Ripple said on Oct. 28 that it was on track to reach a $900 million annualized product revenue run rate by year-end. That is a projection of revenue at a year-end pace, not revenue already earned. Ripple did not give a year for the announcement.
BNY confirmed on Oct. 27 that eligible institutional clients can hold and transfer XRP and Ripple USD through its Digital Asset Custody platform. BNY and Ripple are also exploring tokenized trade finance, but implementation depends on client requirements. BNY’s plans to support more assets on the XRP Ledger, and direct minting and redemption of Ripple USD, remain subject to final bank and regulatory approvals.
Ripple also said Robinhood plans to use Ripple USD for institutional settlement and integrate Ripple Treasury. Ripple disclosed final approval for a national trust bank on Oct. 26, but said the bank will be authorized to offer fiduciary digital asset custody only once it opens.
