Ripple to acquire Galaxy-backed stablecoin firm Rail for $200 million

The Block

2025-08-07 21:18:54

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Ripple, the issuer of RLUSD stablecoin, has agreed to acquire Toronto-based payment company Rail for $200 million, in a bid to cement its position among dollar-pegged payments operators as U.S. rules take shape. The transaction is expected to close in the fourth quarter, pending regulatory approvals, according to a company statement.

Rail, backed by Galaxy Ventures and Accomplice, says it expects to handle about 10% of the $36 billion global B2B stablecoin payment volume by using tokenized dollars to shorten cross-border settlement to hours instead of days.

The deal arrives just weeks after President Donald Trump signed the GENIUS Act, creating the first U.S. framework for dollar-backed crypto coins. Also, the SEC released updated staff guidance for stablecoin accounting rules. Issuers are rushing to comply with the new framework, while more institutions mull entry into a market estimated to reach $2 trillion by 2028.

Ripple President Monica Long stated that buying Rail will help RLUSD’s issuer expand its customer base as stablecoin regulations mature in the United States and worldwide. The Rail purchase gives Ripple a regulated payments front end in Canada, the U.S., and key emerging markets at a moment when corporates and fintechs are seeking compliant stablecoin rails.

Purchasing Rail also extends Ripple’s buying streak. In April, Ripple struck a $1.25 billion agreement to buy multi-asset prime broker Hidden Road, bolstering liquidity and custody for its own RLUSD stablecoin.

Ripple also added Bank of New York Mellon as a reserve custody partner and applied for a U.S. banking license in July, aiming to bring RLUSD under regulatory oversight. Meanwhile, RLUSD, launched in December 2024, recently surpassed $500 million in circulating supply. The stablecoin market remains dominated by Tether's USDT and Circle USDC, The Block's data dashboard shows.

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