Brevan Howard, a global alternative investment manager overseeing approximately $35 billion in assets, has selected Ripple Prime as its provider for multi-asset prime brokerage, clearing, and financing services spanning both traditional financial and digital asset markets. This deepening partnership follows Brevan Howard-affiliated funds’ participation in Ripple’s $500 million strategic investment round scheduled for 2025.
Ripple Prime’s Platform Expansion
Ripple Prime emerged as a result of Ripple’s $1.25 billion acquisition of Hidden Road, which granted Ripple ownership of a global multi-asset prime brokerage business. Today, Ripple Prime processes over $3 trillion in annual clearing volume, serving more than 300 institutional clients. Its platform extends across digital assets, foreign exchange, fixed income, derivatives, swaps, and precious metals.
While the acquisition established potential bridges between global financial markets and Ripple’s blockchain solutions, using Ripple Prime is not synonymous with mandatory exposure to XRP in every transaction. The company has explicitly stated that its platform includes support for a wide array of digital assets, as well as conventional investment products.
Uncertainty Over Specific Asset Usage
Despite the expansion of this business relationship, Ripple has not specified which assets Brevan Howard will trade through Ripple Prime, nor whether transactions will utilize the XRP Ledger, XRP itself, or RLUSD. Ripple Prime’s US spot brokerage now features both XRP and RLUSD among its offerings, and Ripple has previously discussed their use as institutional collateral. However, the company has yet to confirm the exact mechanisms that Brevan Howard will employ under its new mandate.
Ripple emphasizes its institutional services by stating that both XRP and RLUSD form the foundation of its wider institutional capabilities, and that Ripple Prime is adapting its platform to incorporate blockchain-powered settlement infrastructure for its clients.
This integration opens up several potential avenues for institutional exposure to XRP, including settlement, collateralization, liquidity, or market transfer. Still, none of these routes have been specified in the context of Brevan Howard’s activities with Ripple Prime.
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Stablecoin Growth and RLUSD’s Role
Industry analysts point to RLUSD as the digital asset with the clearest near-term prospects among Ripple’s offerings. Stablecoin liquidity on the XRP Ledger has recently achieved approximately $1.3 billion, with RLUSD accounting for over 90% of this figure. Ripple continues to develop institutional credit markets anchored in RLUSD and the XRP Ledger ecosystem, targeting increased adoption from institutional clients seeking stable liquidity options.
Despite Ripple’s growing integration of blockchain settlement tools and a diverse range of digital assets, Brevan Howard’s specific use of XRP, RLUSD, or direct blockchain settlement through the XRP Ledger has not been confirmed and remains subject to further disclosures.
