Ripple 如何計劃在其擴展中橋接加密貨幣與華爾街

Key takeaways:

• Ripple is spending about $4 billion to combine prime trading, treasury tools, payments and custody into a single integrated setup.
• RLUSD trials aim to settle real card payments and corporate payouts onchain, then sync results back into ERP and TMS systems.
• To scale, Ripple needs strong controls with clear reserves, strict compliance checks and transparent accounting rules.
• Success will show in the data through faster settlements, lower costs and consistent real-world volume every day.

Ripple is positioning itself for a bigger role in traditional finance. In an interview at Swell 2025, the company described its roughly $4-billion acquisition spree as the foundation for moving institutional money on the XRP Ledger alongside existing banking workflows.

The push comes after:

• A new $500-million raise at a reported $40-billion valuation
• A deal to acquire multi-asset prime broker Hidden Road for about $1.25 billion
• A Ripple USD (RLUSD) pilot with Mastercard, WebBank and Gemini aimed at settling card payments onchain.

Taken together, the plan spans custody through Metaco, prime brokerage access and stablecoin-based settlement that integrates with the treasury and enterprise resource planning (ERP) systems already used by banks and corporates.

## What the $4 billion actually buys

Prime brokerage and credit: Ripple agreed to acquire non-bank prime broker Hidden Road for about $1.25 billion, giving institutions unified market access, clearing, financing and, where supported, the option to use RLUSD as eligible collateral.

Treasury software integration: A roughly $1-billion deal for GTreasury connects Ripple to corporate treasury management system (TMS) and ERP workflows, including cash positioning, foreign exchange, risk management and reconciliation. This allows onchain settlements to be reflected within existing finance systems.

Stablecoin payments stack: The purchase of Rail, valued at about $200 million, adds virtual accounts, automated back-office tools and cross-border stablecoin payout capabilities. It serves as the operational layer for routing RLUSD through real business-to-business (B2B) payment flows.

Bank-grade custody and controls: Metaco, acquired in 2023, provides segregation of duties, policy engines and institutional key management for tokens, stablecoin reserves and enterprise wallets.

Card and merchant settlement pilot: In partnership with Mastercard, WebBank (the issuer of the Gemini card) and Gemini, Ripple is testing RLUSD settlement on the XRP Ledger. The initiative marks an early step toward shifting traditional fiat card batches to stablecoin-based settlement.

Capital and distribution: The new $500-million funding round gives Ripple room to integrate its acquisitions and expand sales to banks, brokers and large corporations.

Each line item targets a distinct function, including prime access, treasury connectivity, payment operations, custody and the capital that ties them together. The structure is designed to reduce overlap and demonstrate how all the pieces fit.

Did you know? In corporate finance, most treasurers still reconcile payments by importing batch files into ERP and TMS platforms. Any onchain settlement that can auto-generate those files helps reduce manual work at month-end.

How an enterprise would use Ripple

A) Cross-border payouts for a corporate treasurer

First, the treasury team sets the ground rules in the company’s TMS, defining approval limits, currency caps and eligible beneficiaries.

Next comes funding. The finance team moves cash from the operating account and converts a portion into RLUSD or XRP (XRP) through connected banking channels or prime brokerage access, assigning wallets to each subsidiary or business unit.

When a payout is created, the treasurer decides how to handle foreign exchange, choosing whether to convert before sending or upon receipt, and routes the transaction through Ripple’s payments stack with optional conversion at the edge for last-mile fiat delivery.

Settlement is nearly instant. The ledger event, invoice reference and payment details flow back into the ERP and TMS platforms, so reconciliation happens automatically.

Safekeeping is handled either in-house, with role-based policies and hardware security module (HSM) and multi-party computation (MPC) controls or through a qualified custodian. Duties are separated to align with enterprise governance policies.

Throughout the month, real-time transaction limits, the Travel Rule and Know Your Customer (KYC) checks and thorough auditing help maintain controls and support the month-end close.

B) Broker-dealer liquidity and financing

A broker or market desk connects to spot and derivatives venues through prime brokerage APIs to centralize market access, credit, clearing and settlement. RLUSD or XRP can be posted as collateral depending on the platform’s rules. Each platform decides how much of that collateral’s value counts toward a loan or trade (called a haircut) and which asset gets used first if more funds are needed (called margin priority).

