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Ripple Prime opens 24/7 stock swaps as HSBC warns liquidity is thin

Institutions can now trade swaps tracking more than 100 markets around the clock through Ripple Prime, posting RLUSD as collateral. HSBC's Daragh Maher says the launch is evolutionary rather than revolutionary.

Why it matters: The launch extends round-the-clock leveraged trading to stocks, commodities and currencies, a market HSBC describes as growing fast but still small next to traditional finance.

InvestIn.News NewsDesk · 1 min read
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Picture from CoinDesk for: Ripple Prime opens 24/7 stock swaps as HSBC warns liquidity is thin
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Original reporting: Shaurya Malwa, CoinDesk

Key points

  • Ripple Prime clients can trade swaps tied to over 100 stock, commodity and currency markets, with RLUSD stablecoin as collateral.
  • HSBC's Daragh Maher called the launch "evolutionary, not revolutionary", saying the market is growing fast but small next to traditional finance.
  • Nearly $52m in leveraged chip-stock positions were liquidated in 10 minutes on Saturday while the underlying shares were not trading.

The brokerage, formerly known as Hidden Road, announced the service on 15 Oct, and trading firm Virtu is already a customer, CoinDesk reports.

The swaps track perpetual futures listed by Trade.xyz on the Hyperliquid exchange. These contracts have no expiry and trade continuously, so a fund can take a position on gold on a Sunday while conventional markets are shut. Ripple Prime manages clients' collateral and risk across positions, and Ripple had already linked its brokerage to Hyperliquid in February.

HSBC's head of digital assets research, Daragh Maher, told clients on Monday that the step was "evolutionary, not revolutionary". He said the market is expanding quickly but remains small beside the traditional markets it tracks, and that the case strengthens once there is enough depth for investors to adjust risk outside conventional hours. HSBC expects early activity to cluster among market makers, proprietary traders and hedge funds running basis trades.

The swaps are offered under Ripple Prime's British Virgin Islands licence, with more jurisdictions planned, and Ripple has not disclosed trading volumes.

What to watch: Ripple plans to offer the swaps in more jurisdictions beyond the British Virgin Islands licence used for the launch.

Read the full story on CoinDesk

Live updates on NewsFeeds:AltcoinsStablecoinsDesk editor: Keshav Aggarwal (accountable for this page; this summary was not edited by hand)

How this was produced: an AI model wrote this summary of CoinDesk’s report, which we credit and link above. Read our Editorial and AI policy. Spotted a mistake? See Corrections.

Not investment advice. Read the risk disclaimer.

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