Ripple and Ondo Finance Secure U.S. Broker-Dealer Licenses for Expansion

Ripple and Ondo Finance have made significant strides in their expansion plans by acquiring U.S. broker-dealer licenses, marking a pivotal moment in the regulated markets. In April 2025, Ripple acquired Hidden Road for $1.25 billion, securing a FINRA-issued U.S. broker-dealer license. This acquisition is Ripple’s largest to date and aligns with their strategic focus on regulated Real-World Asset (RWA) markets. Meanwhile, Ondo Finance agreed to acquire Oasis Pro, which provides essential U.S. securities licenses for their tokenization platform. Additionally, Ondo Finance's purchase of Strangelove enhances its blockchain infrastructure capabilities.

Both companies aim to leverage RWA tokenization technology, which could significantly impact the XRP and Ethereum ecosystems. Ripple plans to bolster the utility of the XRP Ledger for institutional RWA use cases, while Ondo Finance seeks to expand its tokenization platforms. These moves echo previous RWA efforts but accelerate direct U.S. market access for tokenized securities, with Securitize and INX serving as historical precedents supporting these initiatives.

The regulatory emphasis of these acquisitions suggests a strategic race to comply with U.S. securities laws, facilitating broader market participation and institutional confidence in digital securities. Nathan Allman, CEO of Ondo Finance, commented that the prediction of regulated financial assets ultimately settling on blockchain rails is no longer far-fetched. This momentum aligns with a historical and strategic emphasis on adaptability within evolving RWA markets.

Ripple's shift from an initial public offering (IPO) to prioritizing mergers and acquisitions is part of its broader effort to navigate the regulatory landscape and expand its footprint in the financial sector. Ondo Finance's acquisition of Oasis Pro grants it access to a U.S. Securities and Exchange Commission (SEC)-licensed broker-dealer, enhancing its decentralized finance (DeFi) offerings and providing users with access to a wider range of financial products. The addition of Oasis Pro to Ondo's portfolio is expected to bolster its capabilities in tokenizing traditional finance assets, such as stocks and exchange-traded funds (ETFs), and integrating them into the blockchain ecosystem.

The strategic acquisitions by Ripple and Ondo Finance highlight the growing importance of regulatory compliance in the cryptocurrency and blockchain industries. By securing licenses and partnerships with regulated entities, these companies are positioning themselves to operate more effectively within the existing financial framework. This approach not only mitigates regulatory risks but also enhances their credibility and attractiveness to institutional investors and traditional financial institutions.

The moves by Ripple and Ondo Finance also underscore the increasing convergence between traditional finance and the blockchain industry. As more companies seek to bridge the gap between these two worlds, the demand for regulated and compliant solutions is likely to grow. This trend is evident in Ondo's partnership with Bitget, which provides access to over 100 U.S. stocks and ETFs, and Ripple's ongoing efforts to expand its services in the European Union through the MiCA license.