According to Catenaa, Ripple announced that it would acquire Hidden Road, a major global broker for US$1.25 billion, becoming the first cryptocurrency company to own and operate a global multi-asset main brokerage business. Hidden Road has an annual liquidation of more than $3 trillion and serves more than 300 institutional clients. According to reports, Hidden Road will migrate its subsequent trading business to XRP ledger, while Ripple's stablecoin RLUSD will be integrated into Hidden Road's collateral system for cross margin for digital assets and traditional markets. Ripple CEO Brad Garlinghouse said that as the U.S. regulatory environment becomes clearer and the market infrastructure is gradually mature, the acquisition is of great significance to the adoption of digital assets. Previously, Ripple had reached a settlement with the U.S. Securities and Exchange Commission (SEC) by paying a $50 million fine.