Ripple, the company behind XRP, is approaching a $1 billion annualized revenue run rate as institutional adoption accelerates. The company expects to exit 2026 with $900 million in annualized product revenue, marking a major milestone for its expanding financial infrastructure business.
The announcement comes alongside a significant expansion of Ripple’s relationship with BNY, the financial services giant overseeing $63.4 trillion in assets under custody and administration. BNY now supports XRP and Ripple USD (RLUSD) on its digital asset custody platform.
The developments strengthen Ripple’s institutional credentials, but they also raise an important question for XRP holders. Can Ripple’s growing business translate into sustained demand for its native cryptocurrency?
Ripple Revenue Approaches $1 Billion as Institutional Business Expands
Ripple revenue milestone reflects growth across payments, custody, stablecoins, prime brokerage, and corporate treasury services. The company also reported that customers and partners using multiple Ripple products have tripled this year.
Its payments network is approaching $150 billion in lifetime transaction volume by the end of 2026. Ripple also reported more than $16 trillion in transactions enabled across its products during 2025.
These figures show how Ripple is building beyond its original cross-border payments business. The company now offers financial infrastructure designed to connect traditional institutions with digital assets and blockchain-based settlement.
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$63T BNY Adds XRP Custody as Ripple Deepens Institutional Ties
BNY’s expanded relationship with Ripple gives eligible institutional clients access to XRP and RLUSD custody through its digital asset platform.
As of September 30, BNY oversaw $63.4 trillion in assets under custody and administration, alongside $2.2 trillion in assets under management. Its position in traditional financial markets makes the expanded custody offering a notable development for XRP’s institutional accessibility.
Institutional investors often require established custody arrangements before holding digital assets. BNY’s support can therefore remove an operational barrier for eligible clients seeking to hold or transfer XRP.
The partnership also extends beyond custody. Ripple and BNY are exploring tokenized trade finance on the XRP Ledger, starting with a potential supplier-finance initiative involving working-capital platform C2FO. The initiative could bring approved receivables and related financing activity onto blockchain infrastructure.
Can Ripple’s Growth Finally Translate Into XRP Demand?
Ripple’s expanding institutional business gives XRP a stronger position within an increasingly developed financial ecosystem. Greater custody access, tokenized assets, and new settlement applications could help increase institutional familiarity with the token. As of now, adoption of Ripple’s infrastructure arguably does not translate into buying pressure for XRP yet.
RLUSD, Ripple’s dollar-backed stablecoin, can handle settlement in applications where businesses prefer predictable dollar-denominated payments. The C2FO initiative, for example, is designed to use RLUSD for settlement on the XRP Ledger.
XRP’s potential benefit depends on how institutions use the network, if applications require XRP for liquidity, and if that activity creates sustained demand beyond transaction fees. Still, the combination of Ripple’s approaching $1 billion revenue run rate and BNY’s expanded custody support marks a significant institutional milestone.
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