October proved to be one of Ripple's most active months, marked by significant expansions across institutional business lines. However, the company's token, XRP, moved in the opposite direction, declining throughout the period.
The month saw Ripple deepen relationships with major financial institutions and expand its core business offerings. Early in October, Ripple Prime expanded its relationship with hedge fund Brevan Howard, providing multi-asset prime brokerage, clearing, and financing services. The company also strengthened its South Korean presence through a partnership with Meritz Securities focused on custody and tokenization.
Ripple's stablecoin RLUSD became a focal point throughout October. The stablecoin's market cap surpassed $2.5 billion, and it received an A2 long-term and P-1 short-term investment-grade rating from Moody's. Standard Chartered launched institutional custody for RLUSD through its Dubai branch, while Cross River Bank agreed to integrate the stablecoin into its banking platform for payments and treasury operations.
The XRP Ledger Foundation confirmed that a critical integer-overflow vulnerability dating back to 2015 had been fixed, noting it had never been exploited. In a separate development, XRP-focused treasury company Evernorth completed its SPAC merger and announced plans to work with Ripple, Coinbase, Kraken, and BitGo to deploy XRP treasury strategies.
Later in the month, the U.S. Office of the Comptroller of the Currency granted final approval for Ripple National Trust Bank, providing a federally supervised entity for RLUSD reserves and enterprise digital-asset custody. Ripple also announced an expanded Treasury platform featuring AI-driven cash management capabilities.
The company revealed major partnerships with Robinhood covering RLUSD, institutional settlement, treasury operations, and financing. BNY expanded custody support to both XRP and RLUSD, while Coinbase expanded RLUSD access across its platforms. Ripple disclosed that its annualized product revenue run rate is approaching $900 million, with more than 1,700 institutions, corporations, and enterprises using its infrastructure.
Despite these developments, XRP declined throughout October. The token began the month near $1.50 and faced rejection at $1.55. It continued lower and dropped below $1.20 following a Binance security incident late in the month. Although it rebounded to approximately $1.25 by month's end, it finished October significantly below its opening price.
