Ripple, LMAX Group strike deal to expand institutional stablecoin use with $150 million in financing

LMAX Group and Ripple have entered a multi-year strategic partnership that includes a $150 million financing commitment from Ripple to support LMAX's long-term cross-asset growth strategy, the companies said Thursday.

Under the agreement, LMAX Group will integrate Ripple USD (RLUSD) as a core collateral asset across its global institutional trading infrastructure, enabling banks, brokers, and buy-side firms to use the stablecoin for margin and settlement across spot crypto, perpetual futures, CFDs, and certain fiat crosses. Ripple said the financing underscores its commitment to accelerating the convergence of traditional and digital capital markets.

The partnership positions RLUSD as a bridge between traditional market infrastructure and onchain settlement, as institutional venues explore stablecoins as an alternative to fiat for collateral mobility and round-the-clock access. LMAX said RLUSD will also be available through LMAX Custody using segregated wallets, allowing clients to move collateral across asset classes within its ecosystem.

Stablecoins as institutional collateral

David Mercer, CEO of LMAX Group, said the partnership reflects growing regulatory clarity in the U.S. and globally, as well as the role fiat-backed stablecoins could play in institutional market structure. Mercer said LMAX believes RLUSD is "positioned at the forefront" of the shift toward stablecoin-based collateral and settlement.

Ripple executive Jack McDonald, senior vice president of stablecoins, said institutions are increasingly looking to blockchain-based infrastructure to modernize financial markets. He said the partnership would accelerate the use of RLUSD within one of the industry's largest institutional trading environments, citing LMAX's regulated exchange infrastructure, with $8.2 trillion in trading volume last year.

The collaboration also includes integration between LMAX Digital and Ripple Prime, Ripple's multi-asset prime brokerage, giving Ripple Prime clients access to LMAX Digital as a price discovery venue with deep institutional liquidity. The companies said the combined setup aims to reduce market fragmentation and counterparty risk for institutional traders.