XRP-linked Ripple brings Wall Street into 24/7 bets, but HSBC warns of thin orderbooks
Ripple Prime has launched swaps linked to more than 100 markets, including stocks, commodities and currencies, using perpetual futures listed on Trade.xyz and traded on Hyperliquid. Clients can use RLUSD as collateral, and trading firm Virtu is an early user. HSBC describes the launch as evolutionary, noting that thin weekend liquidity may limit institutional use and that early activity is likely to come from market makers and hedge funds pursuing price differences. A weekend episode in which nearly $52 million of leveraged chip-stock positions were liquidated in 10 minutes highlighted the risk of contracts trading while the underlying shares are closed. Ripple’s prospects depend on liquidity, costs, simplicity and collateral efficiency; trading volumes have not been disclosed.
