Grayscale, one of the largest crypto asset managers, has announced the launch of its first XRP Trust in the U.S., offering direct exposure to XRP for qualified investors. This trust could potentially evolve into an ETF once approved by the SEC, expanding investment opportunities for XRP. Unlike ETFs, trusts have lighter regulations and target specific investors through a simpler approval process. Following the news, XRP’s price surged significantly.
Grayscale Introduces XRP Trust in the U.S., XRP Price Jumps!
Grayscale is now launching an XRP Trust in the U.S., a move that could pave the way for a spot XRP exchange-traded fund (ETF). This closed-end fund allows accredited investors direct exposure to XRP, operating similarly to Grayscale’s other single-asset investment trusts. The trust specifically invests in the token that powers the XRP Ledger. As a result of the news, XRP’s price shot up by over 82%, with the token trading at $0.571, marking a 7.45% daily increase.
Grayscale’s Head of Product and Research Speaks
As previously reported by The Bit Journal, Grayscale had launched an XRP Trust before. However, it was dissolved in 2021 due to a lawsuit filed by the SEC against Ripple Labs in 2020, alleging that XRP was a security under federal law. Ripple has since won a significant legal battle against the SEC, clearing regulatory obstacles for the XRP token. In a press release, Rayhaneh Sharif-Askary, Grayscale’s Head of Product and Research, commented:
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“We believe the Grayscale XRP Trust allows investors to gain exposure to a protocol with real-world utility. XRP facilitates cross-border payments in just seconds, potentially transforming the traditional financial infrastructure.”
Ripple Issues More RLUSD Stablecoins
Data from Etherscan, shared by the “Ripple Stablecoin Tracker,” indicates that Ripple Labs has continued minting more RLUSD stablecoins following the recent launch of the new asset. According to the data source, Ripple’s RLUSD Treasury minted 90 USD-based stablecoins on Ethereum, with additional RLUSD emissions earlier in the day, totaling 402 RLUSD created today.
The Bit Journal will continue to monitor developments related to Grayscale’s XRP Trust and Ripple’s ongoing activities.
💵💵💵 90 #RLUSD minted at RLUSD Treasury.https://t.co/tv9whMgq4o
— Ripple Stablecoin Tracker (@RL_Tracker) September 11, 2024
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