Ripple expects $900 million annualized product revenue run rate as institutional business expands

Ripple built its business around XRP as a bridge currency for cross-border payments through RippleNet and On-Demand Liquidity, revenue that stayed opaque for years while the company fought the SEC over whether XRP was a security. Only after that fight was resolved did Ripple diversify into custody, financing and a dollar-backed stablecoin, RLUSD, launched to compete with Tether and Circle. The $900 million run-rate figure is the first time Ripple has disclosed a consolidated, company-wide revenue target rather than token-specific metrics.

Banks, fintechs and exchanges that previously used Ripple only for cross-border settlement can now custody assets, finance positions and tokenize holdings through the same provider, with customers using multiple Ripple products tripling this year. That concentration favors institutions seeking one vendor for liquidity, custody and tokenization, but it squeezes standalone custody and financing firms competing for the same institutional mandates. Clients who signed on for payments alone will now face bundled product offers as Ripple cross-sells its expanded stack.

Brad Garlinghouse's defense of XRP's utility at Swell, delivered alongside the $900 million revenue figure, points to an unresolved tension: most of that growth is coming from RLUSD and institutional services, not from XRP itself as a settlement asset. A stablecoin and custody business growing faster than the token's native use case raises a fair question about whether XRP remains central to Ripple's model or is becoming one product among several in a broader financial-services company.

The figure to track is whether Ripple's annualized product revenue run rate actually reaches $900 million by the end of 2026, the date the company itself set as the benchmark. Hitting it would confirm that institutional custody, financing and RLUSD adoption are scaling as claimed; falling short would reopen questions about how much of Ripple's growth depends on XRP-linked payments versus stablecoin and custody revenue the company has not previously broken out.

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