Ripple President Monica Long has reiterated the idea of an XRP exchange-traded fund (ETF). In a recent CNBC interview, Long suggested that an XRP ETF would be a practical initiative.
“If you think about it, only XRP and Bitcoin have regulatory clarity on status in the U.S. XRP has been a top 10 asset by market cap and is about the top 5 if you look at daily traded volume. So, I think that it will make a lot of sense,” she stated.
Long also predicted an increase in institutional adoption of digital assets, as sophisticated investors are entering the crypto market via Bitcoin ETFs and tokenized assets.
Ripple CEO Brad Garlinghouse echoed these sentiments, saying that a spot XRP ETF seems “inevitable.” In his CNBC interview, Garlinghouse highlighted the benefits of approving spot ETFs for investors seeking portfolio diversification. He also expressed optimism about the success of upcoming Ethereum ETFs.
Ripple is also making strides into the stablecoin sector, with Long projecting a launch by the end of 2024.
“We are working on all the things you need to do in order to bring a product like this to market,” she expressed.
Long referenced projections indicating that the stablecoin market could exceed a $3 trillion cumulative market cap within the next five years. She emphasised the growing demand for stablecoins, noting their utility in accessing US dollars and facilitating payments globally.
Ripple’s Initiatives Highlighted at Money 20/20 Europe
At the Money 20/20 Europe 2024 event in Amsterdam, Monica Long discussed Ripple’s recent initiatives, including the increasing interest in real-world asset (RWA) tokenization and the company’s entry into the stablecoin market.
“Great catching up with Arjun Kharpal in beautiful Amsterdam on recent Ripple momentum, including growing demand for RWA tokenization from our custody customers and our entry to the stablecoin market,” Long stated on X.
Ripple is exploring RWA tokenization on the XRP Ledger (XRPL) through partnerships, such as with digital asset management pioneer Zoniqx. This collaboration aims to bring tokenization services to XRPL.
Additionally, Ripple’s momentum is bolstered by strategic alliances, such as its recent partnership with global payments provider Clear Junction to enhance GBP and EUR payouts for customers.