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Following
XRP 
RLUSD Breven Howard and Ripple Prime have entered into a multi-asset prime brokerage business cooperation
Brevan Howard, a global alternative investment management company with approximately US$35 billion in asset management, announced that it will use Ripple Prime to provide multi-asset prime brokerage, clearing and financing services in traditional and digital markets. The expanded cooperation agreement is based on Breven Howard's funds participating in Ripple's 2025 US$500 million strategic investment round.
However, Ripple did not disclose which assets Breven Howard traded, whether the transactions were settled through the XRP ledger, and whether XRP or RLUSD would be used within the scope of authorization.
Ripple Prime's business far exceeds the scope of XRP transactions
Ripple Prime stems from Ripple's $1.25 billion acquisition of Hidden Road, which made Ripple the owner of a global multi-asset prime broker. Currently, its platform handles more than US$3 trillion in clearing volume every year and serves more than 300 institutional customers. Its business scope covers digital assets, foreign exchange, fixed income, derivatives, swap contracts and precious metals.
While the acquisition of Hidden Road creates a potential link between traditional financial markets and Ripple's blockchain infrastructure, using Ripple Prime does not mean that every transaction will involve XRP. Ripple Prime already supports the combination of dozens of digital assets with traditional financial products. Its U.S. spot brokerage business includes XRP and RLUSD, and Ripple has explored using XRP as institutional collateral.
Potential benefit paths for XRP
Ripple said XRP and RLUSD are the foundation of its broader institutional capabilities, while Ripple Prime is integrating blockchain settlement infrastructure. This brings to a variety of potential application scenarios for XRP: including settlement, collateral, liquidity provision or cross-market transfers, but as of now, these applications have not been specifically confirmed in the case of Breven Howard.
In contrast, RLUSD may have a clearer institutional role in the short term. Recently, the liquidity of stablecoins on the XRP books has reached approximately US$1.3 billion, of which RLUSD accounts for more than 90%. At the same time, Ripple is building institutional credit markets around RLUSD and XRPL.
