Ripple Prime, the multi-asset prime brokerage arm of Ripple, has rolled out a Delta One offering aimed at institutional investors—bringing US equity derivatives into its existing platform. The new service lets clients trade total return swaps tied to US-listed equities and indexes, alongside digital assets.

In a Thursday announcement, Ripple Prime said the Delta One business is designed to broaden how hedge funds, asset managers and other financial institutions gain exposure to returns without needing to hold the underlying assets directly.

Key takeaways

• Ripple Prime launched a Delta One service offering total return swaps linked to US-listed equities, indexes and digital assets.
• Clients can execute with a single counterparty and cross-margin exposures across the supported asset classes, according to Ripple Prime.
• The offering is positioned for hedge funds, asset managers, and other financial institutions seeking flexible access to returns.
• Ripple Prime says it has more than $1 billion in regulatory net capital, supporting its prime brokerage and financing operations.
• Growth funding included a $275 million senior unsecured notes private placement earlier this year and a $200 million credit facility in May.

A Delta One bridge from prime brokerage to equity derivatives

At the core of Ripple Prime’s launch is a familiar structure from traditional markets: total return swaps. These contracts allow an investor to receive exposure to an asset’s overall returns—typically reflecting price appreciation and other relevant components—without owning the asset itself.

Ripple Prime’s Delta One service extends that approach to US equity-linked instruments. The company said clients can use the platform to obtain exposure through total return swaps referencing US-listed equities and indexes, as well as digital assets. For institutional participants, that combination matters because it can streamline portfolio construction across conventional and crypto-native exposures within one workflow.

Cross-margining and a “single counterparty” approach

Ripple Prime said the product is intended for clients that want efficiency in execution and risk management. By allowing clients to transact with a single counterparty and to cross-margin exposures across supported asset classes, the firm is effectively aiming to reduce operational friction that often comes with running multiple counterparties and separate margin regimes.

The company also framed the service as available “around the clock,” highlighting the practical reality that digital asset markets operate continuously while US equities run on defined trading hours. For multi-asset desks, the pitch is that exposure can be managed more continuously, rather than requiring separate processes across asset types.

How Ripple Prime’s platform is built—and what’s backing it

Ripple Prime is not starting from zero in the institutional services stack. The firm previously offered prime brokerage, clearing, and financing support across foreign exchange, derivatives, fixed income and digital assets. With the Delta One launch, Ripple Prime is adding another layer on top of that infrastructure—specifically by incorporating US equity derivatives exposure into its total return swap toolkit.

Ripple Prime also stated that the business has more than $1 billion in regulatory net capital. In practical terms, net capital is a key metric for firms operating in brokerage and derivatives-adjacent businesses, and it can influence how much risk capacity and lending or financing activity a firm can support.

Funding and corporate buildup behind the expansion

The Delta One announcement fits into Ripple Prime’s broader expansion path. Ripple Prime was created after Ripple completed its $1.25 billion acquisition of Hidden Road in October 2025 and then rebranded the business.

Earlier this year, Ripple Prime moved to strengthen its funding base for growth. In August, it closed a $275 million private placement of senior unsecured notes, according to earlier reporting from Cointelegraph. In May, Ripple Prime also secured a $200 million debt facility from funds managed by Neuberger Specialty Finance to expand its lending capacity for institutional clients, as covered previously by Cointelegraph.

Taken together, those steps suggest Ripple Prime is working to scale lending and prime services capacity while broadening the set of products available to institutional clients. The Delta One launch extends that scaling effort into equity-linked derivatives exposure, rather than keeping the product offering confined to digital assets or FX-based instruments.

For investors and institutional allocators, the most immediate question is how quickly counterparties and clients adopt the new Delta One service and whether cross-margining meaningfully changes margin efficiency for multi-asset portfolios. In the near term, traders should also watch for details on the specific contract terms and supported underlyings as the offering is rolled out, and for any further product expansions that connect Ripple Prime’s digital asset exposure to traditional market structures.

Mantle has accumulated about $880 million in stablecoins and tokenized assets as its onchain product range has expanded across equities, Treasuries, funds and yield-bearing assets.

Mantle’s asset base approaches $880 million

Blockworks Research data shows that Mantle’s stablecoin circulating supply has reached approximately $550 million, while tokenized assets on the network account for another $330 million. The two categories place the combined value at about $880 million.

