Ripple's Swell 2025 Recap: A Look at the Protocol's Biggest Achievements

Ripple marked several key developments in 2025, including regulatory settlements, acquisitions, stablecoin launches, financial product introductions, partnerships, and network expansions. These milestones, highlighted at the Swell 2025 conference in November, reflect the company's focus on integrating blockchain with traditional finance through its payments platform, custody services, and Ripple USD stablecoin.

Notably, the protocol’s development was spearheaded by the settlement of its ongoing lawsuit with the U.S. Securities and Exchange Commission. The agreement clarified that XRP is not classified as a security for secondary-market transactions. This resolution removed a significant barrier to XRP's institutional use and supported approvals for exchange-traded funds. Ripple also obtained money transmitter licenses in New York and Texas in January, allowing compliant operations across more U.S. states.

The settlement's effects extended to global operations. Ripple gained approval from the Dubai Financial Services Authority, becoming the first licensed blockchain payments provider in the Dubai International Financial Centre. This opened access to the UAE's $40 billion cross-border payments market.

Major Acquisitions Driving Infrastructure Growth

Ripple completed four acquisitions in 2025, totaling more than $2.45 billion, to enhance its payments, custody, and stablecoin capabilities. 

In April, the company acquired Hidden Road, a prime brokerage firm that clears $3 trillion in transactions annually, for $1.25 billion. This deal integrated with Ripple Prime, enabling institutional clients to execute over-the-counter spot transactions using assets such as XRP and Ripple USD.

In August, Ripple bought Rail, a stablecoin payments infrastructure provider, for $200 million. The acquisition supported the expansion of Ripple USD across payment networks. In October, GTreasury, a treasury management platform handling $12.5 trillion in annual payments, was purchased for $1 billion. This marked Ripple's third acquisition exceeding nine figures that year and improved corporate treasury functions.

In November, Ripple acquired Palisade, a wallet-as-a-service provider, to align with its custody and payments services. These transactions combined traditional finance tools with cryptocurrency infrastructure, aiding Ripple's shift toward product delivery.

Ripple USD Stablecoin Launch and Adoption

Ripple launched its USD-backed stablecoin, Ripple USD (RLUSD), in December 2024 on the Ethereum blockchain and XRP Ledger. By November, RLUSD had a market capitalization of $1 billion, ranking it as the 11th-largest stablecoin and a preferred option for institutional users.

In June, RLUSD received regulatory recognition under the Financial Services Authority regime in Dubai, establishing it as a compliant enterprise tool. In July, Amina Bank provided backing, becoming the first global bank to support the stablecoin. September integrations included smart contract functionality with BlackRock's tokenized fund BUIDL and VanEck's VBILL, allowing instant exchanges while maintaining on-chain yield.

The $1 billion market cap milestone was highlighted during Swell 2025, with adopters including Ripple Prime, GTreasury, and Rail. RLUSD's design emphasizes 1:1 backing with U.S. dollar deposits, government securities, and cash equivalents, with monthly audits.

XRP Financial Products and Market Performance

2025 introduced multiple XRP-based financial instruments. In April, ProShares launched an XRP futures exchange-traded fund. Volatility Shares followed in May, ProShares Ultra in July, REX-Osprey's spot ETF in September with $38 million in debut volume, and Teucrium's 2x leveraged product in October.

The Chicago Mercantile Exchange introduced XRP futures, generating $18.3 billion in volume. Brazil approved a dedicated XRP ETF. Pending applications from Grayscale, Bitwise, 21Shares, WisdomTree, Canary, and Franklin Templeton had original SEC deadlines in October, later extended.

These developments contributed to XRP's market capitalization reaching approximately $162 billion, with prices rising by up to 50% at times.

Partnerships and Global Initiatives

Ripple formed several partnerships in 2025 to expand adoption. In November, collaborations with Mastercard, WebBank, and Gemini enabled RLUSD on the XRP Ledger for settling fiat credit card transactions, representing one of the first regulated U.S. bank applications of a stablecoin on a public blockchain.

In September, BBVA extended Ripple's custody services to Spain to meet growing demand for cryptocurrencies. October partnerships included Bahrain FinTech Bay for custody and RLUSD pilots in the Middle East and North Africa region.

July initiatives with the Dubai Land Department and Ctrl Alt tokenized real estate title deeds on the XRP Ledger, facilitating fractional ownership. Unicâmbio in Portugal adopted Ripple's technology for payment modernization.

Academic collaborations included the University of California, Berkeley Center for Digital Assets and a partnership with the University of San Francisco through the University Blockchain Research Initiative, plus $1.5 million in RLUSD grants. 

At Swell 2025, Ripple announced a $500 million strategic investment from firms including Fortress, Citadel Securities, Pantera, Galaxy, Brevan Howard, and Marshall Wace. This funding raised the company's valuation to $40 billion. 

Conclusion

Ripple's 2025 achievements, from regulatory resolutions and acquisitions to stablecoin integrations and partnerships, demonstrate its capacity to facilitate cross-border payments, custody services, and tokenized assets on the XRP Ledger. These developments underscore the protocol's role in combining blockchain with established financial systems. 

Ongoing challenges remain, but the year's progress supports continued utility in decentralized finance and real-world assets. Overall, the progress made in 2025 positions Ripple as a notable entity in the cryptocurrency and payments sector.

Sources:

• XRP ETF Tracker: https://www.ccn.com/education/crypto/xrp-etfs-tracker-complete-list-issuers-products/ 
• Ripple Secures $500 Million Strategic Investment: https://fortune.com/crypto/2025/11/05/ripple-xrp-fortress-citadel-securities-500-million-pantera-galaxy-brevan-howard-marshall-wace/ 
• Ripple Teams up with Mastercard, WebBank, and Gemini to Bring: https://ripple.com/ripple-press/ripple-teams-up-with-mastercard-webbank-and-gemini/ 
• Full List of 155 Crypto ETPs: https://www.tradingview.com/news/coinpedia:57337212b094b:0-full-list-of-155-crypto-etps-xrp-leads-ahead-of-eth-sol-and-btc-compete-for-top-spot/ 
• Ripple RLUSD Chart: https://www.coingecko.com/en/coins/ripple-usd 
• RLUSD $1B Milestone: https://www.coindesk.com/markets/2025/11/04/ripple-s-stablecoin-hits-usd1b-milestone-as-president-discusses-m-and-a-strategy-to-fuel-growth