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Receipts Depositary Corp. (RDC), founded by former Citigroup executives, is working on launching XRP-backed securities. The company continues to develop products aimed at institutional investors within the regulatory framework of the United States.
Product and Operational Features
The new product will be structured similarly to American depositary receipts representing foreign securities. These securities will be designed based on XRP and will be offered to qualified institutional buyers under exemptions from the Securities Act of 1933. This approach eliminates the need for approval from the U.S. Securities and Exchange Commission.
Corporate Collaborations and Developments
RDC’s XRP-based securities will undergo similar clearing processes as existing Bitcoin 
$103,687 and Ether-backed products. The clearing will be conducted by the Depository Trust Company (DTC). With increasing interest in XRP in modern financial markets, various asset managers and ETF providers are taking focused actions regarding XRP.
In a press release published in January 2024, RDC founder and CEO Ankit Mehta discussed the benefits offered by these depositary receipts.
Ankit Mehta: Deposit receipts provide a robust structure, direct ownership of the underlying asset, and easy access to institutional products.
The plan aims to provide investors with an alternative access route by presenting direct ownership of XRP. Unlike conventional products that rely on cash settlement, this approach directly represents the digital asset. This implementation is thought to potentially create a different approach in the market.
This development is evaluated considering current market and investor trends. The product, as permitted by regulatory frameworks, is viewed as a significant step toward the inevitable adoption of digital assets by institutions in the financial world.
The direct ownership opportunities offered by the new product structure are closely monitored by market participants. This development may support investment strategies based directly on digital assets, differing from existing financial instruments.
