The surge in crypto-related acquisitions and public listings in the United States is making headlines this year. In the first quarter of 2025 alone, there has been a staggering $8.2 billion across 88 deals, marking a triple increase from the total of 2024. This sharp uptick signifies a new era of integration between traditional finance (TradFi) and decentralized finance (DeFi).
Five major trends have emerged from these deals, which include companies purchasing Bitcoin for their treasuries such as Twenty One Capital, and traditional firms merging with crypto infrastructure providers. Other trends are acquisitions centered on institutional services like the purchase of Metaco by Ripple, consolidation between crypto and traditional trading platforms, and mergers between token-based projects.
One deal, in particular, has attracted significant attention and praise, especially from pro-XRP lawyer John Deaton. He lauded Ripple’s $1.25 billion acquisition of prime brokerage firm Hidden Road as “possibly the best example” of the ongoing TradFi-DeFi convergence in the crypto space. Hidden Road processes over $3 trillion a year for more than 300 institutional clients. Its integration with Ripple’s XRP Ledger (XRPL) has significantly reduced settlement times from 24 hours to a mere 3–5 seconds.
Ripple’s RLUSD stablecoin now serves as collateral for trades, effectively connecting blockchain infrastructure with institutional trading workflows. Deaton elucidated that this move positions Ripple at the vanguard of institutional DeFi by marrying the speed of DeFi with the reach of TradFi.
Deaton also highlighted the importance of Ripple’s swift foray into crypto custody. Beyond acquiring Metaco, Ripple has acquired Standard Custody and launched “Ripple Custody,” thereby offering institutions a comprehensive suite of services ranging from payments and stablecoins to asset storage.
Deaton suggests that Ripple’s decisive move into custody is in preparation for the impending tokenization boom. With the custody market projected to exceed $16 trillion by 2030, Ripple is developing the necessary tools for banks to tokenize assets such as stocks, bonds, or even real estate through the XRPL, with RLUSD underpinning these transactions.
Deaton quipped, “It looks like [CEO] Brad Garlinghouse is making up for lost time,” referring to Ripple’s impressive strides following its protracted legal tussle with the SEC.
In conclusion, the integration of TradFi and DeFi is not only reshaping the financial landscape but also offering new opportunities for growth and expansion. As the convergence continues, it would be interesting to see how Ripple and other crypto entities leverage this trend for further progress.
