Ripple's Equity Desk Sparks Questions About XRP's Role in New Business

Ripple has launched a new desk that allows hedge funds and other institutions to trade Wall Street equities without owning them, raising questions about the role of XRP in this business.

The Delta One desk, launched by Ripple Prime on August 27, enables clients to buy the return on an asset, such as Apple or the S&P 500, without actually holding the shares. This is done through total return swaps, where Ripple takes the other side of the trade and collects a financing charge.

Ripple's new desk can also sell XRP exposure without buying it, but this may not be necessary given the existence of CME's XRP futures market, which has already traded $62.87 billion in notional value since its launch in May 2025.

The launch of the Delta One desk is significant because it marks a shift for Ripple from focusing on payments to providing brokerage services. While this may create new opportunities for XRP, it's unclear whether Ripple will actually need to buy the token to cover its swap book.