This week marked a turning point for XRPL and institutional crypto adoption. Ripple secured a massive strategic investment from some of the biggest names in finance, RLUSD crossed $1 billion in circulation, and real-world pilots with Mastercard proved that stablecoins are moving from concept to production. Here's what happened.
Ripple Raises $500M at $40B Valuation
Ripple announced a $500 million strategic investment led by Fortress Investment Group and Citadel Securities, with participation from Pantera Capital, Galaxy Digital, Brevan Howard, and Marshall Wace. The round values Ripple at $40 billion, following the company's strongest year to date.
The investment follows a $1 billion tender offer at the same valuation, underscoring institutional confidence in Ripple's trajectory. Over the past two years, Ripple completed six acquisitions (including two valued over $1 billion), expanding into payments, custody, stablecoins, prime brokerage, and treasury management.
Key milestones:
- $95 billion in total Ripple Payments volume
- 75 regulatory licenses enabling cross-border money movement
- RLUSD surpassed $1 billion market cap in less than a year
- Ripple Prime (formerly Hidden Road) has tripled in size since acquisition
Why this matters for Canada: Ripple's expansion into custody, prime brokerage, and stablecoins creates infrastructure Canadian institutions need. With 75 licenses and proven scalability, Ripple is positioning itself as the enterprise crypto partner—and Canada's progressive regulation makes it an ideal market for deployment.
RLUSD to Power Mastercard Credit Card Settlements on XRPL
At Swell 2025, Ripple unveiled a pilot with Mastercard, WebBank, and Gemini to settle fiat credit card transactions using RLUSD on the XRP Ledger. If successful, this would be one of the first times a regulated U.S. bank uses a public blockchain to settle traditional card payments.
RLUSD—a U.S. dollar-backed stablecoin launched in December 2024 under a New York Trust Charter—is fully backed by cash and cash equivalents. In less than a year, it has crossed $1 billion in circulation and is already being used as collateral in Ripple Prime.
The pilot could replace slower, more expensive settlement rails that banks rely on today. Instead of waiting 1-3 days for credit card transactions to clear, RLUSD could move funds nearly instantly, especially across borders.
Why this matters for Canada: Canadian fintechs and banks are exploring stablecoin infrastructure (Ripple acquired Toronto-based Rail earlier this year). If this Mastercard pilot succeeds, it creates a blueprint for Canadian institutions to integrate stablecoins into existing payment rails without rebuilding from scratch.
Swell 2025: Wall Street Meets XRPL
Ripple's annual Swell conference (November 3-5 in New York City) brought together over 600 attendees and 60+ speakers from 40+ countries. The lineup read like a who's who of traditional finance:
- Adena Friedman — Chair & CEO, Nasdaq
- Maxwell Stein — Director of Digital Assets, BlackRock
- Scott Lucas — Head of Markets & Digital Assets, JPMorgan Chase
- Carolyn Weinberg — Chief Product & Innovation Officer, BNY Mellon
- Sandy Kaul — Head of Innovation, Franklin Templeton
- Christian Rau — SVP, Blockchain & Fintech Enablement, Mastercard
Topics included tokenization, stablecoins, custody, compliance, and financial inclusion. This wasn't a crypto conference—this was institutional finance exploring blockchain infrastructure.
Why this matters for Canada: When Nasdaq, BlackRock, JPMorgan, and BNY Mellon show up to talk about tokenization and custody, it signals that institutional adoption is no longer theoretical. Canadian banks, universities, and fintechs need to be ready—because when these institutions deploy, they'll need local partners, developers, and regulatory clarity (all of which Canada has).
XRP Ledger: 21,000 New Wallets in 48 Hours & Smart Contract Milestone
The XRP Ledger added 21,000 new wallets in just 48 hours this week, signaling growing retail and developer interest. Meanwhile, XRPL smart contracts reached a major milestone with increased adoption of Hooks—native smart contract functionality that extends XRPL's capabilities without compromising speed or cost.
Projects like XRP Tundra (a DeFi protocol) are launching with full audits and public KYC, addressing transparency concerns and positioning XRPL as a serious platform for compliant DeFi applications.
Why this matters for Canada: XRPL isn't just for payments anymore. With Hooks enabling smart contracts and DeFi growing on the ledger, Canadian developers can build tokenization platforms, escrow systems, and automated payment channels—use cases relevant to energy, commodities, and cross-border trade (all core to Calgary's economy).
Looking Ahead: Will XRP Be the Next Crypto ETF?
With multiple XRP ETF filings entering their 20-day review window, speculation is building that an XRP ETF approval could be next. Analysts are watching closely, especially as XRP continues to outperform Bitcoin in recent weeks.
If approved, an XRP ETF would provide institutional investors with regulated exposure to XRP without directly holding the asset—similar to Bitcoin and Ethereum ETFs launched in recent years.
Why this matters for Canada: Canada was the first G7 nation to approve Bitcoin ETFs, and Canadian exchanges (like TSX) have been early adopters of crypto products. If XRP ETFs launch, Canadian investors could gain access quickly—and Canadian asset managers could lead the way in offering XRPL-focused products.
What to Watch Next Week
With RLUSD pilots underway, institutional interest at an all-time high, and XRP ETF filings in review, the next few weeks could bring major announcements. Canadian builders should be paying attention—this is infrastructure being built in real time, and the opportunity to participate is now.
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