Ripple announced the launch of its Delta One business within Ripple Prime, its global multi-asset prime brokerage platform.
The offering provides institutional clients access to total return swaps tied to U.S.-listed stocks, indices, and digital assets, thus marking Ripple’s first formal step into traditional equity derivatives.
A major expansion beyond crypto
For context, total return swaps are financial instruments that provide exposure to the price movement of an underlying asset without requiring direct ownership. Now, the Delta One structure is designed so that if the underlying asset moves one percent, the product’s value moves by a similar amount, making it a straightforward way for institutions to gain synthetic exposure.
The single-counterparty advantage
Ripple Prime’s Delta One business targets hedge funds, asset managers, market makers, and exchange-traded fund issuers.
The big draw here is how it pulls all those different trading ties into one single partner. Instead of juggling a dozen relationships, clients can get their hands on equities, foreign exchange, derivatives, fixed income, and crypto brokerage, clearing, and financing all in one place through Ripple Prime.
Right now, the platform lets you cross-margin these different assets 24/7. It’s a pretty slick program that makes institutional trading a lot smoother by cutting down on the collateral you need to post and generally making the whole operation run way more efficiently.
A conflict-free model with strong capital backing
Ripple Prime differentiates itself from incumbent Delta One desks through its conflict-free execution model. In contrast to traditional providers that sit alongside market-making or proprietary trading businesses, Ripple Prime operates solely in clearing and financing flow.
The expansion follows a major capital deployment. Ripple Prime has over $1 billion in regulatory net capital.
Just this month, the firm closed an upsized $275 million private placement of senior unsecured notes, following a $200 million debt facility from Neuberger Specialty Finance earlier this year.
The Delta One launch builds on Ripple’s acquisition of Hidden Road in October 2025, which formed Ripple Prime.
The desk already has over 300 big-name clients and has cleared more than $3 trillion in trades so far.
