Ripple 
$1 partner Archax announced the addition of State Street, Fidelity International, and Legal & General Investment Management (LGIM) funds to its tokenized real-world asset (RWA) offerings. The tokenized funds will initially be available on the XRP Ledger (XRPL), Hedera, and Arbitrum networks. Following this announcement, the XRP price increased by 4% within a few hours.
Details of the Tokenized Funds
The tokenized funds that will be listed on the Archax platform include State Street USD/GBP/EUR Liquidity LVNAV Funds, Fidelity ILF USD / Sterling / Euro Funds, and LGIM Sterling/USD/Euro Liquidity Funds. These tokenized assets will launch in the initial phase on Hedera Hashgraph, XRPL, and Arbitrum.
“Tokenized real-world assets, especially funds, are truly gaining momentum. The industry is witnessing new innovative use cases such as enhanced distribution, liquidity pathways, and collateral transfer that tokenization brings.” – Graham Rodford, CEO of Archax.
Changes in XRP Price
In response to Archax’s major announcement, the XRP price surged by 4% within hours. At the time of writing, XRP traded at $1.14, fluctuating between $1.06 and $1.14 over the past 24 hours.
In June, Ripple and Archax established a partnership to bring millions of dollars of tokenized real-world assets (RWAs) to the XRP Ledger (XRPL). Ripple CEO Brad Garlinghouse stated that they are working to make XRPL one of the leading blockchains for RWA tokenization.
The funds added by Archax include money market fund (MMF) tokens representing clients’ assets in such funds, positioning them among the prominent RWA crypto projects for 2024.
On the other hand, HBAR and ARB tokens did not experience significant price increases following this announcement. Today, HBAR price dropped by 12% to $0.1264, while ARB price fell by 2% to $0.693.
Archax’s move is regarded as a significant step in the RWA tokenization market, with expectations that more financial institutions will head in this direction in the future.
