Ripple says its product business is approaching a $900 million annualized revenue run rate as the company expands beyond payments into stablecoins, custody, prime brokerage, treasury management and institutional market infrastructure.
The milestone was disclosed on October 28 as Ripple opened its Swell 2026 conference in New York.
According to Ripple’s official business update, the company now works with more than 1,700 institutions, corporates and enterprises and has seen customer growth triple during 2026.
The company also received final approval from the Office of the Comptroller of the Currency to establish Ripple National Trust Bank, while its RLUSD stablecoin has grown to approximately $2.6 billion in market capitalization.
Together, the developments illustrate how Ripple is attempting to transform from a company primarily associated with XRP and cross-border payments into a broader financial infrastructure provider.
Ripple Approaches $900 Million Annualized Product Revenue
Ripple says it expects to exit 2026 with approximately $900 million in annualized product revenue.
That figure is a revenue run rate rather than $900 million of revenue already recognized during the calendar year.
The distinction matters.
Annualized revenue extrapolates current business activity over a full-year period, giving investors and customers an indication of the scale Ripple believes its products have reached.
The company attributes the growth to both organic expansion and the integration of businesses acquired during the previous year.
Ripple says its products enabled more than $16 trillion in transaction activity during 2025, providing a large existing base that can increasingly be moved onto blockchain-based settlement infrastructure.
Its strategy now spans payments, custody, stablecoins, prime brokerage and corporate treasury management rather than depending on one individual crypto product.
RLUSD Has Become a Core Part of Ripple’s Strategy
Ripple USD has quickly become central to that expansion.
Ripple says RLUSD has reached approximately $2.6 billion in market capitalization, increasing more than 88% during 2026.
The stablecoin launched in December 2024 and is backed by reserves including US dollar deposits, short-term US Treasuries and other cash equivalents.
Ripple is increasingly positioning RLUSD not simply as another dollar stablecoin but as the settlement asset connecting its different products.
It is used across payments, institutional trading, treasury services and onchain finance.
Distribution is also expanding rapidly.
On October 28, Ripple announced a new partnership with Coinbase that brings RLUSD to Coinbase Prime, Coinbase Exchange and the Coinbase retail app.
Customers can convert supported dollar-denominated assets into RLUSD, while deposits and withdrawals are supported across the XRP Ledger, Base and Ethereum.
Global Exchange availability and the use of RLUSD as collateral are expected to follow.
Robinhood Integrates RLUSD Across Retail and Institutional Businesses
A day earlier, Ripple announced an even broader partnership with Robinhood.
Under the Ripple and Robinhood agreement, RLUSD will be used across both retail and institutional operations.
RLUSD is already available on Robinhood Chain and Bitstamp by Robinhood and is expected to become available directly in the Robinhood app later this year.
Robinhood also plans to use RLUSD on XRP Ledger for institutional settlement through Bitstamp.
The relationship goes considerably further than stablecoin distribution.
Robinhood will integrate Ripple Treasury into its own financial operations, including liquidity management, cash-flow forecasting, payments, risk management and intercompany netting.
Ripple Prime also provides Bitstamp with lending and margin financing across roughly 20 digital assets.
Later in 2026, Ripple Prime is expected to support perpetual futures trading through Bitstamp.
This makes the Robinhood relationship particularly important from a business perspective.
Ripple is not simply providing a token for Robinhood customers to trade.
It is embedding multiple Ripple products into the financial infrastructure of one of the world’s largest consumer investment platforms.
Robinhood Gives Ripple Significant Distribution
Robinhood reported a record $1.42 billion in net revenue for the third quarter of 2026, up 12% from the previous year. The company ended the quarter with 30.4 million investment accounts and $396 billion in platform assets. (Robinhood)
That scale gives Ripple access to a large retail and institutional distribution network.
Robinhood’s crypto transaction revenue itself remains volatile.
Crypto transaction-based revenue fell 55% year over year to $120 million during the quarter, although it increased 20% compared with the previous quarter. (Robinhood)
The partnership therefore reflects something broader than dependence on crypto trading volume.
Both companies are increasingly building financial infrastructure extending across traditional assets, digital assets, settlement and treasury management.
Ripple Wins Final OCC Approval for National Trust Bank
Another major part of Ripple’s expansion is regulatory infrastructure.
Ripple says it has received final approval from the US Office of the Comptroller of the Currency to establish Ripple National Trust Bank.
A national trust bank gives Ripple a federally supervised entity inside the US financial system.
That is particularly relevant to RLUSD because stablecoin issuers increasingly compete on regulatory credibility as much as token liquidity.
Ripple says it now holds more than 85 regulatory licenses globally.
The company is using that framework to position itself as infrastructure for banks and institutional clients rather than solely as a crypto-native payments company.
