Updated: December 14, 2025
Ripple Labs’ valuation has become one of the most closely watched numbers in crypto-fintech—partly because Ripple is still private, and partly because 2025 has turned into a turning point for regulated stablecoins, institutional custody, and bank-style charters.
As of today (14/12/2025), the clearest, most widely reported benchmark for Ripple’s company valuation remains about $40 billion, anchored by a $500 million strategic investment announced in early November and a $1 billion tender offer earlier in 2025 at the same valuation, according to Reuters. [1]
In the last few days, Ripple’s valuation conversation has intensified again—this time not because of a new round, but because of two developments that directly touch how institutional investors price risk:
- A U.S. regulator has conditionally approved Ripple to establish a national trust bank, a major credibility step for stablecoin reserves and institutional custody. [2]
- A $300 million South Korea-focused vehicle aimed at acquiring Ripple Labs shares signals rising demand for structured, equity-based exposure to Ripple (beyond simply buying XRP). [3]
Below is what we know today about Ripple’s valuation, what’s driving the premium, and what forecasts and scenarios analysts and market watchers are focusing on heading into 2026.
Ripple’s company valuation today: the most reliable reference points
1) The $40 billion valuation benchmark (primary market)
Ripple said it raised $500 million in a strategic investment round that valued the company at $40 billion, and Reuters reported the round was led by Fortress Investment Group and Citadel Securities. Reuters also reported Ripple said the investment followed a $1 billion tender offer earlier in 2025 at the same valuation. [4]
That matters because a “valuation” attached to a primary financing or tender offer is typically the cleanest signal investors can use in private markets—more so than social-media price talk, informal broker indications, or one-off trades.
2) Private-market “price per share” indicators (secondary market)
Because Ripple is private, there is no official public stock quote. Still, secondary-market platforms try to estimate implied prices using observed transactions, indications of interest, and model-based adjustments.
- Forge lists a “Ripple Forge Price” of $172.16 per share as of 12/14/2025, explicitly describing it as a derived price for a private company. [5]
- Another private-market venue, Hiive, lists an estimated Ripple Labs price of $169.90 per share (with live orders shown as of 12/12/2025). [6]
These numbers help explain how investors are positioning between funding events. But they are not the same as a board-approved valuation, and they can swing with liquidity, lockups, and who is selling.
Key takeaway: Today’s “about $40B” headline valuation is grounded in reported funding/tender activity, while secondary prices are best viewed as sentiment and liquidity indicators rather than a definitive market cap.
The big valuation catalyst this week: Ripple’s U.S. national trust bank approval path
On December 12, Reuters reported that the Office of the Comptroller of the Currency (OCC) granted conditional approval for Ripple and Circle to establish national trust banks, alongside conditional approvals for other crypto-related trust-bank moves. [7]
The OCC itself published that it conditionally approved applications for de novo national trust bank charters, including Ripple National Trust Bank. [8]
Why this matters for Ripple valuation
A national trust bank charter is not a “full-service bank license” (no consumer deposits, no lending like a traditional bank). But it is still a major institutional signal: it can strengthen custody, settlement, fiduciary-grade reserve management, and regulatory oversight—all of which reduce counterparty concerns for enterprises choosing stablecoin rails.
Ripple’s own announcement framed the conditional approval as expanding Ripple’s regulatory reach and reinforcing RLUSD’s compliance positioning, noting dual oversight (state and federal) for RLUSD reserve management once fully approved. [9]
What Ripple’s proposed trust bank is designed to do
The OCC decision letter provides unusually direct detail. It describes Ripple as “primarily known” (in this context) for issuing Ripple USD (RLUSD) and says RLUSD is issued by a Ripple subsidiary operating under a New York limited purpose trust charter. [10]
Crucially, the proposed bank plans to:
- Manage a segregated reserve of liquid assets underlying RLUSD, and
- Perform collateral trustee services for RLUSD holders on a fiduciary basis, and
- Provide cryptocurrency custody services (including for unaffiliated institutional customers) on a fiduciary basis. [11]
From a valuation standpoint, this is the kind of language institutions like to see: clear fiduciary responsibilities, reserve segregation, and custody framing that resembles financial-market plumbing rather than pure “crypto exchange” risk.
