XRP depository receipts will soon be available for purchase by accredited investors, according to Fox Business.
Accredited investors will have access to XRP depository receipts (DRs) through RDC and Digital Wealth Partners, Eleanor Terrett from Fox Business wrote on X.
These financial instruments function similarly to traditional American Depository Receipts (ADRs), which allow investors to gain exposure to foreign stocks without directly purchasing them on an international exchange.
The XRP DRs will provide a regulated pathway for institutional and high-net-worth investors to hold XRP without engaging with crypto exchanges directly.
The depository receipts will be held by Anchorage Digital, a federally chartered bank regulated by the Office of the Comptroller of the Currency (OCC).
By offering a familiar, compliance-friendly structure, this move aims to bridge the gap between traditional finance (TradFi) and decentralized finance (DeFi), providing an alternative investment vehicle for those seeking exposure to XRP.
XRP ready for new bull run?
Earlier, FOX Business reported, quoting its source, that the New York Department of Financial Services (NYDFS) is reportedly close to approving a new stablecoin issued by Ripple, known as RLUSD.
Ripple's XRP surged 20% during the Thanksgiving weekend, building on a 200% rise since October and solidifying its position as the fifth-largest cryptocurrency by market capitalization at $108 billion.
XRP ETFs still in spotlight
Spot-based XRP exchange-traded funds (ETFs) are gaining momentum in the U.S., with the Chicago Board Options Exchange (CBOE) submitting 19b-4 filings on behalf of Bitwise and Canary Capital.
These filings are a crucial step in the ETF approval process, setting the stage for potential listings. Once the Securities and Exchange Commission (SEC) formally acknowledges the applications, it will have up to 240 days to reach a decision.
Alex DovbnyaBitwise was among the first to file for an XRP ETF in October, followed by Canary Capital. Since then, other major players have entered the race, with Grayscale — the largest crypto asset manager — recently applying to convert its existing XRP Trust into an ETF.
The SEC has yet to acknowledge the latest filings, leaving the industry waiting to see whether XRP ETFs will gain regulatory approval.
Dan Burgin
Vladislav Sopov