Ripple Prime launches U.S. equity derivatives through Delta One division

Ripple Prime launches Delta One service to provide U.S. equity derivatives to institutional clients

Ripple Prime, a multi-asset prime brokerage arm, has officially launched its Delta One service for institutional investors, incorporating U.S. equity derivatives into its existing platform. This new service allows customers to trade total return swaps linked to U.S. stocks and indices while still having access to digital assets.

In an announcement released on Thursday, Ripple Prime said the Delta One business aims to broaden the way hedge funds, asset management companies and other financial institutions can generate income without having to directly hold underlying assets.

Core Points

· Ripple Prime launches Delta One service, which provides total return swaps linked to U.S. listed stocks, indices and digital assets.·Customers can execute transactions through a single counterparty and cross-margin management of exposure to supported asset classes.·The service is available to hedge funds, asset management companies and other financial institutions seeking flexible ways to generate income.·Ripple Prime said its regulatory net capital exceeded $1 billion to support its prime brokerage and financing operations.·In terms of growth capital, the company completed a private placement of $275 million in senior unsecured notes earlier this year and obtained a $200 million credit line in May.

Delta One Bridge from Prime Broking to Equity Derivatives

The core structure of Ripple Prime's launch stems from a common form in traditional markets: total return swaps. Such contracts allow investors to gain exposure to the overall return on an asset, which typically includes price appreciation and other related gains, without actually holding the asset.

Ripple Prime's Delta One service extends this model to financial instruments linked to U.S. stocks. The company said customers can use the platform to use total return swaps to gain price exposure to U.S. listed stocks, indices and digital assets. For institutional participants, the significance of this combination is that it can simplify the construction of a portfolio of traditional assets and crypto-native assets in the same workflow.

Cross-margin and "single counterparty" model

Ripple Prime said the product is designed to meet customer needs for execution efficiency and risk management efficiency. By allowing customers to trade with a single counterparty and achieving cross-margin management between supported asset classes, the company essentially aims to reduce operational friction caused by the simultaneous use of multiple counterparties and independent margin systems.

The company also emphasized that the service can be provided "24/7", reflecting the real difference between the digital asset market and the U.S. stock market having fixed trading hours. For multi-asset trading desks, the advantage is the ability to manage exposures more continuously without having to adopt separate processes for different asset classes.

Foundation and capital support for the Ripple Prime platform

Ripple Prime didn't start from scratch in the institutional services space. The company has previously provided prime brokerage, clearing and financing support in the foreign exchange, derivatives, fixed income and digital assets sectors. With the launch of Delta One, Ripple Prime adds a new layer of services to this infrastructure-specifically, adding U.S. equity derivatives exposure to its total return swaps portfolio.

Ripple Prime also said its business has more than $1 billion in regulatory net capital. In practice, net capital is an important indicator for measuring companies engaged in brokerage and derivatives related businesses. It affects the risk capacity that the company can bear and the scale of loan or financing activities that it can support.

Financing and company building behind the expansion

The release of Delta One is in line with Ripple Prime's broader expansion path. Ripple Prime was formed after Ripple acquired Hidden Road for $1.25 billion in October 2025 and subsequently rebranded the business.

Earlier this year, Ripple Prime took action to strengthen its funding base for growth. The company completed a private placement of $275 million in senior unsecured notes in August. In May, Ripple Prime also received a $200 million debt financing from a fund managed by Neuberger Specialty Finance to expand its lending capabilities to institutional customers.

Taken together, these initiatives demonstrate that Ripple Prime is committed to expanding its lending and prime brokerage services capabilities while broadening its product range for institutional customers. The launch of Delta One extends this scale-up effort into equity-linked derivatives rather than limiting products to digital assets or foreign-exchange instruments.

The most immediate questions for investors and institutional allocators are how quickly counterparties and customers will adopt the new Delta One service, and whether the cross-margin mechanism can significantly change the margin efficiency of multi-asset portfolios. In the short term, traders should also pay attention to detailed information about specific contract terms and underlying assets during the launch of the service, and whether Ripple Prime will further connect digital asset exposure to traditional market structures.