Ripple opens Delta One desk in Goldman and JPMorgan's market without XRP

Ripple opened a Delta One trading desk through Ripple Prime, its prime brokerage arm. The desk lets institutional investors trade price exposure to US-listed stocks, major stock indices, and crypto without directly owning the assets. The product uses total return swaps that provide the full return of a stock, index, or token. Ripple announced the desk on Wednesday, and the product is live for hedge funds and asset managers. Clients use one counterparty and can offset margin across stocks, foreign exchange, bonds, derivatives, and crypto around the clock. Ripple says the desk only clears and finances client trades. Noel Kimmel, president of Ripple Prime, said clients can access equities, foreign exchange, derivatives, fixed income, and digital asset services through one counterparty. XRP is not required for the product. XRP can be included in a swap alongside assets such as Bitcoin or Apple stock. The contracts do not settle on XRP or the XRP Ledger. Ripple paid $1.25 billion for prime broker Hidden Road in 2025. Ripple Prime joined the NSCC earlier this year. Ripple Prime holds more than $1 billion in regulatory net capital. The unit raised $475 million in debt this year. Fortress and Citadel Securities led a $500 million investment that valued Ripple at $40 billion late last year. XRP traded at $1.46 as of writing, up more than 5% on the day. The article attributed the gains likely to a broader market rally rather than the desk's launch. XRP holders do not receive the new swap fees because the revenue belongs to Ripple. Ripple named no launch customers and provided no pricing comparison with bank desks.