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Ripple to Acquire Stablecoin Payments Platform Rail for $200 Million to Expand Market Leadership

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Ripple announced plans to acquire Rail, a Toronto-based stablecoin payments platform, for $200 million in a deal expected to close in Q4 2025 pending regulatory approval. The acquisition aims to enhance Ripple’s stablecoin infrastructure and strengthen its position in cross-border stablecoin payments.

Rail, backed by Galaxy Ventures and Accomplice, facilitates cross-border payments using stablecoins, boasting faster settlement times and lower transaction costs compared to traditional fiat payments. Rail currently processes around 10% of global stablecoin payment volume.

Ripple, closely associated with the XRP token and its own stablecoin RLUSD, highlighted that integrating Rail’s technology will bring virtual accounts and automated back-office operations to its payment solutions. Monica Long, Ripple’s president, emphasized that clearer regulations and market maturity have created ripe conditions for growth in stablecoin payments.

This move follows a recent U.S. law signed by President Donald Trump establishing a federal regulatory framework for stablecoins, potentially accelerating mainstream adoption of digital assets for everyday payments.

Ripple also disclosed an earlier acquisition plan for Hidden Road, a multi-asset prime broker, in a $1.25 billion deal intended to boost RLUSD’s utility.

RLUSD, launched last year, currently has a market cap exceeding $611 million, competing with dominant stablecoins like Tether and Circle’s USDC.

Singapore’s Carro Eyes US IPO with $3 Billion+ Valuation

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Singapore-based Carro, the largest used-car online marketplace in Southeast Asia, is preparing for a U.S. initial public offering as early as 2026, targeting a valuation exceeding $3 billion and potentially raising up to $500 million, sources familiar with the matter told Reuters.

If successful, Carro’s IPO would be the largest Southeast Asian U.S. listing since SEA’s $989.3 million debut in 2017 and rank as the third largest Southeast Asian tech IPO in the U.S., according to LSEG data. It would also mark the first major automotive tech and AI-driven commerce startup from Singapore to go public in the U.S.

Carro is on track to generate $100 million in annual EBITDA by its fiscal year ending March 2026, one source said. The IPO size remains subject to change based on market conditions.

Founded in 2015, Carro operates a digital platform facilitating vehicle buying and selling for consumers and dealers, while providing insurance, financing, and after-sales services. It has expanded across the Asia-Pacific region, including Malaysia, Indonesia, Thailand, Japan, Taiwan, and Hong Kong.

With a workforce of over 4,500 employees, Carro has raised more than $1 billion in combined debt and equity funding from investors like Temasek, SoftBank, and other sovereign funds.

A successful IPO could open doors for other Southeast Asian unicorns such as Carsome, Traveloka, and Xendit to pursue U.S. listings. Meanwhile, Chinese companies continue to seek U.S. public markets, attracted by potentially higher valuations despite geopolitical challenges.

Hg Considers Sale of $1.9 Billion Financial Data Firm FE fundinfo

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Buyout firm Hg is preparing to potentially sell its financial data company FE fundinfo, valued at around $1.9 billion, sources told Reuters. The London-based firm, which provides investment data and performance analytics to asset managers and financial institutions, is expected to generate roughly £70 million ($93.2 million) in EBITDA this year and could command a valuation exceeding 20 times earnings.

While no final decision has been made and preparations remain at an early stage, Hg is anticipated to launch a sales auction by late 2025, although the timeline could extend into 2026. FE fundinfo is likely to attract interest from global exchanges, wealth management firms, and private equity groups.

This move follows a trend of high-valuation deals in the financial technology and data sector, including SS&C Technologies’ £766 million acquisition of Calastone and BlackRock’s £2.55 billion purchase of Preqin last year. FE fundinfo itself was formed in 2018 through the merger of three companies—FE, F2C, and fundinfo—the same year Hg invested.

The company has been active in expanding its footprint with five acquisitions in the past year, such as data firm Fundipedia, UK’s Lunar AI, and German fintech Dericon. FE fundinfo aims to streamline investment efficiency by connecting fund managers and distributors to share trusted information.

Hg and FE fundinfo declined to comment on the potential sale.