- John Deaton says Ripple’s Hidden Road deal exemplifies DeFi-TradFi convergence.
- Chamath Palihapitiya notes crypto deals have tripled 2024 totals in just four months.
- Ripple expands custody and tokenization offerings to capture institutional demand
Attorney John Deaton views Ripple’s $1.25 billion acquisition of Hidden Road as a key example of decentralized finance merging with traditional finance. His comments followed analyst Chamath Palihapitiya’s update showing that U.S. crypto mergers and listings have already hit $8.2 billion across 88 deals in early 2025 , already tripling the total for all of 2024.
Palihapitiya identified five major deal trends. This includes mergers between traditional finance and crypto infrastructure companies, Bitcoin treasury acquisitions, and exchange consolidations. These shifts, he said, are laying the foundation for a more fully integrated crypto-financial ecosystem.
Related: Ripple’s Monica Long on XRP Utility Why Regulatory Clarity Precedes IPO
How Ripple Plans to Transform Institutional Settlements
Deaton pointed to Ripple’s move on Hidden Road as a textbook example of where the industry is heading. Hidden Road is a prime brokerage firm handling over $3 trillion annually for 300+ institutional clients. Following Ripple’s acquisition, Hidden Road will use the XRP Ledger (XRPL) for post-trade settlements.
The integration slashes settlement times from 24 hours to 3 to 5 seconds. Moreover, Ripple’s RLUSD stablecoin serves as collateral, linking traditional finance transactions to blockchain technology.
Ripple’s Bigger Bet: Custody, Stablecoins, and Institutional Services
Ripple’s strategy doesn’t stop at speeding up settlements. Deaton also noted Ripple’s broader push into custody services. He cited Ripple’s acquisition of Standard Custody alongside Metaco, aiming to offer institutions a full range of blockchain solutions. Ripple Custody complements the company’s payment and stablecoin offerings, creating a one-stop shop for financial institutions.
With the custody market projected to exceed $16 trillion by 2030, according to Boston Consulting Group, Ripple is positioning itself for future growth.
Related: Ripple’s RLUSD Stablecoin Goes Live for Lending, Borrowing on Aave V3
XRPL Set to Power Institutional Tokenization
Notably, Ripple’s custody infrastructure is expected to support tokenization-as-a-service. Banks could soon tokenize traditional assets like stocks, bonds, and real estate on the XRPL.
Meanwhile, RLUSD will also play a key role in supporting these transactions, helping the XRPL become a global hub for tokenized assets. Deaton said Ripple’s aggressive moves reflect a push to regain momentum after its legal battle with the U.S. Securities and Exchange Commission.
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