Ripple Introduces Tokenized Money Market Fund on XRP Ledger
Ripple has some exciting news to share! They have just launched the very first tokenized money market fund on the XRP Ledger (XRPL). This innovative project is a collaboration between Ripple and the UK-based digital asset exchange, Archax, along with the UK asset manager, abrdn.
Archax has been using Ripple’s digital asset custody solutions since 2022, and now they are utilizing it to provide access to a money market fund from abrdn. This fund is a tokenized portion of abrdn’s $3.8 billion US Dollar Liquidity Fund (Lux) and marks a significant milestone as the first money market fund on the XRPL.
Tokenized money market funds are on the rise, with over $1 billion in assets under management already. Projections suggest that the value of tokenized assets could reach an impressive $16 trillion by 2030. Ripple is investing $5 million into tokens on abrdn’s Lux fund, part of a larger fund that will be allocated to RWAs on the XRPL.
Markus Infanger, Senior Vice President of RippleX, expressed excitement about the arrival of abrdn’s money market fund on XRPL. He highlighted how real-world assets are being tokenized to enhance efficiencies and strengthen XRPL as a leading blockchain for real-world asset tokenization.
In other XRP news, the digital asset has surged over 100% this month to $1.20, driven by regulatory optimism. The price reached its highest point since May 2021 on the news of SEC Chair Gary Gensler’s impending departure. Interest in XRP futures also hit an all-time high, with over 2 billion tokens in active futures positions, signaling a strong appetite for XRP volatility.
The cryptocurrency world is buzzing with activity, and Ripple’s latest development is a testament to the growing interest in digital assets and blockchain technology. Stay tuned for more updates on the exciting world of cryptocurrency!
