Targeting the growing appetite among US investors for new cryptocurrency solutions, blockchain payments company Ripple announced the launch of its digital asset spot prime brokerage capabilities for the American market on Monday morning.
This new offering allows US-based institutional clients to execute over-the-counter (OTC) spot transactions across a wide range of digital assets—including XRP and the firm’s dollar-pegged cryptocurrency RLUSD.
Moreover, RLUSD has gained regulatory compliance under the newly enacted stablecoin bill known as the GENIUS Act, which has been signed into law by President Trump earlier this year.
The introduction of OTC spot execution capabilities complements our existing suite of OTC and cleared derivatives services in digital assets and positions us to provide US institutions with a comprehensive offering to suit their trading strategies and needs.
With this new feature, Ripple Prime’s US clients can now cross-margin their OTC spot transactions and holdings alongside their broader digital asset portfolios, including OTC swaps and Chicago-Mercantile Exchange (CME) futures and options.
In addition to these developments, Ripple is actively pursuing approval for its national bank charter license in the United States. This initiative places Ripple alongside other firms, such as Circle (CRCL), Coinbase (COIN), Sony Bank, Paxos, and Crypto.com (CRO).
This comes on the heels of a five-year litigation period between the SEC and Ripple, which concluded just three months ago. Geraci believes that the introduction of spot XRP ETFs could signify a major turning point, potentially marking the end of previous anti-crypto regulatory attitudes.
When writing, XRP trades at $2.41, representing a drop of 4.5% in the past 24 hours and over 8% in the weekly time frame.
Featured image from DALL-E, chart from TradingView.com
