Ripple has launched a Delta One business to finance leveraged stock bets, entering a market traditionally dominated by banks. The company now offers total return swaps tied to U.S. stocks, market indexes, and digital assets at an annualized financing rate of approximately 8%. This expansion targets the $256 billion leveraged ETF sector, where tighter bank capital requirements have created opportunities for nonbank firms like Ripple Prime, Jane Street, and Clear Street. Ripple supports this operation with over $1 billion in regulatory net capital and recently completed a $275 million senior debt offering to fund growth. The company also announced an expanded agreement with hedge fund manager Brevan Howard to provide brokerage, clearing, and financing services across multiple asset classes. While the business generates fee income from institutional financing, Ripple has not disclosed specific revenue figures or the extent of XRP Ledger utilization in these activities.