Another fresh signal: a $300 million vehicle targeting Ripple Labs shares (South Korea)
On December 12, VivoPower announced a definitive joint venture with South Korea-based Lean Ventures to establish a dedicated investment vehicle targeting $300 million of Ripple Labs shares, with VivoPower stating it had received approval from Ripple for an initial tranche purchase. [12]
This is not a new Ripple funding round by itself—but it matters because it highlights:
- Growing institutional and retail demand for Ripple equity exposure (not just XRP), especially in markets where structured vehicles are a familiar route to alternative assets. [13]
- An expanding “equity layer” around Ripple’s ecosystem—potentially improving secondary liquidity and price discovery.
For private-company valuation narratives, liquidity is underrated: the easier it is to exit or finance positions, the less “liquidity discount” investors apply.
RLUSD stablecoin growth: why stablecoin traction is now part of the Ripple valuation story
Ripple’s 2025 valuation is no longer discussed only in terms of cross-border payments and the XRP ledger. Stablecoins have become central—especially after the regulatory momentum the company and media point to in the U.S.
Ripple’s Business Wire release said RLUSD surpassed $1B market cap in less than a year and is used in Ripple’s payments solutions and as collateral. [14]
Independent market data sources also show RLUSD now sitting around the low single-digit billions in supply/market cap:
- CoinGecko shows RLUSD with about 1.3 billion tokens circulating and market capitalization figures consistent with that supply level for a $1-pegged asset. [15]
- The Paypers reported RLUSD’s market value passed $1.26 billion in November, also noting UAE-related regulatory clearance in Abu Dhabi’s ADGM framework. [16]
Why RLUSD metrics can move Ripple’s equity valuation
Stablecoins are increasingly priced as distribution businesses plus trust businesses:
- Distribution: how widely the stablecoin is integrated (exchanges, prime brokers, payment corridors, treasury workflows).
- Trust: reserve quality, attestations, redemption behavior, and regulatory standing.
Ripple’s push toward a trust-bank structure directly targets the “trust” component—and markets frequently reward trust improvements with valuation expansion, even before revenue changes are fully visible.
How Wall Street is reportedly valuing Ripple: business + balance sheet + “crypto sensitivity”
Ripple’s reported $40B valuation comes with a recurring debate: How much of Ripple’s equity value is the operating business—and how much is effectively a proxy for XRP exposure?
Some recent analyses argue that Ripple’s net asset value is heavily influenced by XRP holdings and token price sensitivity, with institutional investors evaluating Ripple partly as a concentrated exposure to its crypto treasury. [17]
It’s important to be precise here:
- XRP’s market cap is not Ripple’s market cap.
- But Ripple’s equity investors may still price in Ripple’s XRP-related economic exposure (direct holdings, ecosystem dependence, and strategic alignment).
That’s why 2025’s institutional turn matters so much: the more Ripple can show bank-grade reserve management, custody services, and stablecoin infrastructure revenue, the more the valuation conversation shifts from “token sensitivity” to “financial infrastructure multiple.”
What the $40B deal structure is telling analysts (and why it matters for valuation)
In the days following the November funding news, multiple outlets emphasized that the deal drew attention not just for size, but for investor protections—terms designed to reduce downside risk in a volatile sector.
For example, FinTech Weekly reported that Ripple’s November funding involved uncommon protections and framed them as important for how institutions model risk. [18]
Even without full term-sheet transparency, the market implication is straightforward:
- If sophisticated firms demand stronger downside protection to invest, that can support a higher headline valuation while still limiting investor risk.
- At the same time, it can create future pressure on Ripple’s capital structure if protections trigger buybacks, preferred rights, or return guarantees.
For valuation watchers, this is a reminder: the headline $40B matters—but so do the terms.
Ripple valuation forecasts: what could push Ripple above (or below) $40B next?
