Ripple Launches Institutional OTC Service as RLUSD Passes $1 Billion

Core Insights - Ripple Labs has launched Ripple Prime, a US spot prime brokerage service aimed at institutional clients, allowing OTC spot trades in major digital assets like XRP and RLUSD [1][2] - The launch follows Ripple's $1.25 billion acquisition of Hidden Road, enhancing capabilities beyond OTC trading to include cross-margining and financing options [2][3] - Ripple Prime facilitates large off-exchange transactions with reduced market impact and provides infrastructure that meets US regulatory standards, marking a shift towards institutional finance for XRP and RLUSD [3] Market Access and Growth - The launch of Ripple Prime coincides with increased activity in the stablecoin market, highlighting its strategic timing [4] - RLUSD, Ripple's US dollar-pegged stablecoin, has surpassed a market capitalization of $1 billion, indicating strong institutional interest and growth [5] - The integration of RLUSD within Ripple Prime may lead to new use cases such as collateralized lending and cross-border settlements, positioning Ripple in competition with Coinbase Prime and Anchorage [5][6]