Key facts
- Robinhood stock rose over 3% to $96 following the announcement.
- The partnership integrates Ripple's stablecoin, treasury management, and institutional trading services into Robinhood's operations.
- RLUSD will be supported on the Robinhood app later this year and used for institutional settlement on the XRP Ledger.
- Robinhood will implement Ripple Treasury for cash forecasting, liquidity management, and payments.
- JPMorgan maintained a Neutral rating on HOOD stock with a raised price target of $115.
- Bernstein forecasts Robinhood's quarterly revenue at approximately $1.5 billion.
Robinhood's stock experienced a notable increase, trading up over 3% at $96, following the announcement of a strategic partnership with Ripple. This collaboration aims to broaden the adoption of Ripple's RLUSD stablecoin. The agreement will integrate Ripple's stablecoin technology, treasury management solutions, and institutional trading services into Robinhood's existing financial operations. The RLUSD stablecoin is already available on Robinhood Chain and Bitstamp, with plans for integration into the Robinhood app later this year. Additionally, Robinhood will leverage RLUSD on the XRP Ledger for institutional settlements with Bitstamp, enhancing its utility beyond retail trading to include payment functions for institutions. The partnership also involves Robinhood implementing Ripple Treasury for advanced cash forecasting, liquidity management, and risk controls.