WSJ · 2026-10-07 20:52 UTC

Ripple, Crypto's Payments Giant, Breaks Into Wall Street

Ripple has entered the leveraged ETF swap financing business, a lucrative market traditionally dominated by banks, through its $1.25 billion acquisition of Hidden Road (now Ripple Prime). There are 593 leveraged ETFs managing over $256 billion in U.S. assets, with swap fees varying widely - one example shows an 8% annualized fee paid to Ripple from the Tradr 2X Long SNDK Daily ETF. Ripple and other nonbank firms like Jane Street and Clear Street are gaining market share partly because banks face stricter risk regulations, and many new ETF startups lack traditional bank relationships.

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