Ripple Labs agreed to acquire Toronto-based Rail, a stablecoin-focused payments platform, in a cash-and-stock deal valued at about $200 million. The companies said the transaction, which is subject to regulatory approval, is expected to close in the fourth quarter of 2025. Rail’s technology underpins roughly 10% of global stablecoin payment flows and offers virtual accounts, automated back-office functions and connections to more than a dozen banking partners. Folding those capabilities into Ripple’s network will let the San Francisco-based firm provide corporate clients with 24/7 pay-ins and pay-outs in RLUSD, XRP and fiat currencies without requiring them to hold crypto on their balance sheets, the companies said. “This opportunity for stablecoin payments is really ripe, and the acquisition of Rail solidifies our market leadership,” Ripple President Monica Long said. The purchase extends Ripple’s recent deal-making spree—including April’s $1.25 billion agreement to buy prime broker Hidden Road—and comes weeks after President Donald Trump signed legislation establishing a federal regime for stablecoins. Ripple’s own dollar-pegged token RLUSD now carries a market capitalization of about $611 million.