Ripple Prime closed an upsized $275 million private placement of senior unsecured notes on August 18, rated BBB by KBRA, maturing in 2031 with an 8.25% coupon. Ripple Prime's BBB rating uniquely lets pension funds and insurers trade without credit exceptions, an edge no other crypto-affiliated prime broker currently holds. Ripple Prime tripled revenue year over year, doubled client collateral, and turned profitable in 2025, but still pays 3 percentage points above average BBB borrowers.
Goldman earned $15.52 billion in a single quarter, making Ripple's real competition crypto-native rivals like Coinbase Prime and FalconX, not Wall Street. Don't wait: the analyst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now.
Ripple (CRYPTO:XRP) closed its first debt offering on August 18, with an upsized $275 million private placement of senior unsecured notes issued through its prime brokerage arm, Ripple Prime. The notes mature in 2031 and pay an 8.25% coupon, and KBRA rated them BBB, which makes them investment grade. The investment bank Piper Sandler led the placement, and the money funds two businesses that Goldman and Morgan Stanley have run for decades.
So can Ripple compete with them? Ripple says the proceeds fund working capital and general corporate purposes inside a regulated entity, which in practice means expanding US clearing, prime brokerage and financing, along with hiring and technology. Ripple Prime plans two new business lines, according to KBRA.
The first is Delta1, which covers total return swaps and synthetic equity financing for the firms behind leveraged ETFs. The second is equity prime brokerage, where a broker lends money and shares to hedge funds so they can trade with borrowed capital. Both belong to the equities division of an investment bank.
Ripple Prime already holds the licenses for that work. The firm has SEC broker-dealer registration and CFTC futures commission merchant status, and belongs to FINRA and SIPC. It also clears trades at CME Group exchanges and is a member of the FICC Government Securities Division.
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