Grayscale will launch the first US-based XRP trust offering direct exposure to eligible investors. It is possible that the trust will evolve into an ETF, pending SEC approval, expanding XRP’s investment options. Unlike ETFs, trusts have lighter regulations. They also target specific investors with a simpler approval process. The altcoin price jumped after this development.
Grayscale launches XRP trust in the US, altcoin price jumps!
Crypto fund manager Grayscale is launching an XRP trust in the US. This is likely to pave the way for a spot XRP exchange-traded fund (ETF). The closed-end fund will give accredited investors direct exposure to XRP (XRP). The trust operates like Grayscale’s other single-asset investment trusts. It also only invests in the token underlying the XRP Ledger. The altcoin’s price surged by over 82% on the news. At the time of writing, XRP was trading at $0.571, up 7.45% on a daily basis.
Grayscale’s Head of Product and Research commented
As you have been following from Kriptokoin.com, Grayscale previously launched an XRP Trust. However, it dissolved it in 2021 following the US Securities and Exchange Commission’s 2020 lawsuit against Ripple Labs, which alleged that the XRP token was a security under federal securities law. Ripple has since prevailed in a widely pursued lawsuit against the SEC. It has also cleared regulatory hurdles for its closely related XRP token. Rayhaneh Sharif-Askary, Grayscale’s Head of Product and Research, said in a press release
We believe the Grayscale XRP Trust gives investors exposure to a protocol that has a significant real-world use case. By facilitating cross-border payments that take just seconds to complete, XRP could potentially transform legacy financial infrastructure.
Ripple minted another batch of RLUSD stablecoins!
Data shared by the “Ripple Stablecoin Tracker” account, citing Etherscan, shows that the Ripple Labs Blockchain heavyweight continues to issue new RLUSD following the recent launch of the new asset. The data source showed that today the RLUSD Treasury minted 90 dollar-based stablecoins on the Ethereum Blockchain. He shared the post about 13 hours ago, but this was not the only batch minted today. According to the tracker, before that, the Treasury also made several RLUSD emissions. Thus, it created a total of 402 RLUSD today.
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