Its payments and custody customers already include institutions such as HSBC, DBS, Standard Chartered and FirstRand Bank.
BNY Deepens Its Relationship With Ripple
Ripple’s institutional expansion also includes BNY.
On October 27, Ripple and BNY announced an expanded digital asset collaboration.
BNY already serves as primary reserve custodian for RLUSD and has a custody relationship with Ripple Prime.
The bank is now adding support for both XRP and RLUSD through its Digital Asset Custody platform.
The two companies are also exploring tokenized trade finance on XRP Ledger.
That brings traditional custody infrastructure, public blockchain settlement and tokenized financial products into the same relationship.
BNY is one of the world’s largest financial servicing institutions, making the collaboration another indication that Ripple’s commercial strategy is increasingly targeted at traditional finance rather than only crypto companies.
Ripple Is Building a Full Institutional Stack
The common thread across these partnerships is integration.
Ripple originally became known for blockchain-based payments.
Today, its commercial product stack is considerably broader.
Ripple Payments handles global money movement.
Ripple Custody provides institutional digital asset safekeeping.
Ripple Prime provides financing, execution and clearing across traditional and digital assets.
Ripple Treasury focuses on corporate cash management.
RLUSD provides a dollar-denominated settlement asset.
And XRP Ledger increasingly acts as the blockchain infrastructure connecting tokenized assets, payments and financial markets.
That vertical integration gives Ripple multiple ways to monetize the same institutional customer.
A company may initially use Ripple for payments and later add custody, treasury or trading services.
Ripple says the number of customers using multiple Ripple products has increased substantially during 2026.
Corporate Treasury Is Becoming a New Growth Market
Treasury management is particularly notable because it represents a large market outside traditional crypto trading.
Ripple Treasury is designed for CFOs and finance departments managing company cash.
Its tools include cash management, forecasting, liquidity management, payments and intercompany transactions.
The platform also includes a feature called 24/7 Returns, which allows companies to put unused operating cash to work outside normal banking hours.
The system can use RLUSD, tokenized money market funds on XRP Ledger and Ripple’s institutional liquidity infrastructure.
Ripple says the treasury business serves more than 1,000 customers across 160 countries, including companies such as American Airlines and Trax. (Ripple)
The opportunity is substantial because corporate cash management remains heavily dependent on banking hours and fragmented financial infrastructure.
Stablecoins and tokenized assets could reduce some of those restrictions.
Ripple Is Moving Beyond the XRP Narrative
For years, public discussion around Ripple largely centered on XRP.
That is becoming an increasingly incomplete description of the business.
XRP remains important to the Ripple ecosystem and XRP Ledger remains a core infrastructure layer.
But Ripple is now generating its business narrative around enterprise software, institutional trading, stablecoins, custody and treasury management.
The growth of RLUSD reinforces that shift.
A regulated stablecoin provides Ripple with a dollar-denominated asset that traditional businesses may find easier to integrate into accounting, payments and settlement workflows than a volatile cryptocurrency.
It also lets Ripple monetize blockchain infrastructure without requiring every customer to take exposure to XRP.
The Bigger Competition Is Financial Infrastructure
Ripple’s competitors increasingly extend beyond crypto companies.
Stablecoin infrastructure puts it into competition with Circle.
Custody competes with companies such as Coinbase, Fireblocks and traditional custodians.
Prime brokerage overlaps with institutional trading firms.
Treasury management brings Ripple closer to financial software providers and banks.
And tokenized capital markets put it into an emerging market being pursued by organizations ranging from BlackRock and JPMorgan to Coinbase and major securities exchanges.
That explains why Ripple has spent the last several years expanding through acquisitions and regulatory licenses.
The company appears to be betting that blockchain infrastructure will become part of mainstream financial operations, and that institutions will prefer to buy several connected services from one regulated provider rather than assemble each component independently.
Ripple’s Business Is Entering a Different Phase
Approaching a $900 million annualized product revenue run rate would place Ripple among the larger operating businesses built around digital asset infrastructure.
But the more important development may be where that revenue is increasingly coming from.
Ripple is no longer positioning itself around a single cross-border payment product.
Stablecoins, custody, prime brokerage, treasury management and tokenization are becoming connected parts of the same platform.
The partnerships announced this week reinforce that strategy.
Robinhood brings retail and institutional distribution.
Coinbase expands RLUSD access.
BNY connects Ripple with traditional custody and capital markets.
And the new national trust bank adds another layer of US regulatory infrastructure.
If Ripple can continue converting those relationships into recurring product revenue, its next growth phase may depend far less on the market price of XRP and much more on whether blockchain rails become a standard part of global financial infrastructure.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
