XRP Flying, Archax Collaborates with XRP Ledger to Launch Money Market Tokenization
2024-11-26
Bittime - Blockchain payments company Ripple has announced the launch of its first money market fund tokenized on the XRP Ledger, consisting of Abrdn's $4.77 billion US Dollar Liquidity Fund.
This launch was made possible thanks to Ripple's partnership with Archax, the first crypto asset exchange broker and custodian regulated by the Financial Conduct Authority in the UK. Archax has access to Abrdn money market funds and through this collaboration, they will tokenize these assets on the XRP Ledger.
About Abrdn Money Market Tokenization
Source: Twitter (@ArchaxEx)
The tokenization of Abrdn's $4.77 billion money market fund on
Duncan Moir, Abrdn senior investment manager, stated that “real benefits can be gained from leveraging the efficiencies of moving end-to-end investment and cash settlement processes to the blockchain.”
Only professional investors will have access to Abrdn money market funds on XRPL via the Archax tokenization platform. Ripple will also allocate $5 million in tokens to Abrdn's US Dollar Liquidity Fund.
Read also: XRP Price Analysis: Is $2 Target Achievable in the Next 3 Months?
Ripple RWA Plan
The move is part of Ripple's RWA plan to capture more of what the Boston Consulting Group estimates as a $16 trillion market by 2030.
Tokenized money market funds alone account for more than $1 billion in assets under management, led by the BlackRock USD Institutional Digital Liquidity Fund at $443.9 million, according to Dune Analytics data shared by asset manager 21Shares.
Archax CEO, Graham Rodford, explained that "there is real momentum being built for tokenized real assets."
Read also: XRP Price Prediction According to Peter Brandt, Optimistic Will Be Bullish!
Ethereum Stellar Becomes Ripple Competitor
In the RWA space, Ripple's biggest competitors are Ethereum and Stellar, which have tokenized RWA assets worth $3.07 billion and $386.2 million respectively, according to Dune Analytics data from 21Shares.
Government securities (including money market funds) and commodities were the most tokenized RWAs (excluding fiat-collateralized stablecoins) at $2.28 billion and $1.14 billion, respectively.
Ripple Coin Price (XRP) Also Rises
Meanwhile, Ripple's XRP token has been one of the best performers on the market over the past week, rising 23.16% to $1.35.
Reporting from CoinMarketCap, Today's XRP price is $1.37 USD with a 24-hour trading volume of $10,341,690,547 USD. XRP fell 9.11% in the last 24 hours. CoinMarketCap's current ranking is #6, with a live market cap of $78,087,632,053 USD.
FAQs About Ripple
Can Ripple reach $100?
The current bullish market sentiment suggests that there is a great opportunity for the market to surpass its 2021 peak during this bull cycle. Experts suggest that if the price of XRP crosses the $1,756 level, its market capitalization will reach the $100 billion mark.
Does XRP have a future?
Currently priced at $1.47, XRP is on an upward trend, driven by Ripple's continued legal wins and strategic growth in cross-border payments. Its current market capitalization is more than $83 billion. Analysts at InvestingHaven even predict a rise of up to $10 in the coming years.
Will XRP reach $50 dollars?
With a market cap value of over $61.8 billion and a live price of $1.09 at the time of writing, achieved even in the most optimistic projections.
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Reference:
ArchaxEx, ArchaxEx Twitter account, accessed November 26, 2024
Cointelegraph, article Cointelegraph, accessed November 26, 2024
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