Ripple Prime Launches 24/7 Stock Swap Trading, HSBC Says Market Depth Remains Insufficient

On October 21, according to CoinDesk, Ripple's brokerage arm Ripple Prime (formerly Hidden Road) has enabled institutional clients to trade around-the-clock swap contracts linked to over 100 stocks, commodities, and money markets, and use its US dollar stablecoin RLUSD as collateral. These swap contracts track perpetual contracts listed on the Trade.xyz platform on Hyperliquid, are currently offered under Ripple Prime's British Virgin Islands license, with plans to expand to additional jurisdictions in the future. Trading firm Virtu has already joined as an early client.

In a report to clients, Daragh Maher, Head of Digital Asset Research at HSBC, described the product as a "gradual rather than revolutionary" upgrade, noting that the current market size remains limited compared to traditional finance, with early activity likely concentrated among market makers, proprietary traders, and hedge funds engaged in basis trading.