LMAX Group and financial technology company Ripple have struck a multi-year partnership aimed at expanding the use of stablecoins and supporting cross-asset trading for institutional clients.
Under the agreement, LMAX will integrate Ripple USD (RLUSD), Ripple’s US dollar-backed stablecoin, as a collateral asset across its institutional trading infrastructure.
The integration is intended to allow LMAX’s client base – which includes banks, brokers, and buy-side institutions – to use RLUSD for cross-collateralisation and margin management across spot cryptocurrency markets, perpetual futures, and contracts for difference (CFDs).
As part of the collaboration, Ripple will also provide $150m in financing to support LMAX Group’s long-term cross-asset growth strategy.
The companies said the arrangement reflects a shared objective to improve settlement efficiency and value transfer between traditional financial markets and digital asset markets.
David Mercer, Chief Executive Officer of LMAX Group, said the partnership reflects increasing institutional interest in fiat-backed stablecoins.
“With the benefit of greater US and global regulatory clarity, fiat-backed stablecoins will be a key catalyst in driving the convergence of traditional finance and digital assets,” he said, adding that the company views RLUSD as well positioned within that development.
According to the companies, the integration will allow RLUSD to be used as both a settlement currency and collateral for spot crypto trading and certain fiat currency pairs. Clients will also be able to use RLUSD as margin for perpetual futures and CFD trading.
Custody of RLUSD will be supported through LMAX Custody, using segregated wallets designed to allow transferability across traditional and digital asset markets.
Institutional access will also be supported through LMAX Kiosk, which provides on-ramps for trading multiple asset classes using RLUSD collateral.
Jack McDonald, Senior Vice President of stablecoins at Ripple, said institutional market participants are increasingly exploring blockchain-based infrastructure.
“LMAX has long been a leader in providing the transparent, regulated infrastructure that institutional players require,” he said, adding that the partnership is expected to increase the use of RLUSD within institutional trading environments.
The collaboration also includes the integration of LMAX’s digital assets exchange with Ripple Prime, Ripple’s multi-asset prime brokerage service.
The companies said the combined offering is designed to provide institutional clients with access to digital asset liquidity while addressing issues such as market fragmentation and counterparty risk. Ripple Prime clients will be able to use LMAX Digital as a venue for price discovery and trading.
Ripple operates under more than 75 regulatory licences and registrations globally.
LMAX Group said the deal follows a record year in 2025, during which it reported $8.2tn in institutional exchange trading volumes.
