Prime-brokerage fee revenue, Delta One transaction volumes and profitability have not been disclosed.