News, data and analysis on tokenized assets, market design and digital economic systems.
San Francisco company founded in September 2012 as OpenCoin, which issues the dollar stablecoin RLUSD under a New York Department of Financial Services limited purpose trust charter and takes it as collateral inside Ripple Prime, the prime broker it bought in October 2025.
San Francisco company founded in September 2012 as OpenCoin by Chris Larsen and Jed McCaleb, selling cross-border payments, custody and prime brokerage to institutions and issuing RLUSD, a dollar stablecoin natively issued on the XRP Ledger and Ethereum under a New York Department of Financial Services limited purpose trust charter and backed by segregated cash and cash equivalents with monthly attestations. On 12 December 2025 the Office of the Comptroller of the Currency conditionally approved Ripple National Trust Bank, which is to hold RLUSD reserves under both federal and state supervision; RLUSD passed $1bn in market value within a year of launch. Its acquisition of the non-bank prime broker Hidden Road closed on 24 October 2025 and now trades as Ripple Prime, taking RLUSD as collateral for clearing and financing, so the issuer's own token sits inside the credit chain of the brokerage it owns.
Developments in which Ripple is a named party, newest first.
The crypto market maker's New York affiliate is registered with the SEC and admitted to FINRA membership as a proprietary trading firm, able to trade equities and equity options, self-clear digital asset securities for its own account and create and…
The Central Bank of Ireland has approved a tokenized share class of Aviva Investors' US Dollar Liquidity Fund, issued on the XRP Ledger with Ripple, Komainu and Licuido—which Aviva calls a regulatory first for tokenized fund structures.
BNY said in July 2026 that it plans to pilot tokenized US Treasuries on its private blockchain by the end of 2026 and offer round-the-clock settlement for both conventional and tokenized Treasuries in 2027.
Wintermute said on 6 August 2026 that its affiliate Wintermute USA LLC had registered as a broker-dealer with the Securities and Exchange Commission and joined FINRA, as a proprietary trading firm able to trade equities and equity options, act as an authorised participant for exchange-traded products and self-clear digital asset securities for its own account. BrokerCheck dates the approval to the same day.
Aviva Investors launched a tokenized share class of its US Dollar Liquidity Fund on the XRP Ledger on 29 July 2026, approved by the Central Bank of Ireland. Ripple supplies the ledger, Komainu the institutional custody of the tokens and Licuido the tokenization infrastructure, with The Bank of New York Mellon remaining the fund's custodian. The conventional fund has run since 2020 and the tokenized class carries the same investment terms.
What issued, what settled, what the supervisors changed, with the numbers behind it and a note on what the numbers do not show. One email, Thursday mornings.
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