Ripple has agreed to acquire the leading brokerage firm Hidden Road for $1.25 billion, Ripple's largest deal to date and also one of the largest deals in the digital asset space, surpassing Stripe's $1.1 billion acquisition of the stablecoin payment platform Bridge.

Hidden Road is a company that processes over $3 trillion in transactions annually and is expected to use Ripple's RLUSD stablecoin as collateral for its brokerage products.