Ripple Expands Custody Access as Revenue Nears $1 Billion

Ripple said it expects to exit 2026 with about $900 million in annualized product revenue, after reporting that customers using multiple Ripple products have tripled this year. The company also said its payments network is nearing $150 billion in lifetime transaction volume, while more than $16 trillion in transactions were enabled across its products in 2025. Those figures suggest institutional adoption is no longer confined to a single use case, but spread across a broader set of settlement and treasury functions.

BNY’s role gives that story added weight. The custodial giant oversees $63.4 trillion in assets under custody and administration and $2.2 trillion under management, making its support a meaningful signal for institutional accessibility. For many funds and other eligible clients, custody is the operational hurdle that has to be cleared before a digital asset can be held at scale. By adding XRP and RLUSD to its digital asset custody platform, BNY lowers that barrier and gives Ripple a direct tie-in to a more mainstream financial rails provider.

Still, the market question is whether that institutional progress translates into token economics. Ripple’s network can be used for payments, trade finance and settlement without necessarily creating persistent buying pressure for XRP. RLUSD can also absorb some of the settlement role in dollar-denominated flows, which may limit the direct utility case for XRP in certain applications. In that sense, Ripple’s commercial success could help normalize the ecosystem without immediately tightening XRP supply-demand dynamics.

The companies are also exploring tokenized trade finance on the XRP Ledger, beginning with a potential supplier-finance initiative involving C2FO. If adopted, that would be another step toward moving approved receivables and working-capital flows onto blockchain infrastructure, an area where banks and corporates have shown growing interest but where commercial scale has been elusive.

For investors, the near-term read-through is mixed. The bull case is that BNY’s involvement increases institutional legitimacy, improves distribution for Ripple’s products and widens the set of possible XRP use cases. The bear case is that the revenue milestone belongs primarily to Ripple as a business, while XRP holders still wait for proof that institutional adoption converts into durable token demand. That gap remains the key issue as Ripple pushes toward a larger role in digital finance.