Ripple Prime launches Delta One desk for total return swaps using RLUSD stablecoin, sidelining XRP token.

Ripple Prime launched a Delta One desk on August 27, 2026, enabling hedge funds to trade U.S. equities, indices, and Treasuries via total return swaps without owning the underlying shares. This service uses RLUSD, Ripple's dollar stablecoin with over $2 billion market cap, as collateral, rather than the XRP token, signaling Ripple's focus on stablecoin-driven institutional revenue. Meanwhile, XRP ETFs saw record inflows, but XRP's role remains limited compared to RLUSD's growing use in settlement and collateral. Upcoming events to watch include the September 11 activation of an XRP Ledger lending protocol and the October full rollout of the DTCC tokenization program, which could impact Ripple Prime's market reach and XRP utility.