Unlike networks built mainly around one class of real-world assets, Mantle’s tokenized supply covers commodities, stocks, U.S. Treasuries, yield-bearing stablecoins, a pre-IPO vault and the MI4 tokenized fund. Blockworks counts 985 distinct tokenized assets across the network.

Stablecoins provide most of the liquid capital available within the two categories. Based on the dashboard’s latest asset-level readings, their combined circulating supply stands at approximately $553.7 million, with USDT0 accounting for $440.03 million.

USDe ranks second with $57.93 million, followed by USDC at $34.15 million and conventional USDT at $12.96 million. AUSD contributes $5.15 million, while World Liberty Financial’s USD1 and Aave’s GHO account for $2.29 million and $1.23 million, respectively.

Calculated from the displayed figures, USDT0 represents close to 80% of Mantle’s stablecoin supply. The concentration means that most of the network’s dollar-linked liquidity comes from one asset, even though Mantle supports seven stablecoins.

Recent flows have added to the two largest positive movers. The dashboard recorded a daily USDT0 net inflow of $18.42 million and a USDC inflow of $9.94 million when the data was checked. Over 30 days, USDC supply increased 33.93%, while USDT0 rose 9.51%.

Smaller tokens posted faster percentage growth from lower starting levels. GHO supply climbed 203.5% during the same period, while USD1 rose 190.89%. In contrast, USDe fell 9.09%, standard USDT declined 2.28%, and AUSD slipped 0.09%, according to Blockworks.

Tokenized equities have expanded to 155 products

Equities have become a larger part of Mantle’s tokenized-asset catalog. Nansen counted 155 tokenized equities on the network at the end of June, up from only 10 in April, according to an Aug. 25 report.

The selection includes instruments tied to public companies, private businesses, and exchange-traded funds. Nansen identified products linked to SpaceX and Franklin Templeton’s U.S. Equity Index ETF among the available assets.

In November 2025, Mantle integrated Backed’s xStocks through an arrangement involving Bybit. The rollout brought tokens linked to Apple, Nvidia and Strategy shares onto Mantle, while Bybit supported direct deposits and withdrawals between its centralized exchange and the network.

Backed said at the time that its xStocks platform had processed more than $1.6 billion in tokenized equity volume. According to the company, each token was backed one-to-one by an underlying security held through licensed custodians in Switzerland.

Product structures remain important for investors because tokenized equities do not always provide the same legal rights. As crypto.news reported in August, some products deliver only synthetic price exposure and do not give holders ownership, voting rights, or other shareholder protections. Access can also depend on the issuer, distributor, and user’s jurisdiction.

Mantle’s products, therefore, need to be assessed according to their individual terms rather than grouped under a single ownership model. Backed’s one-to-one structure, for example, differs from tokenized derivatives that track a share price without transferring a claim on the underlying stock.

Mantle has added RWA yield through DeFi

Stablecoin liquidity on Mantle is also being used in yield products. On Aug. 25, the network opened its RWA vault to DeFi users after an earlier version distributed through Bybit passed $200 million in assets under management.

The DeFi vault accepts USDC and USDT0 through Fluxion, according to Mantle’s announcement. CIAN designed the non-leveraged strategy, Grove connects deposits to yield from the Sky ecosystem, and Fluxion provides the user interface.

Deposited assets gain exposure to returns from sUSDS, the savings version of Sky’s USDS stablecoin. Sky governance sets the applicable savings rate, so the return can change rather than remaining fixed throughout a deposit.

Mantle’s launch materials listed a target annual percentage yield of up to 6.5%, including campaign incentives. The offer also included Fluxion Points and an allocation of 5.14 million GROVE tokens, although the value received by each depositor depends on participation rules and token prices.

Without leverage, the vault removes one source of liquidation risk, according to Mantle’s product description. Users still face smart-contract failures, stablecoin price changes, liquidity conditions, and adjustments to Sky’s governance-set savings rate.

The self-custodial version also changes who controls the deposited assets. Bybit users previously entered the strategy through an exchange account, while Fluxion users approve transactions from their own wallets and remain responsible for managing their private keys.

Other network figures provide additional scale. Blockworks places Mantle’s treasury value at about $1.8 billion, cumulative spot decentralized exchange volume at $20 billion, and deployed decentralized applications above 150.

U.S. investors face access and ownership limits

For U.S. users, the presence of tokenized American equities on a public blockchain does not establish that the products are legally available in every state or to every investor. Eligibility depends on the issuer’s terms, distribution controls and applicable federal and state securities rules.

