U.S. Crypto Exchange Set To List XRP ETF
MEMX, a U.S. securities exchange, has requested authorization from the Securities and Exchange Commission to list an XRP exchange-traded fund (ETF) as a “Commodity-Based Trust.”
The filing represents the most recent attempt by a US exchange to offer exchange-traded funds (ETFs) that incorporate spot XRP, the native token of the blockchain network of Ripple’s XRP Ledger. It also emphasizes how, as US President Donald Trump begins his second term, the SEC is shifting its position on cryptocurrencies.
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The SEC filed a lawsuit against Ripple in 2020, claiming that the blockchain developer had issued securities t not registered at the time of the XRP token’s introduction.
Meanwhile, data from CryptoQuant indicates that there are currently more than $120 million Ripple USD (RLUSD) tokens in circulation.
This has been called a “huge milestone” even though the stablecoin is heavily regulated. The Ethereum blockchain was the primary focus of RLUSD’s growth after its introduction.
On the XRP Ledger, however, it later began to get more traction. Charles Hoskinson, the founder of Cardano, said that he is working on RLUSD integration.
The regulated stablecoin was launched last month following the acquisition of the required regulatory approval.
Investors started trading the stablecoin following its approval by the New York State Department of Financial Services.
The adopted US dollar stablecoin is initially accessible to several international exchanges with plans to add more in the upcoming weeks.
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