Ripple has deployed $150 million into LMAX Group, effectively securing its RLUSD stablecoin as the primary collateral asset for the institutional exchange operator. The deal integrates Ripple’s dollar-pegged asset directly into a trading engine that processed $8.2 trillion in volume throughout 2025.
This is not a standard listing. LMAX, whose clients include top-tier banks and proprietary trading firms, will utilize RLUSD for margin and settlement across its entire suite: spot crypto, perpetual futures, and CFDs. The move positions RLUSD to bypass the typical retail-first adoption curve, embedding it immediately into high-frequency institutional flows.
Collateral, Not Just Currency
Liquidity in traditional FX markets often stalls on weekends. Stablecoins do not. By accepting RLUSD as core collateral, LMAX allows traders to keep capital efficient 24/7, bridging a structural gap between fiat banking hours and digital asset markets.
David Mercer, CEO of LMAX Group, noted the shift in market structure:
“With the benefit of greater US and global regulatory clarity, fiat-backed stablecoins will be a key catalyst in driving the convergence of TradFi and digital assets. We firmly believe that RLUSD is positioned at the forefront.”
The Institutional Rail
The $150 million investment serves as a strategic anchor. LMAX Digital has long been a venue for institutional price discovery, but the integration of a regulated stablecoin for cross-asset collateralization forces market makers to re-evaluate their treasury operations. Instead of parking dormant fiat over the weekend, institutions can now maintain active margin in RLUSD.
Ripple’s aggressive push into infrastructure, following its 2025 acquisition of a prime broker, signals a clear departure from pure payment networks toward owning the plumbing of institutional trading.
