Ripple Prime announced on October 15 the launch of 24/7 total-return swaps referencing over 100 traditional financial markets, including stocks, equity indices, ETFs, metals, energy and foreign exchange, with Trade.xyz serving as the pricing oracle on Hyperliquid. Trade.xyz handled $59.4 billion in perpetual volume in September, representing 23.9% of Hyperliquid’s total, with weekend volume averaging $541 million per day. The product operates through Ripple Prime’s British Virgin Islands entity, accepts RLUSD as eligible collateral and enables cross-margining to reduce collateral requirements. Issuer Standard Custody and Trust Company reports $2.6 billion in reserves against over $2.4 billion of RLUSD in circulation, representing 105.8% coverage.
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