XRP
Ripple Prime Expands Into Leveraged ETF Financing via Total Return Swaps
Ripple's institutional arm is generating revenue by providing financing to Wall Street exchange-traded funds, though the earnings do not flow back to the XRP token.
Ripple Prime, the company's investment banking unit, has begun financing leveraged exchange-traded fund issuers through total return swaps. First reported by The Wall Street Journal and later covered by CoinDesk, the prime brokerage service allows fund managers to secure leveraged exposure to underlying assets by paying financing fees, with Ripple acting as the hedging counterparty. The offering is slated to expand to hedge funds and additional asset managers.
Under these arrangements, fund issuers pay substantial financing margins. For instance, the Tradr 2X Long SNDK Daily ETF pays Ripple the Overnight Bank Funding Rate plus four percentage points, which translates to an annual rate of roughly 8% at current interest rate levels. According to Morningstar data cited in reports, the broader US market comprises 593 leveraged ETFs holding over $256 billion in assets under management that require regular financing.
The report notes that this prime brokerage business is entirely separate from Ripple's payment infrastructure, stablecoin operations, or the XRP Ledger. As a result, the fees generated by Ripple Prime do not accrue to XRP token holders, even as XRP traded at $1.39 on Friday evening.
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