crypto.news
Receipts Depositary Corp. (RDC), a startup founded by former Citigroup executives, plans to launch $XRP-backed securities, according to CoinDesk.
The move will allow institutions to access $XRP through U.S.-regulated market infrastructure.
RDC has not responded to crypto.news’ request for comment.
The news comes about a year after RDC announced the launch of the first-ever Bitcoin depositary receipt ($BTC DR), bringing institutional-grade Bitcoin ownership into the regulated U.S. securities ecosystem.
Modeled after American Depositary Receipts (ADRs), $BTC DRs allow qualified institutional buyers, or QIBs, to hold and trade Bitcoin using the same infrastructure they use for traditional securities.
The $XRP securities will be cleared in much the same way via the Depository Trust Company (DTC).
RDC’s co-founders—Ankit Mehta, Bryant Kim, and Ishaan Narain—each previously worked at Citigroup. The startup is backed by asset manager Franklin Templeton, financial services firm BTIG and venture capital firm Broadhaven Ventures.