Ripple targets $900 million product revenue run rate as institutional crypto business expands

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Ripple targets $900M revenue

Highlights

Ripple targets a $900 million annualized product revenue run rate by end-2026, driven by growth in payments, custody, stablecoin, and prime brokerage.
Ripple's RLUSD stablecoin now holds a $2.6 billion market capitalization, while the company secured OCC approval for a national trust bank and expanded BNY partnership on XRPL.
Institutional adoption advances as Aviva Investors tokenized a share class on XRPL with a £50 million investment, while XRP lags with a 30% YTD decline and $83 billion market cap.

Revenue target and platform expansion

As reported by The Block, Ripple said on Wednesday it expects to exit 2026 with a $900 million annualized product revenue run rate, supported by growth across its payments, custody, stablecoin, prime brokerage and treasury businesses. The company also said its RLUSD stablecoin has reached a $2.6 billion market capitalization, reinforcing its push to build broader digital-asset infrastructure for institutional clients.

Chief Executive Brad Garlinghouse said in a statement that traditional and digital finance are converging as market infrastructure shifts to modern rails. He said settlement is moving to real-time, 24/7 operations, while tokenized assets can be traded, financed and used as collateral.

Ripple says that expansion is moving beyond its original payments focus as financial institutions use its infrastructure for tokenized assets and trading. On Monday, the company received final approval from the Office of the Comptroller of the Currency to establish a national trust bank, and it is also expanding its partnership with BNY on tokenized trade finance using the XRP Ledger.

Institutional adoption and market backdrop

Recent client activity points to wider institutional use of Ripple's products. Aviva Investors launched a tokenized share class of its £22 billion sterling liquidity fund on XRPL and invested £50 million, or $66.7 million, in the new share class, while Brevan Howard expanded its relationship with Ripple to include prime brokerage, clearing and financing.

Earlier this month, Ripple Prime added swaps referencing more than 100 markets with 24/7 trading and settlement, and institutional clients can use RLUSD as collateral. The company has also moved into sports sponsorships, becoming the Kansas Jayhawks' sponsor in what it says is the first display of a cryptocurrency brand on jerseys in a major college sports program, followed by similar agreements with Florida Gators athletics and the University of Louisville.

Garlinghouse said Ripple is aiming to bring together multiple pieces of the digital-finance stack with its partners to enable what he called the Internet of Value. Even so, XRP remains down nearly 30% this year despite an early August spike, giving the token an $83 billion market capitalization, while spot XRP ETF volumes have risen in recent months but remain well below BTC, ETH and SOL ETF levels; total net assets in XRP funds stand at about $1.5 billion as of Oct. 26.

In our earlier coverage of the AI-linked tech selloff driven by rate fears, we explained how hotter-than-expected U.S. inflation data revived expectations of further Fed tightening and sparked sharp declines in Nasdaq-linked names. We also noted that investors were increasingly focused on the rising cost of financing capital-intensive buildouts, pressuring heavily indebted firms and weighing on broader risk sentiment.

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