Ripple nears $900M product revenue run rate as RLUSD expands

What happened

Ripple opened its Swell 2026 conference in New York on October 28 by saying it expects to finish the year with an annualized product revenue run rate of almost $900 million. The company also said more than 1,700 institutions, corporates and enterprises now use its infrastructure, and that its customer count has tripled during 2026. Ripple described the figure as a run rate, an extrapolation of current business activity across a full year, rather than $900 million of revenue already recorded this calendar year.

The same day, Ripple and Coinbase said RLUSD is now available on Coinbase Prime, the Coinbase exchange and the company's retail app, widening US access to the stablecoin. Customers can convert US dollars and other supported dollar-denominated stablecoins into RLUSD at a 1:1 ratio, and deposits and withdrawals work across the XRP Ledger, Base and Ethereum. Support for Coinbase Global Exchange customers, including the ability to post RLUSD as collateral, is expected to follow, and Ripple said it will supply liquidity on Base.

Jack McDonald, Ripple's SVP of Stablecoins, said in a statement that the Coinbase partnership "brings RLUSD to the largest institutional client base in the U.S. crypto market, across execution, settlement, and custody, all in one place." Ripple said RLUSD's market capitalization has passed $2.6 billion, an increase of more than 88% during 2026, after the token launched in late 2024. The announcements followed a Robinhood partnership unveiled a day earlier and an expanded BNY digital asset collaboration.

Why it matters

The disclosures sketch a company trying to reposition itself from an XRP-linked cross-border payments provider into a broader financial infrastructure business. Rather than selling a single service, Ripple is embedding several products into the same institutional customers: RLUSD for settlement, Ripple Custody for safekeeping, Ripple Prime for lending and margin, and Ripple Treasury for liquidity management and cash-flow forecasting. Ripple said the number of clients using multiple products has risen substantially this year, and it attributed much of the recent expansion to that bundling. If the approach holds, Ripple's growth would depend less on the price of XRP and more on whether blockchain settlement becomes routine for banks and enterprises.

What the data shows

Alongside the revenue run rate, Ripple said its products enabled more than $16 trillion in transactions during 2025, and that Ripple Payments is approaching $150 billion in lifetime volume across more than 60 payout markets. It said it holds more than 85 regulatory licenses globally and that its treasury business serves over 1,000 customers in 160 countries, citing American Airlines and Trax among them. On the Robinhood side, the retail brokerage reported record third-quarter 2026 net revenue of $1.42 billion, up 12% year over year, while crypto transaction-based revenue fell 55% year over year to $120 million but rose 20% from the prior quarter.

Background

RLUSD has become central to Ripple's expansion since its late-2024 launch, used for payments, institutional trading, treasury services and on-chain finance. Under the Robinhood agreement, RLUSD is already available on Robinhood Chain and Bitstamp by Robinhood and is expected to reach the Robinhood app later this year, while Bitstamp plans to use it on the XRP Ledger for institutional settlement; Robinhood will also integrate Ripple Treasury into its own operations. BNY, already primary reserve custodian for RLUSD and a custody partner to Ripple Prime, is adding support for XRP and RLUSD through its Digital Asset Custody platform. Ripple separately received final approval from the Office of the Comptroller of the Currency to establish Ripple National Trust Bank, giving it a federally supervised US entity.

What to watch

The key question is whether the run rate converts into durable, recurring product revenue as more customers stack services. Also worth tracking: the timing of Coinbase Global Exchange support and RLUSD collateral use, the arrival of RLUSD in the Robinhood app later this year, and Ripple Prime's expected support for perpetual futures trading through Bitstamp in late 2026. How quickly the newly chartered Ripple National Trust Bank becomes operational, and how much of the institutional roster expands beyond single-product relationships, will shape the next phase.

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