NEW YORK — Ripple is shutting the IPO window for now. At the company’s Swell conference this week, President Monica Long said there is “no plan, no timeline” to take Ripple public, even as the firm locks in fresh capital, expands payments with its RLUSD stablecoin, and steps up acquisitions. [1]
What’s new today
- No IPO in sight. Long reiterated that Ripple will remain private in the near term. The comments were made at Swell in New York on Nov. 5. [2]
- Fresh funding, bigger war chest. Ripple closed a $500 million strategic investment that values the company at $40 billion—a round led by Fortress Investment Group and Citadel Securities. [3]
- Stablecoin push with card networks. Ripple, Mastercard, WebBank, and Gemini are piloting settlement of fiat card transactions using Ripple’s RLUSD on the XRP Ledger—an effort that, if successful, would be among the first times a regulated U.S. bank settles traditional card payments via a regulated stablecoin on a public blockchain. [4]
Why Ripple is skipping an IPO for now
Ripple says it doesn’t need public-market capital to fund growth, pointing instead to a strengthening balance sheet and investor demand in private markets. Long’s “no plan, no timeline” stance underscores a private‑first strategy while the company focuses on expanding payments, custody, and prime brokerage alongside RLUSD adoption. [5]
Regulatory tailwinds also factor in: the GENIUS Act—a new U.S. framework for stablecoins—has accelerated institutional interest in regulated stablecoins for treasury and collateral use cases, a trend Ripple says it is positioned to capture. [6]
Follow the money: $500M at a $40B valuation
Ripple’s latest round brings heavyweight traditional‑finance names—Fortress and Citadel Securities—onto its cap table. The company framed the raise as strategic (not a liquidity lifeline), aligning new investors with its payments and stablecoin roadmap. In its announcement, Ripple highlighted $95B+ total payments volume, 75 regulatory licenses, and RLUSD’s rapid growth. [7]
Separately, the Financial Times also reported the round and $40B valuation, contextualizing how stablecoin infrastructure has become a favored bet for large funds. [8]
The payments angle: RLUSD + Mastercard pilot
The pilot with Mastercard, WebBank (issuer of the Gemini Credit Card), and Gemini aims to test settling card transactions using RLUSD on XRPL. If implemented at scale, it could shrink settlement times and operating frictions in traditional card flows—without abandoning regulatory compliance. CoinDesk and DL News report the trial could be among the first of its kind involving a regulated U.S. bank and a regulated stablecoin on a public chain. [9]
M&A blitz: building a full‑stack institutional platform
Ripple has been buying capabilities to round out an institutional product suite:
- Hidden Road (prime brokerage) — a $1.25B deal announced in April that brings multi‑asset prime services and has since operated as “Ripple Prime.” [10]
- Rail (stablecoin payments infrastructure) — a $200M acquisition disclosed in August to enhance cross‑border stablecoin flows and virtual accounts. [11]
- GTreasury (treasury management system) — a $1B purchase announced Oct. 16, opening Ripple to the corporate treasury market and its Fortune‑500 customer base (confirmed by seller Hg and industry trade reports). [12]
These moves knit together payments, custody, stablecoin issuance (RLUSD), and prime brokerage under one roof—giving enterprises a compliant, 24/7 stack for moving and managing money. Ripple’s latest press materials say RLUSD has now surpassed $1B in circulation and is already used as collateral within Ripple Prime. [13]
By the numbers
- Valuation: $40B (post‑money)
- New capital: $500M strategic investment
- Payments volume: $95B+ (lifetime across Ripple Payments)
- Licensing: 75 regulatory licenses
- Stablecoin: RLUSD >$1B circulating supply (split across XRPL and Ethereum)
Source: Ripple press release; Reuters coverage. [14]
What to watch next
- Pilot outcomes: Will the Mastercard–WebBank–Gemini pilot move from proof‑of‑concept to production settlement rails? [15]
- Regulatory scope: How will U.S. stablecoin rules (GENIUS Act) and bank‑charter ambitions shape RLUSD’s role in corporate treasury and card settlement? (Ripple applied for a U.S. national bank charter earlier this year.) [16]
- Further M&A: With fresh capital and momentum, additional tuck‑ins around payments, custody, or compliance tech would be consistent with Ripple’s 2025 playbook. [17]
Context & coverage from today (Nov. 6, 2025)
- Bloomberg first reported the “no plan, no timeline” line from President Monica Long at Swell in New York. [18]
- Parameter and Coinfomania carried follow‑ups today echoing the “no IPO” stance and highlighting the focus on RLUSD and acquisitions. [19]
Quick FAQ
Is Ripple planning an IPO?
Not now. Ripple’s president says there is no plan and no timeline for a listing. [20]
Why raise private money if not going public?
Ripple framed the $500M as strategic capital from blue‑chip investors to deepen partnerships and accelerate its stablecoin/payments roadmap without the constraints of public markets. [21]
What exactly is RLUSD?
Ripple’s U.S. dollar–backed stablecoin used across its payments stack and pilots; it recently crossed $1B in circulation. [22]
What’s the significance of the Mastercard pilot?
If it scales, it could be among the first instances of a U.S. regulated bank settling traditional card payments with a regulated stablecoin on a public blockchain. [23]
References
1. www.bloomberg.com, 2. www.bloomberg.com, 3. www.reuters.com, 4. www.coindesk.com, 5. www.bloomberg.com, 6. www.reuters.com, 7. www.businesswire.com, 8. www.ft.com, 9. www.coindesk.com, 10. www.reuters.com, 11. www.reuters.com, 12. www.hgcapitaltrust.com, 13. www.businesswire.com, 14. www.businesswire.com, 15. www.coindesk.com, 16. www.reuters.com, 17. www.businesswire.com, 18. www.bloomberg.com, 19. parameter.io, 20. www.bloomberg.com, 21. www.businesswire.com, 22. www.businesswire.com, 23. www.coindesk.com
