Ripple launches Delta One trading desk through Ripple Prime

Ripple has introduced a Delta One trading desk within its Ripple Prime prime‑brokerage unit, allowing institutional investors to gain exposure to the price movements of US‑listed stocks, major stock indices and crypto assets without owning the underlying instruments.

How the Delta One desk works

The desk uses total return swaps (TRS) that provide a one‑for‑one return on the chosen asset. Clients receive the full return of a stock, index or token while the counterparty holds the underlying position. This structure enables cross‑margining across equities, foreign exchange, bonds, derivatives and digital assets on a 24/7 basis.

Positioning against Wall Street incumbents

By offering a single‑counterparty solution, Ripple aims to compete with Delta One desks run by banks such as Goldman Sachs and JPMorgan, which traditionally bundle custom baskets and hedging tools in similar swap products. Ripple Prime states that it only clears and finances client trades, positioning itself as a “clean‑hands” alternative.

Relation to XRP and other digital assets

The new service is not an XRP‑specific product. While XRP can be included as one of many assets in a swap, the contracts settle through Ripple rather than on the XRP Ledger. Revenue from the swaps accrues to Ripple Prime, not to XRP holders.

Strategic background

Ripple acquired the global multi‑asset prime broker Hidden Road for $1.25 billion in 2025, becoming the first crypto‑focused company to own such an operation. Ripple Prime now holds over $1 billion in regulatory net capital, raised $475 million in debt this year, and recently secured a $500 million investment that valued Ripple at $40 billion.

Outlook

The desk’s success will depend on institutional adoption and trading volume. Ripple has not disclosed initial clients or pricing relative to existing bank desks, leaving the market impact uncertain.