The year 2025 marked a pivotal phase for Ripple Labs as the company reshaped its stance in the cryptocurrency and financial services sector. This transformation was largely anchored on the resolution of an extended legal struggle and a substantial capital deployment aimed at expanding Ripple’s ecosystem.
Ripple’s legal contention with the U.S. Securities and Exchange Commission (SEC) spanned four years, concluding definitively when both parties withdrew their appeals in August 2025. This action solidified a 2023 judicial ruling, which distinctly segregated institutional sales of XRP from retail transactions. The settlement effectively removed a significant regulatory obstacle that had hindered Ripple’s developmental momentum since 2020, coinciding with a broader regulatory environment adjustment towards a more crypto-favorable stance under the U.S. government policies of the period.
Capitalizing on this legal clarity, Ripple strategically allocated approximately $2.7 billion throughout 2025 to acquire and develop critical components of a comprehensive financial services platform. The cornerstone of this strategy was the April acquisition of Hidden Road for $1.25 billion. Following its acquisition, Hidden Road was rebranded as Ripple Prime, positioning Ripple as the inaugural cryptocurrency firm to own a global multi-asset prime brokerage. Reports indicated that Ripple Prime’s operations expanded threefold subsequent to the acquisition, demonstrating robust growth in this division.
Ripple's acquisition spree continued with the purchase of GTreasury in October for $1 billion. This deal provided Ripple enhanced enterprise-grade access to Fortune 500 clientele, such as American Airlines Group Inc., Goodyear Tire & Rubber Co., and Volvo AB. Notably, GTreasury commands involvement with over $12.5 trillion in annual payment flows, expanding Ripple’s reach into mainstream corporate financial transactions.
Additional acquisitions included Rail, procured in August for $200 million, and wallet provider Palisade, both of which signaled Ripple’s intention to diversify beyond traditional payment solutions into wider financial service offerings.
Alongside these developments, Ripple introduced its dollar-backed stablecoin, RLUSD, which launched in December 2024 and achieved steady growth across 2025. By the year's end, RLUSD amassed a market capitalization of approximately $1.3 billion, securing its position as the 11th largest stablecoin globally despite being under a year old. Strategic partnerships underscored RLUSD’s expansion, notably a collaboration with Mastercard Inc. facilitating credit card settlement mechanisms, as well as attaining regulatory approval within Singapore’s jurisdiction.
Further legitimizing its banking credentials, Ripple received conditional approval in December 2025 for a National Bank Charter from the U.S. Office of the Comptroller of the Currency. The company’s reserves linked to this charter were maintained at Bank of New York Mellon Corp, a prominent institutional custodian.
Despite the company’s diversified and capital-intensive initiatives, XRP’s market price did not reflect this operational growth trajectory. After peaking at $3.65 in July, XRP experienced a significant retracement, declining 48% by year-end.
Nevertheless, Ripple made inroads into the exchange-traded fund (ETF) market, debuting XRP spot ETFs in 2025 through providers such as Rex Shares and Osprey Funds, which saw $38 million in volume on its inaugural day. Additional ETF entrants included Canary Capital, Grayscale, Bitwise, and Franklin Templeton. Throughout the year, XRP spot ETFs attracted nearly $1 billion in net inflows by mid-December, with no recorded outflows during this timeframe. ETF assets under management surpassed $1.25 billion by late December, distinguishing XRP as the fastest cryptocurrency to achieve a $1 billion ETF asset milestone since Ethereum’s ETF launch. Still, this institutional investment interest did not translate into upward price momentum.
Looking ahead to 2026, Ripple intends to implement native lending features on the XRP Ledger with the rollout of XRPL Version 3.0.0. This upgrade will transition the network into institutional-grade decentralized finance (DeFi), enabling functionalities such as borrowing XRP or RLUSD by market makers and allowing holders to earn yield through lending to credit facilities. These protocol enhancements were slated to enter validator voting by late January 2026, signaling Ripple's ongoing commitment to innovate within blockchain finance.
RippleNet, the company’s enterprise payment protocol, expanded to over 300 banks and financial institutions as of November 2025, underscoring Ripple's expanding institutional footprint. Concurrently in November, Ripple secured $500 million in new funding from global investors at a valuation near $40 billion. CEO Brad Garlinghouse remarked that this capital raise expressed clear investor confidence in Ripple’s long-term growth strategy despite the challenges observed in XRP’s token price.
In summary, 2025 was characterized by Ripple's aggressive acquisition-led growth and regulatory stabilization, but these business advancements did not prevent a steep downturn in XRP's market value. The company's forthcoming technological upgrades and expanding institutional engagement may, however, lay groundwork for future developments.