Ripple expects $900 million annualized product revenue run rate as institutional business expands

Ripple expects to exit 2026 with a $900 million annualized product revenue run rate, citing growth across its payments, custody, stablecoin, prime brokerage, and treasury businesses, the firm announced Wednesday.

The digital asset infrastructure firm said customers and partners using multiple Ripple products have tripled this year, as its payments network is expected to approach $150 billion in lifetime volume by year-end and its RLUSD stablecoin reaches a $2.6 billion market capitalization.

"As traditional and digital finance converge, market infrastructure is migrating to modern rails," Ripple CEO Brad Garlinghouse said in a statement. "Settlement is moving to real-time, 24/7, and tokenized assets can be traded, financed and used as collateral."

On Monday, Ripple also received final approval from the Office of the Comptroller of the Currency to establish a national trust bank, while expanding its partnership with BNY on tokenized trade finance using the XRP Ledger.

That push is extending beyond payments and stablecoins, as financial institutions increasingly use Ripple's infrastructure for tokenized assets and trading.

Ripple's big year

Aviva Investors just launched a tokenized share class of its £22 billion sterling liquidity fund on XRPL, investing £50 million ($66.7 million) in the new share class. The hedge fund Brevan Howard expanded its relationship with Ripple to include prime brokerage, clearing and financing.

Meanwhile, Ripple Prime earlier this month added swaps referencing more than 100 markets, with 24/7 trading and settlement. Institutional clients can use RLUSD as collateral.

On a more cultural note, Ripple also became the Kansas Jayhawks' sports sponsor — the first time a cryptocurrency would be displayed on the jerseys of a major college sports program. That was followed by similar deals with Florida Gators athletics and the University of Louisville.

"Others focus on individual pieces of the puzzle," Garlinghouse said Wednesday. "Ripple is bringing all of that together, with our partners, to enable the Internet of Value."

Despite a spike higher in early August, the XRP token remains down nearly 30% this year with an $83 billion market cap.

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Meanwhile, spot XRP ETF volumes have increased in recent months, although they still pale in comparison to their BTC, ETH, and SOL ETF counterparts. Total net assets for the XRP funds sit around $1.5 billion as of Oct. 26.