Ripple expects to end 2026 with an annualized product revenue run rate of $900 million, a target that would place its growth increasingly in custody, trading, stablecoins and treasury infrastructure rather than payments alone. The company said customers and partners using more than one Ripple product have tripled this year, indicating that its push to build a multi-service financial platform is becoming central to its commercial strategy.
The forecast arrives alongside a series of institutional initiatives involving tokenized funds, prime brokerage and banking infrastructure. Ripple said it has received final approval from the Office of the Comptroller of the Currency to establish a national trust bank, a move that would give the company a federally supervised vehicle for certain custody and trust activities.
Ripple’s payments network is also on course to approach $150 billion in cumulative transaction volume by the end of the year, according to the company. Its RLUSD stablecoin had reached a reported market capitalization of $2.6 billion, giving Ripple a larger base for settling transactions and supporting collateral activity across its products.
Banking approval supports custody ambitions
The national trust bank approval places Ripple closer to established financial-market infrastructure, where regulated custody and settlement services are often prerequisites for working with banks, asset managers and other institutions.
Ripple has spent years promoting blockchain-based cross-border payments, with XRP serving as a liquidity asset in some transaction flows. The company’s recent announcements suggest it is seeking to capture a larger portion of the infrastructure surrounding those transactions, including the safekeeping of digital assets, stablecoin settlement and liquidity management.
A national trust bank structure could allow Ripple to offer services under a federal supervisory framework rather than relying only on state-level licensing arrangements. That matters particularly for firms seeking institutional clients that require regulated counterparties for custody, collateral and settlement operations.
Ripple also expanded its work with BNY on tokenized trade-finance activity using the XRP Ledger. Trade finance, which covers the financing and documentation behind the movement of goods, has long been identified as a potential use case for tokenization because it involves fragmented records, multiple intermediaries and slow settlement cycles.
The partnership points toward efforts to use blockchain networks for financial assets beyond cryptocurrency transactions. Ripple did not provide transaction-volume figures for the BNY initiative.
Tokenized fund activity reaches XRPL
Ripple said Aviva Investors launched a tokenized share class of its £22 billion sterling liquidity fund on the XRP Ledger. Aviva Investors also put £50 million, equivalent to about $66.7 million, into that tokenized share class, according to Ripple.
A tokenized share class represents ownership in a conventional fund through blockchain-based records. The structure can potentially streamline transfers, improve the visibility of ownership records and support faster settlement, though the underlying fund remains subject to its usual investment mandate and operational rules.
The Aviva fund development provides Ripple with a high-profile example of a traditional asset manager using the XRP Ledger for a regulated financial product. It also moves the network into a segment where activity is measured less by cryptocurrency trading volume and more by assets administered by established institutions.
Ripple’s argument is increasingly that the XRP Ledger can provide rails for tokenized money-market products, trade-finance instruments and other financial assets, while RLUSD can serve as a settlement asset across those applications.
Prime brokerage adds trading and financing services
Ripple has also widened its relationship with Brevan Howard to cover prime brokerage, clearing and financing, according to the company. Those services are designed for professional trading firms that need access to liquidity, collateral management, borrowing arrangements and post-trade operations.
Ripple Prime added swaps referencing more than 100 markets and introduced round-the-clock trading and settlement, Ripple said. Institutional clients can use RLUSD as collateral within the service, connecting the stablecoin to the company’s trading and financing products.
The addition of RLUSD collateral creates a more direct commercial use for the stablecoin than payments alone. A stablecoin used in collateral workflows can support trading positions and settlement obligations without requiring clients to move funds through traditional banking systems for every transaction.
That expansion also places Ripple in more direct competition with established digital-asset prime brokers and institutional service providers. The company’s ability to attract clients will depend on liquidity, risk controls, regulatory coverage and the practical integration of its custody, stablecoin and trading systems.
XRP has lagged the company’s corporate progress
XRP had fallen nearly 30% over the year despite a price spike in early August, according to the market data supplied. The token’s market capitalization stood at about $83 billion.
The divergence illustrates the limits of reading a blockchain company’s business progress directly through the price of its associated token. Ripple’s revenue target includes products such as custody, prime brokerage and treasury tools, whose commercial performance may not translate automatically into demand for XRP.
Spot XRP exchange-traded funds have seen higher trading volumes in recent months, while XRP funds held roughly $1.5 billion in net assets as of Oct. 26, according to the supplied figures. Those products give market participants a regulated route to obtain XRP exposure, but fund flows alone do not determine the token’s price direction.
Ripple is also extending its public profile beyond financial services. The company entered college sports sponsorships with the Kansas Jayhawks, followed by agreements involving Florida Gators athletics and the University of Louisville. Ripple said its Kansas agreement marked the first appearance of a cryptocurrency brand on the jerseys of a major college sports program.
The sponsorships are unlikely to alter the company’s institutional strategy, but they show Ripple pairing financial-infrastructure expansion with a broader consumer-facing brand campaign. Its 2026 target now rests on whether products such as RLUSD, custody, tokenized-asset infrastructure and prime brokerage can generate recurring revenue at the scale it has projected.
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