Blockchain payments company Ripple said on Wednesday, October 28, that it expects to end 2026 with a $900 million annualized product revenue run rate. The projection spans the company's payments, custody, stablecoin, prime brokerage, and treasury services businesses. Run-rate projections of this kind are a standard way for privately held companies to communicate financial momentum, since they annualize a current period rather than report booked results.

Payments and RLUSD Growth

Ripple said customers and partners using multiple Ripple products have tripled during the year. The company's payments network could approach $150 billion in cumulative transaction volume by December, according to the firm. The network is used for cross-border transfers between financial institutions, a market that has historically depended on correspondent banking chains where settlement can stretch over multiple days.

RLUSD, Ripple's dollar-backed stablecoin launched in late 2024, has reached a market capitalization of $2.6 billion — the total value of RLUSD in circulation and a commonly cited gauge of stablecoin adoption. The company noted that the $900 million figure reflects an annualized pace rather than revenue already booked. "Settlement is moving to real-time, 24/7," CEO Brad Garlinghouse said.

Tokenized Funds Expand on the XRP Ledger

Aviva Investors launched a tokenized share class of its £22 billion sterling liquidity fund on Monday, investing £50 million — approximately $66.7 million — into the XRP Ledger-based class. The launch follows Aviva's earlier tokenized dollar liquidity fund. Tokenized shares use blockchain records to represent ownership of an existing investment fund, a format that has drawn products from other major asset managers, including BlackRock and Franklin Templeton.

Hedge fund Brevan Howard has also expanded its agreement with Ripple. Its funds can now access prime brokerage, clearing, and financing services through the company's institutional trading business.

National Trust Bank Approval and BNY Custody Deal

Ripple received final approval from the Office of the Comptroller of the Currency on Monday to establish a national trust bank. The federally supervised institution will support stablecoin reserves and institutional custody. National trust bank charters allow firms to conduct custody and fiduciary activities under the regulator's direct federal oversight. Other crypto firms have pursued the same structure, with Anchorage Digital becoming the first digital-asset company to receive such a charter from the OCC in 2021.

On Tuesday, BNY, formally known as The Bank of New York Mellon and one of the world's largest custodian banks, expanded its partnership with Ripple to provide institutional custody for XRP and RLUSD. Eligible clients can now store and transfer both digital assets through the bank's custody platform. BNY already holds the reserves backing RLUSD. The two firms will also explore tokenized trade finance on the XRP Ledger, though neither company announced a start date for the proposed services.

Trading Services Grow as XRP Slumps

Ripple Prime, the company's institutional trading business, recently added swaps tied to more than 100 markets, covering equities, commodities, foreign exchange, and indexes. The products allow trading and settlement around the clock, and institutions can use RLUSD as collateral.

A separate agreement with Robinhood brings RLUSD to Robinhood Chain and Bitstamp. Robinhood plans to add the stablecoin to its main app this year and to use Ripple's treasury and financing services.

XRP, the native token of the XRP Ledger, remains down nearly 30% this year despite an August rebound, leaving its market capitalization near $83 billion. Spot XRP funds held around $1.5 billion in assets as of October 26, while their trading volumes lagged those of Bitcoin, Ether, and Solana funds.

This article was originally reported by Blockonomi.