Ripple Prime Begins Issuing XRP Depository Receipts Following Hidden Road Acquisition

Ripple completed its $1.25 billion acquisition of Hidden Road in October 2025, a deal that brought a prime brokerage platform into the Ripple ecosystem. The integration has now moved beyond the transactional phase, with Ripple Prime actively issuing depository receipts backed by XRP.

The disclosure was made by the international CEO of Ripple Prime, the executive responsible for growing the brokerage business across institutional markets. The official confirmed that issuance of XRP depository receipts has already begun, signaling that the operational build-out is underway rather than simply planned.

Depository receipts serve as instruments that allow institutional participants to hold or trade exposure to an underlying asset through a structured, familiar format. Applying this mechanism to XRP represents a step toward packaging XRP in a form compatible with traditional institutional workflows.

Ripple Prime's leadership brings nearly two decades of experience across digital assets, foreign exchange, exchange-traded derivatives, and commodities. The unit is positioned as Ripple's primary interface with institutional brokerage markets globally.

The development suggests that the Hidden Road acquisition is being actively operationalized, with XRP placed at the center of the prime brokerage product offering rather than treated as a peripheral asset.