Ripple launches its first tokenized money market fund with abrdn on XRPL.
XRP price sees a 6% surge, with trading volume rising amid new fund launch.
Ripple and Archax extend tokenized RWAs, boosting XRPL's blockchain dominance.
Ripple has launched its first tokenized money market fund, marking a step in the XRP Ledger (XRPL) evolution. The move comes in partnership with UK asset manager abrdn and FCA-regulated crypto exchange Archax.
https://twitter.com/Ripple/status/1860995969375990069
This initiative aims to provide tokenized versions of traditional assets, enhance operational efficiencies, and establish the XRPL as a key player in real-world asset (RWA) tokenization.
The new tokenized fund is part of abrdn’s £3.8 billion US dollar Liquidity Fund (Lux), designed to bring traditional financial products onto blockchain platforms. Ripple’s investment in this fund totals $5 million, reinforcing its commitment to tokenizing real-world assets on the XRPL.
This move is expected to shape the future of decentralized finance (DeFi) by making large-scale financial assets more accessible and efficient.
Ripple’s partnership with Archax is not the first. Earlier this year, Ripple and Archax collaborated to bring tokenized RWAs worth hundreds of millions of dollars onto the XRP Ledger.
Ripple sees the project as a crucial step toward positioning the XRPL as a leader in RWA tokenization. Ripple’s CEO Brad Garlinghouse emphasizes the potential for broader institutional technology adoption.
Additionally, Ripple’s announcement has sparked an immediate market reaction. XRP’s price surged by 6% within 24 hours, hitting $1.49. The price oscillated between $1.31 and $1.54, reflecting growing investor interest in the project.
Trading volume also showed an uptick, with XRP futures open interest reaching an all-time high of $2.6 billion as large investors continue accumulating the coin.
Archax has expanded its offerings, including funds from major players like State Street, Fidelity International, and Legal & General Investment Management. These tokenized assets will also be available on blockchains such as Hedera and Arbitrum, but XRP Ledger remains the primary blockchain for these products.
