Ripple, which offers blockchain solutions to business, has launched a Delta One business within Ripple Prime after completing its $1.25bn acquisition of non-bank prime broker Hidden Road in 2025.

It became the first crypto company to own and operate a global, multi-asset prime broker which it renamed Ripple Prime after the deal completed. Hidden Road offered institutions a one-stop-shop for services including prime brokerage and financing across foreign exchange, digital assets, derivatives, swaps, and fixed income. In addition, the prime broker cleared $3 trillion annually across markets with more than 300 institutions.

In August this year Ripple Prime announced the launch of its Delta One business, enabling clients to execute total return swaps across U.S.-listed equities, indices, and digital assets.

Noel Kimmel, president of Ripple Prime, said in an email to Markets Media that the Delta One offering is aimed at a range of new and existing clients, including hedge funds, market makers and ETF issuers. He added: “This launch has broadened Ripple Prime’s equities capabilities, which in turn has given us access to a wider client base and more wallet share for existing clients.”

🚨 JUST IN: Ripple Prime just launched a Delta One desk. Goldman has one. JPMorgan has one. Now #Ripple.

Here's the easy breakdown of what a Delta One desk actually is:

→ A client wants the return of a stock or index without owning it
→ The desk writes a Total Return Swap:… https://t.co/zYg5rUIfLy pic.twitter.com/8gBKM8TrNA

— RippleXity (@RippleXity) August 27, 2026

@RippleXity said: “Here’s the easy breakdown of what a Delta One desk actually is:

→ A client wants the return of a stock or index without owning it

→ The desk writes a Total Return Swap: the client receives exactly what the asset does, 1 to 1. That’s the “delta of one”

→ Hedge funds and asset managers use these for access, leverage and efficiency. It’s a multi-trillion dollar corner of institutional finance

Wall Street’s most institutional product just went live at #Ripple.

Same desk as the giants. Except this one never closes.”

Ripple said the launch marks a significant expansion of Ripple Prime’s capabilities in equities and complements its existing prime brokerage, clearing, and financing services across foreign exchange, derivatives, fixed income, and digital assets. In November 2025 Ripple Prime launched digital asset spot prime brokerage capabilities for  U.S.-based institutions to execute over-the-counter (OTC) spot transactions across dozens of the most prominent digital assets.

Kimmel said Ripple Prime clients benefit from a single counterparty relationship and the ability to cross-margin exposures across these asset classes 24/7, providing efficient market access for institutional-scale trading programs. He added: “This connective tissue is key for broad adoption and scale.”

Institutional demand for digital asset derivatives, particularly perpetual futures, is growing quickly, said Kimmel. This has been driven by a significant increase in clients trading these products on offshore, decentralized exchanges in recent quarters.

There is also strong demand for 24/7 margin capability, and Kimmel said that as traditional and digital asset markets converge, the importance of prime brokers in providing this 24/7 access across venues and asset classes “cannot be overstated.”

Kimmel added: “This is in line with what institutional market participants are asking for today, and we have the scale to deliver it.”

Ripple Prime’s ability to accept stablecoins or digital assets as collateral is subject to regulatory approval, according to Kimmel. He added: “We continue to monitor the rulemaking in this space.”

The dedicated Delta One business is a key differentiator for Ripple Prime as one of the largest non-bank prime brokers globally, according to Kimmel. He argued that Ripple Prime’s offering is  attractive because it maintains a conflict-free execution model, as Ripple Prime facilitates its clients’ activity in clearing and financing, with no proprietary trading, investment banking, or wealth management.

Kimmel described Ripple Prime’s Delta One business as being positioned as an alternative to incumbent bank desks that sit alongside market-making or proprietary trading operations. He said: “We do see an opportunity to serve more clients looking for an alternative.”

Financing

Ripple Prime can offer scale after increasing its balance sheet this year. Kimmel said Ripple Prime’s Delta One business introduces a well-capitalized counterparty to the equity derivatives market, with over $1bn in regulatory net capital.

In August this year Ripple Prime closed an upsized issuance of a $275m private placement of senior unsecured notes to support its ongoing and expanding U.S. business. Kimmel said in a statement that the funds offer an additional source of capital to invest in the team and technology as Ripple Prime executes on its “ambitious” growth roadmap and to bolster its position as one of the largest non-bank prime brokers globally.

“The robust support we received for our inaugural notes offering is a testament to the strength of our business today, and confidence in our long-term vision for the growing intersection of traditional and digital asset financial infrastructure,” he added.

The fundraising followed Ripple Prime obtaining a $200m debt facility from funds managed by Neuberger Specialty Finance earlier this year.

In April 2026 a Ripple Prime legal entity received a BBB investment-grade rating from Kroll. The rating applies to a legal entity that is effectively a tri-registered futures commission merchant (FCM) broker-dealer. Kroll said in a report that the fixed income repo platform, launched in March 2025, scaled to approximately $38bn of gross notional within its first year, while FCM segregated balances increased from effectively zero in 2023 to $766m at year-end 2025, which reflects increasing client adoption across both repo and exchange-traded derivatives clearing activities.

“Notwithstanding these strengths, Ripple Prime US remains earlier-stage and smaller in scale relative to established mid- and large-cap broker-dealers,” said Kroll. “As such, the firm’s competitive position is considered average overall, with upside contingent upon continued execution across Delta One equity financing, equity prime brokerage, expanded repo collateral, and broader clearing connectivity.

Kimmel said Ripple Prime is continuing to expand its product and service offering with the goal of being the single access point, clearing and financing partner for institutions trading across multiple markets or asset classes.

@Ripple just opened a Wall Street swap desk. Stocks, indexes, and crypto. One balance sheet.

A central bank does three jobs: it issues the money, it runs the settlement system, and it stands in the middle when credit is extended.

Ripple is lining up the same three. RLUSD is the… https://t.co/3vMqw5ymE5 pic.twitter.com/2kR7waSo0A

— Versan | Black Swan Capitalist (@VersanAljarrah) August 27, 2026

@VersanAljarrah, founder of BlackSwanCapitalist.io and financial analyst specializing in digital assets, blockchain tokenization, and precious metals, said: “A central bank does three jobs: it issues the money, it runs the settlement system, and it stands in the middle when credit is extended.

Ripple is lining up the same three. RLUSD [stablecoin] is the money. The XRP Ledger is the settlement system. Ripple Prime is the credit desk, and Delta One is that desk going live.

Little by little Ripple is becoming a central bank of its own kind. XRP is the reserve asset at the center. The reserve is the scarce asset the rest of the system is organized around. Today was more confirmation.

Next comes another license, another market, another hour they stay open. That’s how the bank gets built.”