Because Ripple is private, forecasts are necessarily scenario-based rather than price-target precision. Still, based on the most recent catalysts (funding benchmark, trust bank progress, RLUSD traction, and rising secondary demand), here are the narratives dominating the next 3–12 months:
Scenario A: “Regulatory upgrade” drives multiple expansion (bull case)
If Ripple completes the OCC process and launches Ripple National Trust Bank operations, the company may be able to pitch itself more credibly as a regulated rails provider for:
- Stablecoin reserve management
- Institutional custody
- Collateral trustee services
- Payments settlement infrastructure [19]
In this scenario, investors may justify valuation expansion because regulatory de-risking tends to:
- reduce counterparty discount rates, and
- widen the addressable institutional customer base.
Scenario B: “Stablecoin scale” becomes the headline metric (base-to-bull case)
If RLUSD sustains growth beyond the ~$1B–$1.3B range and becomes embedded in enterprise payments flows, it could turn into a core KPI for Ripple—similar to how USDC and USDT scale signals distribution power for their ecosystems. [20]
This wouldn’t automatically mean a straight-line valuation jump—but it could support higher revenue expectations (payments volume, treasury services, custody/prime offerings) and lower perceived risk.
Scenario C: “IPO option value” reappears (speculative upside)
Whenever private markets see:
- higher liquidity in secondary trading (Forge/Hiive-style indications), and
- institutional involvement, and
- improved regulatory posture,
…the “IPO option” tends to return to the conversation, even if management remains non-committal. [21]
An IPO is not confirmed today. But the presence of a stable $40B benchmark plus clearer U.S. regulatory pathways can increase the perceived plausibility over the medium term—which itself can support valuation.
Scenario D: Valuation compresses despite regulatory wins (bear case)
Even with trust-bank momentum, Ripple’s equity valuation could face pressure if:
- crypto market volatility rises sharply,
- stablecoin competition intensifies,
- or institutional adoption slows.
In addition, Reuters highlighted that final approvals are still pending for the OCC conditional charters, and traditional banking groups have raised concerns about regulatory standards—an example of the political and compliance friction Ripple still faces. [22]
The bottom line: Ripple’s valuation is now a “regulated infrastructure” story—still priced at crypto speed
As of December 14, 2025, the most credible, frequently cited benchmark remains Ripple at roughly $40 billion, based on reported 2025 tender/financing activity. [23]
But what’s changed in just the last several days is the quality of the valuation narrative:
- Ripple is moving closer to federal trust-bank supervision—not just state-level trust structures—at a time when stablecoin oversight is becoming the price of admission for enterprise adoption. [24]
- RLUSD’s growth into the $1B+ scale gives Ripple an additional product line that is easier for institutions to understand and model than “token narratives.” [25]
- Secondary and structured vehicles—like the $300M South Korea-focused share acquisition plan—are expanding the ecosystem of ways investors can gain exposure to Ripple equity, which can tighten spreads and reduce liquidity discounts over time. [26]
In short: Ripple’s valuation is no longer just a crypto company number. It’s becoming a regulated financial infrastructure number—still with crypto sensitivity.
If you want, I can also produce a Google Discover-style shorter version (same facts, tighter pacing) or a publisher-ready news brief focused only on what changed in the last 72 hours—without adding any new claims beyond the sources above.
References
1. www.reuters.com, 2. www.reuters.com, 3. www.globenewswire.com, 4. www.reuters.com, 5. forgeglobal.com, 6. www.hiive.com, 7. www.reuters.com, 8. www.occ.treas.gov, 9. www.businesswire.com, 10. www.occ.gov, 11. www.occ.gov, 12. www.globenewswire.com, 13. www.globenewswire.com, 14. www.businesswire.com, 15. www.coingecko.com, 16. thepaypers.com, 17. www.financemagnates.com, 18. www.fintechweekly.com, 19. www.occ.gov, 20. www.coingecko.com, 21. forgeglobal.com, 22. www.reuters.com, 23. www.reuters.com, 24. www.occ.treas.gov, 25. www.coingecko.com, 26. www.globenewswire.com
