Wall Street's Appetite For XRP Swells After ETF Boasts $58 Million In 'Day One Volume'
Canary Capital Group launched the first US-listed spot XRP ETF, opening a new path for investors looking to access the digital asset long associated with cross-border payments directly.
The Canary XRP ETF (NASDAQ:XRPC) started trading on Thursday with an annual expense ratio of 0.50%. It posted an impressive $58 million in trading volume on the first day. That’s the highest among this year's ETF debuts, according to Bloomberg analyst Eric Balchunas.
Unlike products based on swaps or futures, XRPC holds physical XRP tokens, which are custodied by Gemini Trust Company and BitGo Trust Company. The firm's CEO and founder Steven McClurg credited the launch to regulatory clarity over the past year.
A landmark 2023 court decision declared XRP is not a security when sold on public exchanges, and Ripple Labs’ long-standing dispute with the SEC was settled in August. The regulator also recently approved generic listing standards for crypto ETFs-structural guardrails that finally gave issuers a workable pathway to market.
A Blockchain Play Focused On Payments
Bitcoin is digital gold and ethereum is the fuel for smart contracts. But XRP sits in a different lane: global money movement. The XRP Ledger was designed specifically with the goal of fast, inexpensive transfers across borders in mind. Transactions settle in three to five seconds, and cost only fractions of a cent. They also rely on a consensus mechanism rather than energy-intensive mining. The network can process up to 1,500 transactions per second, according to the prospectus.
This utility narrative has grown increasingly appealing to those institutions looking beyond the more volatile, narrative-driven assets that dominate crypto headlines.
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