Stablecoin yield carries a separate regulatory question. The GENIUS Act prevents payment stablecoin issuers from paying interest or yield directly to holders, while rewards generated through exchanges, brokers, and DeFi protocols have remained part of congressional discussions.

Mantle and its partners describe the DeFi vault’s return as strategy-generated yield from sUSDS rather than a direct payment from a stablecoin issuer. Fluxion Points and GROVE incentives are provided separately from the underlying Sky savings return.

Tokenized-stock models also differ in how they treat U.S. securities. In August, Crypto.com introduced tokenized derivatives tied to 1,500 U.S. equities and ETFs for eligible users in the European Economic Area and other approved markets. Crypto.com said buyers receive price exposure but do not gain legal ownership or shareholder rights.

Regulated U.S. market operators are developing another model. The Depository Trust Company received a Securities and Exchange Commission no-action letter in December 2025 allowing a defined tokenization service for three years, covering eligible assets held in DTC custody.

Under DTC’s stated plan, potential assets include Russell 1000 stocks, major index ETFs, U.S. Treasuries and certain corporate bonds. The company selected Stellar for part of its multi-chain strategy and targeted the first half of 2027 for deployment.

Charles Schwab is set to expand the range of cryptocurrencies it offers to retail clients, adding Solana (SOL), Avalanche (AVAX) and Chainlink (LINK) to its Schwab Crypto platform in the coming months. The move broadens Schwab’s direct crypto trading beyond its initial support for Bitcoin (BTC) and Ether (ETH).

Schwab Crypto began rolling out to retail clients in May, allowing customers to trade BTC and ETH through Schwab’s website, mobile app and thinkorswim platform. Schwab has said it intends to add additional digital assets over time, but—beyond naming the three new tokens—it has not provided further details on what else may follow or a more specific schedule.

Key takeaways

• Schwab Crypto will add Solana (SOL), Avalanche (AVAX) and Chainlink (LINK), expanding beyond BTC and ETH.
• The brokerage started its retail rollout in May, initially offering direct trading for Bitcoin and Ether via Schwab’s existing platforms.
• Schwab charges 0.75% (75 basis points) on the dollar value of each crypto trade.
• Schwab Crypto availability is limited to U.S. states excluding New York and Louisiana, with no offering in territories or internationally.
• The firm’s crypto expansion aligns with a broader push into new trading products, including prediction-style contracts tied to the S&P 500.

Beyond BTC and ETH: Schwab’s next crypto batch

Schwab’s announcement marks another step in the firm’s efforts to integrate digital assets into mainstream brokerage workflows. When the initial rollout began in May, Schwab positioned its service as a direct trading option—bringing crypto into the same environment retail investors use for traditional market exposure.

With SOL, AVAX and LINK now on the roadmap, Schwab is effectively moving from a “two-asset” entry point to a wider selection of widely followed networks and token ecosystems. However, the company has not described any broader framework for how it chooses future listings, nor has it outlined whether additional assets could be added after these three.

For investors, the practical impact is twofold. First, it increases the range of coins that can be traded directly through a familiar brokerage interface rather than via separate exchanges. Second, it potentially changes portfolio construction, because tokens like SOL and AVAX represent different market dynamics compared with BTC and ETH—particularly in terms of sector exposure tied to smart-contract and decentralized application ecosystems.

How Schwab Crypto works—and what it costs

Schwab Crypto operates as a direct crypto trading service offered through Schwab’s banking and brokerage structure. The accounts are provided through Charles Schwab Premier Bank, while affiliated brokerage Charles Schwab & Co. performs certain operational functions on the bank’s behalf.

Pricing is set at 75 basis points, or 0.75%, on the dollar value of each crypto trade. Schwab has also defined geographic limits for customers: the service is available in all U.S. states except New York and Louisiana, and it is not offered in U.S. territories or internationally.

Those restrictions matter because they define who can actually access the expanded token list. Even as Schwab adds new assets, participation will remain constrained by the company’s current regulatory and compliance footprint.

Retail rollout in motion since May

Schwab Crypto’s initial retail availability began with BTC and ETH as Schwab started rolling out the product to customers. According to earlier coverage from Cointelegraph, the exchange-enabled experience was introduced through Schwab’s website, mobile app and thinkorswim platform for a first group of retail clients.

Schwab has continued to describe the crypto offering as something that will grow over time. The inclusion of SOL, AVAX and LINK therefore fits within that stated plan, but the company’s public communications still leave key questions unanswered for traders—especially around whether it will expand to additional tokens beyond those three and when.