Financing is activated as needed, whether term or intraday, against approved collateral with real-time visibility into limit utilization. Positions are netted to custody at the end of the day, and any excess funds are swept to the treasury for working capital or short-term yield. Trade and position data feed into risk, profit and loss (PnL) and compliance dashboards, with records archived for audits and regulatory reviews.

C) Card and merchant settlement

In the card pilot, the acquirer nets a day’s merchant transactions and prepares a single batch. The net amount settles in RLUSD on the XRP Ledger, with the option to convert to fiat immediately at the sponsor bank.

The treasury team imports the batch file, closes receivables and updates cash positions in the ERP and TMS platforms as usual.

Disputes and chargebacks continue under existing card network rules, and any fiat adjustments map directly to accounting entries. This means finance teams do not need to modify their existing month-end close process.

Did you know? Auditors increasingly ask for deterministic links between a payment instruction, its onchain transaction and the corresponding accounting entry. API-native evidence packs can significantly shorten audit timelines.

What changes if this all lands?

Charter and Fed access

If Ripple or one of its affiliates obtains a bank charter and a US Federal Reserve master account, the setup would change for clients. Stablecoin reserves could be held directly at the Fed instead of through a commercial intermediary, reducing counterparty and settlement risk. Payment flows would also gain clearer finality windows and fewer intermediaries, which is important for treasurers who measure every leg of cost, latency and reconciliation.

Stablecoin treatment and controls

Scale depends on maintaining bank-grade discipline. Expect scrutiny over reserve segregation, stress testing, intraday liquidity management and whether RLUSD can qualify as a cash equivalent in specific contexts. Independent attestations and transparent look-throughs to reserve assets will likely be a gating requirement for many finance teams.

Card networks and sponsor banks

For card settlement and merchant payouts, alignment on disputes, chargebacks, refunds and consumer protections is essential. The onchain component must map one-to-one with existing rules so operations teams do not need to redesign their exception-handling processes.

Travel Rule, sanctions and data

Cross-border payouts require KYC and Anti-Money Laundering (AML) processes that meet correspondent banking standards, along with reliable virtual asset service provider (VASP) information exchange and sanctions screening. Institutions will look for standardized data payloads, including beneficiary information, purpose codes and audit trails that integrate directly into compliance systems.

Accounting and reporting

Finance teams will need clear policies defining the instances when RLUSD should be classified as cash, restricted cash or a digital asset, how foreign exchange (FX) is recognized and how network fees are recorded. ERP connectors, detailed sub-ledgers and tight month-end reporting packs will determine whether “day two” operations function as a routine process.

Did you know? The Financial Action Task Force (FATF) Travel Rule sets a data-sharing threshold, typically around $1,000 or 1,000 euros, for VASPs. This is why stablecoin payout infrastructure emphasizes standardized beneficiary data and purpose codes.

How this differs from rivals

Most firms in this space focus on a single specialty:

• Stablecoin issuers concentrate on the token and fiat on- and off-ramps.
• Custodians provide safekeeping and policy controls.
• Payment companies handle fund transfers.
• Treasury vendors connect to ERP systems.
• Prime brokers offer market access and credit.

Ripple’s bet is to package these components for institutions. The goal is to let a finance team move seamlessly from instruction in treasury to funding through RLUSD or XRP and then to execution in payments or prime brokerage. Finally, safekeeping takes place in custody without the need to stitch together multiple vendors.

The upside is straight-through processing with a single client setup, unified controls, a shared data model and fewer reconciliation breaks.

The risk lies in breadth over depth, as specialists may still outperform a full-suite solution in their specific niches. For Wall Street buyers, the key question is whether an all-in-one stack can lower total cost and latency across the entire workflow while maintaining bank-grade controls.

How to judge the Wall Street pitch

If this bridge is real, it will appear in unglamorous places first, such as treasury dashboards, card-settlement files and auditor sign-offs.

The tells are fairly simple:

• RLUSD moving through merchant batches and supplier payouts
• The prime, treasury and payments components operating under one client contract
• Concrete charter and master-account developments that determine where reserves sit and how settlement finality is achieved.

If those signals start to appear, and corridor-level data shows better performance than the Society for Worldwide Interbank Financial Telecommunication (SWIFT) and Automated Clearing House (ACH) networks on cost and speed, that will be the turning point. The story will then move beyond headline mergers and acquisitions. It will begin to take shape inside the everyday infrastructure of finance.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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