Hidden Road Inc.

not just about Evernorth.

Also, Ripple Prime is using XRP as collateral, and this is a brand new update here from Chad, who put this out on Twitter.

He said institutions can post XRP as collateral and margin within the platform to borrow against their holdings and trace across other instruments without selling their underlying XRP.

Ripple Prime supports real-time cross-margining using a unified collateral pool, and US-based and global institutional clients can execute over-the-counter and spot transactions directly using the XRP token.

And this can be alongside other major digital assets like the RLUSD stable coin.

But this is huge, Johnny.

Right.

And I think we've seen this with other acquisitions in the past, like Ripple acquiring Hidden Road for over like a billion dollars.

Yeah.

But like buying Saldo gives PayWord or Kraken a license, a balance sheet, and then that passporting into Finland, Sweden, Germany, Netherlands, all in one deal.

And quite frankly, we are seeing more institutional partnerships for the company Ripple than we have ever seen before here during this bear market in 2026.

So I think there's going to be a massive influx of demand once these companies like Ripple Prime, formerly Hidden Road, or G Treasury, now known as Ripple Treasury, start migrating these existing business models onto blockchain products, that volume ends up on the ledger.

Are large companies looking at that as well? Are they saying we can see the writing on the wall with what Ripple is developing and maybe the best way to capture a lot of that value is to invest in their underlying asset XRP here.

Could you speak to that for a moment?

But many of the different pieces weren't really colored in.

You didn't have.

rl usd and you didn't have any d5 activity you didn't really have many tokenized assets and you didn't have ripple prime and now what we see is sort of like the painting is coming together all the pieces are coming together and you see in the data that there is uh some real pickup of institutional activity that is measurable and that you can see and there's certainly a lot of pickup in terms of tokenized assets on the space when i talk to the institutions they can now see this picture so they can imagine the role that XRPL, that XRP, that Ripple could play in a mature blockchain enabled financial ecosystem better than they could in the past.

And what they want to see is increasing amounts of traction.

This is Jeff here with co-host Chip.

What's going on, Chip? What's going on, OTC family, the one guy in the back of the room over there? Ripple Prime clears over $3 trillion a year.

That's right.

You heard it here first.

And of these, the 426 are single stock leverage funds in a category first green-lit by the regulators back in '22.

And so Ripple got into swap financing last year through its acquisition of Hidden Road, and then you've got the prime brokerage that caters to crypto hedge funds.

But that's now, right? So the business now called Ripple Prime working with a number of ETF providers and wants to expand to other investment managers.

Well, why wouldn't they? And then so...

Turning now to crypto.

Ripple spent $1.25 billion to acquire a firm called Hidden Road.

Hidden Road makes money by helping large investment funds borrow capital and place amplified bets across financial markets.

A function that banks have quietly dominated for years.

This is Ripple planning itself directly inside traditional Wall Street payment systems.