1. Ripple Payments (formerly ODL / xRapid)
Ripple Payments is Ripple's flagship cross-border payment solution. It enables financial institutions to send real-time, low-cost international payments. The product uses XRP as an optional bridge asset via On-Demand Liquidity (ODL), eliminating the need for pre-funded nostro/vostro accounts.
Development history
How it works
Traditional cross-border payments require correspondent banks and pre-funded accounts in each destination currency. Ripple Payments replaces this with a two-step process: (1) convert source currency to XRP, (2) transfer XRP cross-border in 3โ5 seconds, then (3) convert XRP to destination currency. The entire process is automated through the RippleNet API.
Alternatively, Ripple Payments can operate without XRP using messaging-only mode โ similar to SWIFT โ but with real-time confirmation and end-to-end tracking.
2. Ripple Treasury
Ripple Treasury helps financial institutions and corporations manage their cash positions, FX exposure, and cross-border liquidity using Ripple's blockchain rails. In October 2025, Ripple acquired GTreasury for $1 billion โ a leading treasury management software provider โ to build a full-stack treasury platform integrating RLUSD and XRP.
GTreasury serves over 3,000 corporate clients and manages multi-currency treasury operations. After Ripple's acquisition, the platform was rebranded as Ripple Treasury and now connects to 13,000 banks with $12.5 trillion in annual payment volume. Clients gained access to RLUSD as a settlement currency, direct XRP Ledger connectivity, and integration with Ripple Prime (Hidden Road) for institutional liquidity.
Source: Ripple on X, April 30, 2026 โ CoinPedia coverage โ ยท Bitget News โ ยท ETHNews analysis โ
Official source: The Defiant โ Ripple closes Hidden Road acquisition โ Media
3. Hidden Road โ Ripple Prime
Ripple acquired prime brokerage firm Hidden Road for $1.25 billion in April 2025 โ the largest acquisition in crypto history at the time. Hidden Road processes $3 trillion+ in annual volume and is embedded in DTCC's NSCC (clearing broker code 0443) and FICC GSD (#9388) clearing infrastructure. Now operating as Ripple Prime.
Hidden Road was founded by Marc Asch and serves 300+ institutional clients across prime brokerage, clearing, and custody. After the Ripple acquisition, RLUSD became the first stablecoin accepted as cross-margin collateral between digital assets and traditional financial markets.
Why this matters for XRP: Ripple Prime holds official DTCC clearing credentials, meaning institutional post-trade settlement flows through infrastructure that uses XRP Ledger. This is separate from Ripple's DTCC patent (US20250078162A1) which names XRP and XLM as Digital Liquidity Tokens.
Primary source: ripple.com โ "It's Prime Time: Ripple Closes Hidden Road Acquisition" (Oct 24, 2025) โ Ripple Official
4. The 1,700+ NDAs: What the Court Documents Say
โ๏ธ Court-Verified: SDNY 2024
The following facts come from the United States District Court, Southern District of New York โ SEC v. Ripple Labs, Case No. 1:2020cv10832.
5. Ripple CBDC Pilots: Status by Country
Ripple's CBDC platform allows central banks to mint, manage, transact, and redeem digital currencies using the XRP Ledger. In June 2024, CEO Brad Garlinghouse confirmed Ripple is working with "about 10 different governments" on CBDC projects. Contrary Research
| Country | Status | Details | Source |
|---|---|---|---|
| ๐ง๐น Bhutan | Pilot | Royal Monetary Authority (RMA) partnered with Ripple September 2021. National CBDC pilot in multiple phases. druk digital currency. | Ripple Official โ |
| ๐ต๐ผ Palau | Pilot | Republic of Palau partnered with Ripple November 2021. First national digital currency for Palau. USD-backed stablecoin on XRPL. | Ripple Official โ |
| ๐ฒ๐ช Montenegro | Pilot | Central Bank of Montenegro (CBCG) โ Governor Radoje ลฝugiฤ signed partnership April 2023. Testing retail and wholesale CBDC use cases under controlled conditions. | Fintech Futures โ |
| ๐ญ๐ฐ Hong Kong | Exploring | Hong Kong Monetary Authority (HKMA) engaged with Ripple's CBDC platform. Part of broader e-HKD exploration program. | U.Today โ |
| ๐ 6+ unnamed | Confidential | Brad Garlinghouse (June 2024): "About 10 different governments." Remaining countries under NDA โ not yet officially disclosed. | Contrary Research โ |
Ripple's CBDC platform is built on the XRP Ledger and supports the full lifecycle: issuance, distribution, transaction, and redemption. For central banks, it offers programmable monetary policy, atomic settlement, and interoperability with existing banking systems. Official product page โ
6. APIs & Technical Integrations
RLUSD Stablecoin Integration
RLUSD (Ripple USD) launched December 2024. It's a fully-reserved USD stablecoin issued on both the XRP Ledger and Ethereum. As of late 2025 it reached $1B+ market cap. RLUSD is integrated into Ripple Prime (Hidden Road), GTreasury, and the Rail payments platform.
RLUSD resources: Ripple Official โ Market data: RWA.xyz โ