Ripple says it is on track for its strongest business year ever, with an annualized product revenue run rate of about $900 million by the end of 2026. On the same day, Oct. 28, Moody's assigned ratings to the RLUSD stablecoin and Coinbase added support for it. XRP, meanwhile, is still down nearly 30% this year and trades around $1.30.
What Ripple reported for 2026
In its Oct. 28 update, Ripple said annualized product revenue should reach about $900 million by year-end, driven by payments, custody, stablecoin, prime brokerage and treasury products. More than 1,700 institutions and businesses now use its infrastructure, and customers using several products at once have tripled this year.
The payments network is nearing roughly $150 billion in lifetime volume. RLUSD, the stablecoin Ripple issues, has a market value of about $2.6 billion, up more than 88% this year, and the company says it holds over 85 licenses. CEO Brad Garlinghouse argued that market infrastructure is moving to real-time, 24/7 settlement where tokenized assets can be traded, financed and used as collateral.
Much of that platform was bought rather than built. Ripple spent more than $2.4 billion on acquisitions last year, including Hidden Road (now Ripple Prime) for $1.25 billion, GTreasury for $1 billion and Rail for $200 million.
RLUSD gets a rating and a new distribution channel
Moody's gave RLUSD a long-term deposit rating of A2 and a short-term rating of P-1. A2 is the sixth-highest long-term grade on its scale, and P-1 is the top short-term grade. Moody's pointed to reserve quality: mostly Treasury bills, other short-term US government assets and cash, largely held with BNY, with a target of 103% coverage of tokens in circulation. Eligible institutions can redeem at par within two business days.
It also flagged gaps. The issuer, Standard Custody, is not a bankruptcy-remote entity, and RLUSD holders have no direct ownership claim on the reserves. The GENIUS Act, due to take effect in 2027, will keep required reserves out of an issuer's bankruptcy estate. The issuer itself requested the rating.
On distribution, Coinbase said RLUSD is now available on Coinbase Prime, Coinbase Exchange and its retail app. Customers can convert dollars and other dollar stablecoins into RLUSD one-to-one and deposit or withdraw on the XRP Ledger, Ethereum and Base. Support for global exchange customers, including use as collateral, is expected later. Two days earlier, Ripple received final OCC approval for its national trust bank.
XRP is still moving against the business story
XRP has lost about 28.8% year to date after falling 11.6% last year. If that holds through December, it would be the token's worst year since 2022 and its first back-to-back annual losses since 2018 and 2019. The price peaked near $2.40, fell below $1 in August and has since recovered to about $1.30. Its market capitalization is around $83 billion, and spot XRP ETFs held about $1.5 billion in net assets as of Oct. 26.
The gap is notable. RLUSD, the trust bank and institutional contracts help Ripple the company grow, but much of that activity runs on a stablecoin and does not directly create demand for XRP. The wider market is also weak: Bitcoin sits about 36% below its record high, Ethereum is down roughly 20% and Solana about 17% this year.
What to watch
- Whether Coinbase extends RLUSD to global exchange customers and allows it as collateral.
- Whether Ripple's trust bank begins managing the RLUSD reserves.
- Flows into XRP ETFs compared with the current $1.5 billion in net assets.
What it means for traders
For XRP futures traders, good corporate news does not automatically become buying pressure. In this session XRP held around $1.30 even though the revenue, rating and Coinbase listing news all landed on the same day, and Bitcoin is hovering below $80,000 as markets price a possible rate hike in December.
The mechanism matters: RLUSD is a stablecoin, so more activity on Coinbase mainly adds demand for RLUSD, not automatically for XRP. When price ignores positive headlines, leveraged longs can be worn down by funding costs if the market keeps drifting sideways or lower. Conversely, bad news in the broader market can still pull XRP down with other altcoins.
Funding rates and open interest on XRP, flows into XRP ETFs and the direction of Bitcoin are the factors to watch for short-term volatility. The position-size and liquidation-price calculator can help check risk before opening a trade, and the Coinbase review covers the venue where RLUSD is now listed.