Ripple, the blockchain payments and infrastructure company behind the XRP Ledger and the RLUSD stablecoin, said on 28 October 2026 that it is on track to exit 2026 with $900 million in annualized product revenue, alongside multi-product deals with BNY, DriveWealth, Robinhood and Water.org, according to Ripple’s announcement. Fintechbits checked that figure against Ripple’s own earlier target: in June 2026, DigitalToday reported that CEO Brad Garlinghouse was aiming for $1 billion in annualized recurring revenue, excluding XRP, by the end of 2026, so the new Ripple revenue figure lands about $100 million below it. Ripple’s statement does not mention the earlier target or define “product revenue”.

What Ripple reported

Ripple gave no audited Ripple revenue figure and no profit number for 2026. The statement is a run-rate claim plus a set of operating metrics. Ripple says it holds more than 85 licences and serves more than 1,700 institutions, corporates and enterprises, and that customers and partners using several of its products together grew threefold in 2026.

The payments network covers more than 60 payout markets and is approaching $150 billion in lifetime volume by the end of 2026, Ripple says. Ripple Treasury, its corporate treasury platform, serves more than 1,000 customers across 160 countries. Ripple also claims more than $16 trillion in transactions enabled across its products in 2025, a figure it does not break down by product, so it says little about how much value actually settles on the XRP Ledger.

RLUSD, the dollar stablecoin, stands at a $2.6 billion market capitalisation, up more than 88% in 2026. The OCC has given final approval for Ripple National Trust Bank, which Fintechbits covered separately.

The partnerships behind the Ripple revenue claim

The deals behind the Ripple revenue claim are mostly expansions of relationships already announced. BNY is extending its work with Ripple into tokenized trade finance on the XRP Ledger, starting with a supplier finance programme with C2FO, which Fintechbits covered on 28 October. Robinhood’s deal spans RLUSD, Ripple Treasury and Ripple Prime, and parts of it are still promises, as Fintechbits noted.

Ripple Prime, the former Hidden Road prime brokerage, is adding support for event contracts and real-world-asset perpetual futures through venues and trading partners including Jump Trading, Kalshi, Hyperliquid, Virtu and Rothera. Privy, the wallet company owned by Stripe, supports XRP and RLUSD payments on the XRP Ledger, including for AI agents.

Fintechbits analysis

Why the Ripple revenue miss matters less than the revenue mix

A $900 million run rate is a real business. Ripple spent 2025 buying companies, including the Hidden Road prime brokerage that became Ripple Prime, and the 2026 numbers show those purchases producing revenue that does not depend on the XRP price. That shift is what Garlinghouse was selling in June, and it is mostly happening.

The miss against the $1 billion figure is still worth noting, for two reasons. First, Ripple chose a new label, “annualized product revenue”, rather than repeat the “recurring revenue” language from June. Changing the yardstick while falling short of the old one is a pattern investors should read carefully. Second, Ripple’s private valuation is high relative to this revenue. DigitalToday reported a $50 billion valuation in early 2026, which would put Ripple at more than 50 times its exit run rate, a multiple that assumes rapid growth well beyond its existing stablecoin and payments lines.

The more useful number for future Ripple revenue is RLUSD. A stablecoin up more than 88% to $2.6 billion, distributed through Coinbase, Robinhood, Binance, Kraken and OKX and backed by a national trust bank charter, is the asset most likely to pull Ripple revenue toward the $1 billion mark in 2027. The trust bank lets Ripple hold reserves itself, which should improve the economics of every RLUSD dollar issued.

Frequently asked questions

What is Ripple revenue expected to be in 2026?

Ripple says it is on track to exit 2026 with $900 million in annualized product revenue, a run-rate measure rather than a full-year reported figure. The company has not published audited 2026 accounts, per its 28 October statement.

How big is RLUSD?

RLUSD, Ripple’s US dollar stablecoin, has a market capitalisation of $2.6 billion, up more than 88% in 2026, according to Ripple. It trades on exchanges including Coinbase, Robinhood, Binance, Kraken and OKX.

Which companies signed multi-product deals with Ripple?

Ripple names BNY, DriveWealth, Robinhood and Water.org as customers using several of its products together, spanning payments, custody, stablecoins, prime brokerage and treasury. Some of these deals were first set out in separate Ripple statements in October 2026.

What to Watch Next

The test is Ripple’s next disclosure after the 2026 close: whether it reports a full-year figure on the same “product revenue” basis, and whether it repeats or retires the $1 billion goal. RLUSD supply is the other number to track. If RLUSD passes $5 billion in market capitalisation in 2027 with reserves held at Ripple National Trust Bank, Ripple revenue from reserve income alone could close much of the gap.