$2.45B spent in 2025 across Hidden Road, GTreasury, and Rail — Ripple quietly assembled a full prime brokerage + treasury + stablecoin payments stack faster than any TradFi-native player has managed. Piping BlackRock's BUIDL and overnight repo yield directly into CFO dashboards already handling $13T in annual volume is how you bootstrap institutional TVL without begging for deposits onchain. RLUSD doing 3-5 second cross-border settlement as a native rail inside enterprise TMS — not as a standalone stablecoin product — is the distribution moat that neither USDC nor USDT have, and it makes the market cap race irrelevant if you own the pipes.

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