Ripple says it expects to hit an annualized product revenue run rate of about $900 million by the end of 2026. The projection was announced at Ripple's Swell conference on October 28, 2026.
A run rate represents what a full year would look like if recent monthly performance held constant. The figure describes the pace Ripple expects to reach, not cash already collected for 2026.
Business Growth Across Multiple Divisions
According to the company, growth is spread across several business lines: payments, custody, the RLUSD stablecoin, and prime brokerage services. Ripple says it serves more than 1,700 institutions, and the number of customers using more than one Ripple product tripled in 2026.
RLUSD, Ripple's dollar-backed stablecoin, has reached a market capitalization of $2.6 billion, representing an increase of more than 88% year-to-date. Ripple's payments network is forecast to reach $150 billion in lifetime volume by year-end.
The company reported that its products enabled more than $16 trillion in transactions in 2025. On the partnership front, Ripple announced an expanded relationship with BNY focused on tokenized trade finance on the XRP Ledger, along with new partnerships including Robinhood and DriveWealth.
Regulatory Milestone
The revenue projection coincided with final approval for Ripple National Trust Bank from the Office of the Comptroller of the Currency, announced around October 27, 2026. An OCC national trust charter places a crypto firm within the traditional banking framework, a significant advantage for companies offering custody and stablecoin services to institutional clients.
Market Context
The business growth stands in contrast to XRP token performance. XRP has declined nearly 29% year-to-date, despite Ripple's expanding metrics. The company's revenue model does not require token holders to share in proceeds from payments, custody, prime brokerage, or RLUSD operations, potentially explaining the divergence between operational and token performance.
Observers should monitor whether RLUSD continues growing its market capitalization, whether the payments network reaches its $150 billion lifetime volume forecast, and how quickly the new trust bank converts regulatory approval into active business operations.
