Ripple sets sights on $900M product revenue run rate as institutions pile in

Ripple told the world Wednesday that it plans to close out 2026 with a $900 million annualized product revenue run rate. The projection rests on growth across five lines: payments, custody, stablecoins, prime brokerage and treasury. The company also said the number of customers and partners using more than one Ripple product has tripled this year.

The payments network is expected to approach $150 billion in lifetime volume by year-end, and Ripple's RLUSD stablecoin has grown to a $2.6 billion market capitalization. CEO Brad Garlinghouse framed the moment as a merger of old and new finance, saying settlement is shifting to real-time, always-on rails where tokenized assets can be traded, financed and posted as collateral.

Monday brought a regulatory win: Ripple received final approval from the Office of the Comptroller of the Currency to stand up a national trust bank. The firm is also widening a partnership with BNY around tokenized trade finance built on the XRP Ledger. Together, the moves push Ripple past payments and stablecoins into infrastructure that institutions use for tokenized assets and trading.

The client list is filling out. Aviva Investors launched a tokenized share class of its £22 billion sterling liquidity fund on XRPL, seeding it with £50 million ($66.7 million). Hedge fund Brevan Howard expanded its Ripple relationship to cover prime brokerage, clearing and financing. Earlier this month, Ripple Prime added swaps referencing more than 100 markets with round-the-clock trading and settlement, where institutional clients can post RLUSD as collateral.

Ripple is also chasing eyeballs. It became the Kansas Jayhawks' sports sponsor, the first time a cryptocurrency has appeared on the jerseys of a major college sports program, then followed with deals at Florida Gators athletics and the University of Louisville. Garlinghouse argued rivals chase individual pieces of the puzzle while Ripple pulls them together with partners.

The token itself tells a different story. XRP spiked in early August but is still down nearly 30% this year, sitting at an $83 billion market cap. Spot XRP ETF volumes have picked up in recent months, yet they remain tiny next to their bitcoin, ether and solana counterparts, with total net assets around $1.5 billion as of Oct. 26.