Ripple Prime Clients Can Now Trade BTC Options on Bullish Using RLUSD

Ripple Prime clients can now trade Bitcoin options directly on Bullish, the NYSE-listed digital asset platform. The two companies announced the expanded integration on April 29, giving institutional users access to Bullish's regulated BTC options market alongside existing connectivity to spot, perpetuals, and dated futures. Clients can also use Ripple USD (RLUSD), Ripple's stablecoin, as collateral for options trading.

How the Integration Works for Institutional Clients

The setup builds on an existing partnership between Ripple Prime and Bullish. Institutional users already operating through Ripple Prime's sub-account structure can access the new options market immediately, without going through any additional KYC (Know Your Customer) verification.

That matters operationally. Skipping a second onboarding process means firms can deploy capital faster without duplicating compliance steps they have already completed.

Key features of the expanded integration include:

• Direct access to Bullish's BTC options market, which ranks second by open interest among crypto-settled Bitcoin options
• Support for RLUSD as collateral in options trading
• No additional KYC requirements for existing Ripple Prime users
• Planned cross-venue margin support to optimize collateral across exchanges and OTC desks

Cross-venue margin, once live, will let institutions manage collateral across multiple trading venues from a single position. That reduces the capital a firm needs to lock up separately on each platform.

Why Ripple Prime's Scale Matters Here

Ripple Prime is one of the largest non-bank prime brokers globally. It offers brokerage, clearing, and financing services across multiple asset classes and cleared more than $3 trillion in 2025. Adding regulated options access through Bullish extends the range of digital asset instruments available to its institutional client base.

Chris Tyrer, President of Bullish Exchange, noted that institutional demand for crypto derivatives is rising, and that options are a key tool for firms managing risk across digital asset portfolios.

"Bullish and Ripple Prime have been longtime partners, offering Ripple's institutional clients access to robust derivatives markets as traditional and digital asset markets become increasingly interconnected," said Mike Higgins, International CEO at Ripple Prime.

Where Does RLUSD Fit Into Options Trading?

RLUSD is Ripple's stablecoin, launched in 2024. Its inclusion as eligible collateral for options trading on Bullish gives institutions a dollar-pegged asset they can use without converting holdings into another currency first.

Bullish confirmed that stablecoins such as RLUSD can be used to trade options on the platform. This is relevant for firms that already hold RLUSD as part of their treasury or settlement operations and want to put that capital to work in derivatives markets without additional friction.

Conclusion

The Ripple Prime and Bullish integration now covers BTC options, spot, perpetuals, and dated futures through a single access point. Institutions can trade immediately using existing accounts, use RLUSD as collateral, and prepare for planned cross-venue margin capabilities. The setup is live as of April 29.

Resources

1. Bullish on X: Post on April 29

2. Ripple on X: Post on April 29

3. Press release by Bullish: Bullish integrates options trading with Ripple Prime to expand institutional access to digital assets