Ripple is putting a number on the institutional business it says it’s building: the company projects it will exit 2026 with $900 million in annualized product revenue. Separately, BNY has added custody support for XRP and Ripple USD, or RLUSD, for eligible institutional clients. BNY oversees $63.4 trillion in assets under custody and administration, giving the move a large established servicing platform behind it.
The two announcements speak to different parts of the strategy. The revenue target is about monetization across Ripple’s products; BNY’s custody offering is about distribution, making XRP and RLUSD available inside a familiar institutional custody relationship. That can reduce an operational hurdle for clients, but custody availability alone doesn’t show how many institutions will use either asset, or how much activity it will generate.
There’s also an important distinction between the business target and demand for XRP. Ripple can grow revenue through infrastructure and stablecoin activity without institutions taking substantial XRP exposure. BNY’s support for both assets broadens the institutional offering, but the next measure is usage: whether clients actually hold or settle with XRP and RLUSD, and whether that activity contributes to recurring product revenue. The $900 million figure is a company projection, not revenue already booked; the link between custody access, actual adoption, and monetization remains to be demonstrated.