Ripple Prime has closed an upsized $275 million private placement of senior unsecured notes to fund its U.S. expansion, with the debt earning an investment-grade BBB rating. The news lands alongside two other XRP-related developments: a near-total burn of Ripple's RLUSD stablecoin minted on the XRP Ledger, and a week of withdrawal-heavy wallet activity across major exchanges.
Ripple Prime, Ripple's prime brokerage arm, has closed the upsized $275 million private placement of senior unsecured notes to support its ongoing and expanding U.S. business. The firm said the offering drew strong demand from a diverse base of institutional investors in key financial markets.
Notes Gain Investment-Grade Rating
Ripple said the proceeds will fund working capital and general corporate purposes as Ripple Prime works to grow its position among the largest non-bank prime brokers globally. Noel Kimmel, President of Ripple Prime, said the support reflects confidence in the firm's long-term vision. According to CoinGape: "The robust support we received for our inaugural notes offering is a testament". Credit agency KBRA rated the unsecured notes investment grade at BBB, a credit rating that cited Ripple's strong capital position, including its XRP holdings, and Ripple Prime's growing balance sheet. Ripple Prime was previously known as Hidden Road before Ripple's $1.25 billion acquisition last year.
RLUSD Mint on XRP Ledger Nearly All Burned
In a separate development, Ripple's RLUSD stablecoin saw $449.3 million minted on the XRP Ledger over the past 30 days, according to U.Today. However, sudden institutional redemptions pushed cumulative burns over the same period to $448.9 million, putting the final burn rate at 99%. That dynamic reduced net supply growth on the XRP Ledger to near zero. By contrast, Ethereum saw $403 million issued over the same window with only $177.3 million burned, retaining more than $225 million in net inflows. Total RLUSD supply now stands at $1.757 billion, split almost evenly between the XRP Ledger at $883 million and Ethereum at $874 million.
Exchange Wallets Turn Withdrawal-Heavy
Separately, XRP wallet activity across exchanges has turned withdrawal-heavy. Data shared by analyst Amr Taha shows Coinbase recorded a seven-day net wallet count of -14,300, according to CryptoPotato. Binance and Crypto.com also posted negative net wallet counts, at -3,270 and -2,680 respectively. As of August 18, Coinbase accounted for 47.3% of the total seven-day net wallet imbalance, its highest level since July 2024.
Sources: CoinGape, U.Today, CryptoPotato
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