Ripple Puts Up $150M to Wire RLUSD Into LMAX’s $8.2T Trading Engine
The financing deal integrates RLUSD as collateral across LMAX’s FX and crypto venues, signaling a potential shift in institutional settlement away from XRP.
Ripple has committed $150 million in debt financing to LMAX Group, a deal that does more than add a ticker to an exchange. It effectively replaces fiat rails with Ripple’s stablecoin (RLUSD) across LMAX’s institutional venues for FX, crypto, and CFDs.
LMAX processed $8.2 trillion in volume last year. By integrating RLUSD as a core collateral asset, Ripple is forcing its dollar-pegged token into the plumbing of one of the world’s largest institutional liquidity hubs. Traders can now use RLUSD not just to settle spot crypto, but to post margin for perpetual futures and traditional currency pairs.
The Mechanics of the Deal
This is a plumbing upgrade, not a marketing partnership. The agreement links LMAX Digital directly with Ripple Prime, creating a closed loop for institutions. A hedge fund can now hold RLUSD in segregated custody, use it to margin a EUR/USD trade on LMAX, and settle 24/7 without touching the banking system.
We firmly believe that RLUSD is positioned at the forefront… fiat-backed stablecoins will be a key catalyst in driving the convergence of TradFi and digital assets.
. David Mercer, CEO of LMAX Group
The Structural Shift: RLUSD vs. XRP
The deal amplifies a growing tension in Ripple’s product stack. While XRP ($2.11) was originally pitched as a universal bridge asset, RLUSD is rapidly capturing the settlement layer. With RLUSD supply now topping $1.38 billion, the stablecoin offers institutions the low-volatility rail they demanded, potentially relegating XRP to a backend liquidity role.
Markets reacted with caution. XRP slid 1.5% to $2.11 on the news, struggling to break resistance despite the broader bullish signal for Ripple’s ecosystem. The divergence suggests capital is repricing XRP as a specialized bridge rather than the default institutional settlement medium.
