Ripple Prime Integrates with EDX Markets, Lays Groundwork for RLUSD Collateral

The partnership, announced 19 May, advances Ripple’s shift from payments infrastructure towards broader institutional market services. It also sets the stage for the potential future use of the company’s dollar-backed stablecoin RLUSD as collateral and settlement asset, though specific timelines and implementation details remain undisclosed.

Prime brokerage with central clearing

EDX Markets and EDXM International, backed by major traditional finance players including Citadel Securities, Virtu Financial, Fidelity Digital Assets and Charles Schwab, provide institution-focused crypto trading venues with central clearing and daily net settlement. EDX Markets serves as a US-based spot venue, while EDXM International operates a Singapore-based perpetual futures platform. 

The integration allows Ripple Prime clients – banks, hedge funds and asset managers – to tap this liquidity alongside credit intermediation and collateral management services aimed at improving capital efficiency and reducing counterparty risk.

Ripple Prime stems from the company’s $1.25bn acquisition of Hidden Road, a global prime brokerage and credit network offering clearing, financing and services across traditional and digital assets, completed in October 2025. The business has reportedly grown threefold since the deal was announced, though the press release provided no updated figures on assets under management, client collateral or trading volumes tied to the new EDX connection.

RLUSD collateral ambitions

The deal lays the groundwork for eventual RLUSD integration as a settlement and collateral asset on EDX venues. This could let institutions post and receive margin using the regulated stablecoin, enabling better cross-collateralization across spot and futures trading, but target dates and regulatory hurdles currently remain unclear. 

Ripple has repositioned towards regulated financial infrastructure. In March, it advanced stablecoin-led settlement plans alongside custody, liquidity and treasury acquisitions. RLUSD previously featured in Singapore’s BLOOM trade finance pilot for programmable cross-border settlement.

From payments to institutional infrastructure

Ripple has spent the past year expanding beyond XRP-linked remittance flows into institutional trading and financial infrastructure. The EDX partnership deepens that push, using central clearing to reduce counterparty risk in crypto markets.

EDX’s model – acting as counterparty to every trade with daily net settlement – mirrors traditional finance practices.

Geographic restrictions add further nuance: EDXM International products are unavailable to entities in the US, EU and UK, while EDX Markets targets US institutions in approved jurisdictions.