• Ripple said on Oct. 28, 2026 that it expects to exit the year at roughly $900 million in annualized product revenue; this is guidance from a privately held company, not reported results.
• Ripple's release does not define 'product revenue run rate', so what it includes, excludes and how it is annualized is unstated.
• Ripple attributes the figure to native product growth plus acquisitions made in 2025, so part of the number is bought rather than organic.
• Ripple says RLUSD has a $2.6 billion market capitalization, up more than 88% year to date; that is a company-stated figure that outside data can test.
• Ripple says the OCC gave final approval to Ripple National Trust Bank, which Ripple's release ties to managing RLUSD reserves and fiduciary custody.

Ripple said on Oct. 28, 2026 that it expects to exit the year at roughly $900 million in annualized product revenue, according to its own release and The Block's report of it. The number is company guidance from a private firm. The same release gives a $2.6 billion RLUSD market capitalization and reports final OCC approval for a national trust bank. Of the three, the charter changes the structure around the business most.

The $900 million is guidance, and undefined

Ripple's release does not say what 'product revenue run rate' includes or excludes, or how the figure is annualized. It credits the number to native product growth plus acquisitions made in 2025, so the total mixes organic and purchased revenue. Ripple is privately held, and neither the release nor The Block's report points to financial statements behind the figure. Treat it as a stated expectation from the company, useful for direction rather than as a revenue line.

RLUSD's $2.6 billion is a company-stated figure

Ripple's release says RLUSD has a $2.6 billion market capitalization, up more than 88% year to date, and The Block repeats the figure. Both are company-sourced as of Oct. 28, 2026. A stablecoin's circulating supply is the kind of number that can be checked against on-chain data and reserve reports, and third-party aggregators can differ on method. Anyone sizing RLUSD should confirm supply independently and look at what backs it, not at market capitalization alone.

The trust-bank charter sets the perimeter

Ripple says the OCC gave final approval on Oct. 26, 2026 to charter Ripple National Trust Bank, a federally supervised national trust bank. Ripple's announcement describes its approved activities as managing the segregated reserves behind RLUSD, acting as collateral trustee for holders, and fiduciary digital asset custody. It says RLUSD issuance stays with Standard Custody & Trust Company, a New York-regulated entity. The coverage here rests on Ripple's statement; the OCC's own final-approval notice was not located.

What this means for you

If you assess Ripple as a vendor or counterparty, separate three kinds of evidence: guidance, such as the run rate; company-stated metrics that outside data can test, such as RLUSD supply; and regulatory facts, such as the charter. Ask Ripple what the run rate covers and how much comes from acquisitions. Check RLUSD reserve reports and on-chain supply yourself. Watch for the OCC's own documentation of the trust bank and for any date on which it begins operating.