Bullish has expanded its partnership with Ripple to offer institutional clients of Ripple Prime direct access to its regulated Bitcoin options market, the second-largest by open interest for crypto-settled BTC options. The integration, announced on April 29, 2026, allows clients to trade using stablecoins like RLUSD without additional KYC through existing sub-accounts.
Ripple Prime, one of the largest global non-bank prime brokers, cleared over $3 trillion in 2025. The addition of BTC options extends existing access to spot, perpetuals, and dated futures markets on Bullish. Chris Tyrer, President of Bullish Exchange, noted that institutional demand for crypto derivatives continues to rise, making options central for sophisticated portfolio risk management.
Ripple's stablecoin RLUSD can serve as collateral for options trading, giving clients more capital deployment flexibility. A planned cross-venue margin feature, though not yet launched, would allow institutions to optimize collateral across exchanges and OTC desks, according to the official release. Mike Higgins, International CEO at Ripple Prime, highlighted cross-margining as a key benefit for institutional participants.