Schwab’s parallel push into prediction markets

Schwab’s crypto expansion arrives as the broker prepares additional trading-related offerings. In June, The Wall Street Journal reported that Schwab plans to offer prediction contracts tied to the S&P 500 index in partnership with Cboe Global Markets. Those contracts would let clients wager whether the index will close above or below a specified level, with the product reportedly expected to launch within months.

Importantly, Schwab’s reported plan differs from platforms such as Kalshi and Polymarket, which are known for broader prediction markets. The Journal report suggested that Schwab’s initial contracts would be limited to index outcomes rather than expanding immediately into other event categories.

From an industry standpoint, the connection is less about crypto specifically and more about how traditional brokerage firms are expanding beyond standard asset classes. If Schwab follows through on both the multi-asset crypto trading roadmap and prediction-style contracts, it signals a broader effort to develop new “trading products” that can sit alongside conventional investments—potentially drawing investor attention to alternative ways of positioning risk and expectations.

What to watch next

Schwab hasn’t provided a precise timetable for when SOL, AVAX and LINK will go live, so investors should watch for official platform updates and client notifications once trading availability is enabled. More broadly, the bigger question is whether Schwab will continue expanding its crypto roster after these three tokens—and how its evolving product menu (from crypto to prediction contracts) reshapes participation for retail traders in the U.S.

Bitcoin (BTC) rebounded toward $81,000 around Thursday’s Wall Street open as Nvidia earnings boosted US stocks.

Key points:

• Bitcoin reclaims $80,000 as $96.2 billion Nvidia earnings provide a boost to crypto and US equities.
• Expectations are running high ahead of Fed chair Kevin Warsh’s keynote speech at the Jackson Hole economic symposium on Friday.
• Bitcoin analysis sees sell-side pressure lessening above $82,000 ahead of the $6.6 billion August options expiry.

Nvidia earnings beat sends stocks, crypto higher

Data from TradingView showed new local highs of $80,808 for BTC/USD, with bulls again seeking to cement the $80,000 mark as support.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

Nvidia surprised to the upside after Wednesday trading, posting Q2 earnings of $96.2 billion — nearly $4 billion more than expected. On Thursday, its stock surged more than 9% and its market cap gained over $400 billion, with the tech-heavy Nasdaq Composite Index 1% higher at the time of writing.

“Nvidia is now on track to post the 3rd largest single-day market cap gain by a stock in history,” trading resource The Kobeissi Letter wrote in a reaction on X.

Nvidia stock one-day chart. Source: Cointelegraph/TradingView

Markets are now turning to the US Federal Reserve’s Jackson Hole economic symposium, already underway, ahead of chair Kevin Warsh’s keynote speech on Friday. Hopes are that Warsh, known for being tight-lipped on future policy shifts, will nonetheless tame market uncertainty amid mixed US inflation data and volatile government bond yields.

“Chairman Warsh’s address is poised to be extremely key given the jump in long-term interest rates and high uncertainty over the path of inflation and Fed’s reaction function going forward,” Nationwide chief US economist Kathy Bostjancic said, quoted by CNBC.  

Analyst sees Bitcoin sell wall thinning ahead of options expiry

Crypto liquidations edged higher at around $417 million over 24 hours, per data from CoinGlass, after Bitcoin buyers chipped away at an area of significant ask liquidity.

Related: BTC RSI bullish divergence draws 2022 comparisons as analysis weighs new price trend

Previously, Cointelegraph reported that this zone extended up to $86,000, creating friction for further price upside.

Crypto liquidation history (screenshot). Source: CoinGlass

Commenting, analyst David Eng described this liquidity wall as “weakening” ahead of Friday’s $6.58 billion (81,700 BTC) August options expiry event on crypto exchange Deribit.

“BTC is compressed under resistance just as the derivatives structure holding it there is about to weaken. Break $82K and the path to $85K+ gets much cleaner,” he told X followers.

Bitcoin options open interest by expiry date. Source: Deribit

Bitcoin options expiry events are when options contracts end, allowing traders to buy or sell BTC for a specific price. This can spark increased market volatility, with price gravitating toward a particular strike price.

Ripple Prime, the multi-asset prime brokerage unit of Ripple, has rolled out a “Delta One” service aimed at institutional investors—bringing US equity derivatives into its existing platform alongside foreign exchange, fixed income and digital assets. The launch is positioned as an expansion of how clients can gain exposure to underlying assets through derivatives rather than direct ownership.

