Ripple Invades Goldman and JPMorgan Market Without XRP

Ripple has opened a Delta One trading desk inside Ripple Prime, its prime brokerage arm. It lets institutional investors bet on the price moves of US-listed stocks, major stock indices, and crypto without directly owning them.

It puts Ripple into a business dominated by Wall Street banks such as Goldman Sachs and JPMorgan. And despite Ripple’s crypto roots, XRP is not stated as a requirement for using the new service.

Ripple Delta One Desk Enters a Bank-Dominated Market

Delta One sounds obscure, but the idea is simple. These desks sell products that move one-for-one with the asset they track. Their core tool is the total return swap (TRS). A client collects the full return of a stock, index, or token. The client never has to own it.

The stakes on these desks are enormous. In 2008 and 2011, rogue traders at Société Générale and UBS lost billions on Delta One books. Those scandals showed how much money flows through this corner of the banking industry.

Ripple announced the desk on Wednesday, with the product live and aimed at hedge funds and asset managers. Clients face one counterparty. They can offset margin across stocks, foreign exchange (FX), bonds, derivatives, and crypto around the clock.

Introducing Ripple Prime’s Delta One business – bringing Total Return Swaps across US-listed equities, indices and digital assets to clients, tailored to their investment horizons, risk mandates and reporting requirements. Single counterparty. Cross-margined. Structurally…

— Ripple (@Ripple) August 27, 2026

Ripple also claims a clean-hands edge over the incumbents. JPMorgan markets Delta One hedging tools, and its Nexus platform wraps custom baskets in Delta One swaps.

Bank desks like these sit beside in-house trading units, Ripple argues. Ripple Prime says it only clears and finances client trades.

“Clients can now access equities, FX, derivatives, fixed income, and digital asset prime brokerage, clearing, and financing all through a single counterparty that is built for the future of finance: cross-asset, structurally aligned, 24/7,” said Noel Kimmel, President of Ripple Prime,” the company said in a statement.

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What the Launch Means for XRP

The desk is not an XRP product. The token can sit inside a swap as one asset among many, next to Bitcoin or Apple stock. However, the contracts do not settle on the token or the XRP Ledger.

The money trail runs through the company instead. Ripple bought its seat at this table, paying $1.25 billion for prime broker Hidden Road in 2025.

Today, Ripple announced it is acquiring Hidden Road for $1.25B– becoming the first crypto company to own and operate a global, multi-asset prime broker. Together, Ripple and Hidden Road are bringing the promise of digital assets to institutional customers at scale, bridging…

— Ripple (@Ripple) April 8, 2025

Earlier this year, the rebranded unit joined the NSCC, the clearinghouse behind US stock trades.

The war chest is growing too. Ripple Prime holds over $1 billion in regulatory net capital and raised $475 million in debt this year. Meanwhile, Fortress and Citadel Securities led a $500 million investment late last year that valued Ripple at $40 billion.

XRP traded for $1.46 as of this writing, up by over 5% on the day. The gains likely associate with broader market rally, and not on account of this news. Token holders do not collect the new swap fees. That revenue belongs to the company.

The unknowns now are clients and volume. Ripple named no launch customers and gave no pricing against the bank desks.

If big funds move real exposure to a crypto-native counterparty, the desk becomes a franchise. If they do not, it stays a press release.