In a Thursday announcement, Ripple Prime said the new offering enables clients to execute total return swaps tied to US-listed equities and indexes, as well as digital assets. Total return swaps are designed to deliver the economic returns of an asset over a specified period without requiring the investor to hold the underlying instrument.

Key takeaways

• Ripple Prime’s new Delta One service uses total return swaps to provide exposure to US-listed equities and indexes, plus digital assets.
• The product targets hedge funds, asset managers, and other financial institutions that need derivative-based exposure rather than direct ownership.
• Ripple Prime says clients can use a single counterparty and cross-margin positions across the supported asset classes.
• Ripple Prime said it operates with more than $1 billion in regulatory net capital, supporting its balance-sheet role as a prime brokerage.
• The initiative follows recent capital-raising steps, including senior unsecured notes and a credit facility described in earlier coverage.

A prime brokerage step into equity-linked derivatives

Delta One products are often used by institutions to simplify portfolio implementation and risk management. Instead of buying or shorting the underlying assets, investors can gain exposure through swap structures that track the total return performance of a reference asset. Ripple Prime’s announcement extends that model to US equity derivatives, adding equities and indexes to the asset classes it already supports.

The company emphasized operational and risk-management benefits for clients. According to the announcement, clients can execute these trades with a single counterparty and cross-margin exposures across the supported asset categories. The “around the clock” framing suggests Ripple Prime is tailoring the service for continuous trading environments, which matters for institutions managing global schedules and hedging workflows.

What Ripple says the service is designed to solve

Ripple Prime said the Delta One business is aimed at hedge funds, asset managers and other financial institutions. That target customer base typically values derivatives for their flexibility—especially when institutions want to express views quickly, rebalance frequently, or hedge exposures across different markets.

Ripple Prime President Noel Kimmel called the launch “an important development” and described it as a natural extension of the platform the company has built. While the announcement does not elaborate on specific contract terms or asset universe breadth, the core idea—total return swaps linked to US equities and indexes and digital assets—signals a broader attempt to unify trading and settlement workflows under one prime brokerage relationship.

Capital and balance sheet expansion behind the rollout

Prime brokerage and clearing activities rely heavily on capital, risk controls and regulatory capacity. Ripple Prime said it has more than $1 billion in regulatory net capital. It also described the platform’s existing coverage as spanning foreign exchange, derivatives, fixed income and digital assets—suggesting the Delta One product is being positioned inside a multi-asset ecosystem rather than as a standalone equity-only business.

The Delta One launch follows earlier financing steps intended to support growth. Earlier in August, Ripple Prime closed a $275 million private placement of senior unsecured notes, according to prior coverage from Cointelegraph (see Ripple raises $275m for US prime brokerage). In May, it secured a $200 million credit facility from funds managed by Neuberger Specialty Finance, as noted in earlier Cointelegraph reporting (see Ripple Prime secures $200m credit facility).

For investors and trading desks, these kinds of funding moves can be relevant because they affect the prime broker’s ability to take on counterparty exposure, expand lending or financing capacity, and support additional derivative activity. The Delta One service itself is not described as a replacement for other prime brokerage lines; rather, it appears to extend the same institutional infrastructure into equity-linked swap execution.

From Hidden Road to Ripple Prime: building toward a unified platform

Ripple Prime, as a brand and business unit, was created after Ripple completed its $1.25 billion acquisition of Hidden Road in October 2025 and rebranded the operation. That background matters because it explains how Ripple’s prime brokerage push moved from an acquired platform into a broader multi-asset offering.

The Delta One launch also reflects a broader trend in institutional crypto infrastructure: major players are trying to expand beyond spot and custody into regulated market-making and derivatives access. By linking US equity references and digital assets through total return swaps, Ripple Prime is attempting to make it easier for traditional investors to integrate crypto exposures into derivative-led strategies—potentially lowering friction for portfolios that already rely on cross-asset hedging.

Still, the announcement leaves open questions that institutions may want to clarify before onboarding—such as the scope of eligible underlying equities, index references, settlement mechanics, and how the cross-margin model behaves across more complex portfolios. Those details typically determine how smoothly a new Delta One offering fits into an institution’s existing risk and collateral processes.

What to watch next

Institutional demand for Delta One depends on product breadth, execution quality and risk/collateral mechanics. After Ripple Prime’s US equity derivatives expansion, market participants are likely to watch how quickly the service scales across clients and asset classes—and whether Ripple Prime continues adding reference assets or related hedging tools as it builds out the platform.