Prominent investment firm 21Shares has filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) to launch a spot XRP exchange-traded fund (ETF).

Union Bank of Switzerland (UBS) has launched a tokenized money market fund on the Ethereum blockchain after highlighting growing institutional interest in tokenized financial assets.

The Monetary Authority of Singapore (MAS) announced a series of initiatives to accelerate the adoption of tokenization in financial services, including establishing commercial networks to deepen the liquidity of tokenized assets.

Top stories in the Crypto Roundup today:

• 21Shares Files to List Spot XRP ETF
• UBS Launches Tokenized Money Market Fund on Ethereum
• Singapore Unveils New Initiatives to Boost Tokenization in Financial Services
• MakerDAO’s Sky Dollar Becomes Second Fastest Stablecoin to Reach $1 Billion Market Cap

21Shares Files to List Spot XRP ETF

Prominent investment firm 21Shares has filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) to launch a spot XRP exchange-traded fund (ETF).

The move comes as a growing number of firms are seeking regulatory approval to offer similar ETFs. 21Shares aims to list the 21Shares Core XRP Trust on the Cboe BZX Exchange, with Coinbase Custody Trust Company serving as the custodian.

If approved, the ETF would provide investors in the US with direct exposure to XRP. The registration statement joins others aiming to list a spot XRP ETF from firms including Canary Capital and Bitwise.

While the SEC has approved spot Bitcoin and Ether ETFs, it hasn’t yet approved a spot XRP ETF. The regulator has notably been in a legal battle with Ripple, a major player in the XRP space, accusing the firm of raising $1.3 billion through XRP sales, deeming the cryptocurrency an unregistered security.

Singapore Unveils New Initiatives to Boost Tokenization in Financial Services

The Monetary Authority of Singapore (MAS) announced a series of initiatives to accelerate the adoption of tokenization in financial services, including establishing commercial networks to deepen the liquidity of tokenized assets.

The central bank revealed it will foster an ecosystem of market infrastructure and develop industry frameworks for the implementation of tokenized assets, in a bid to enable access to common settlement facilities for these assets.

Leong Sing Chiong, deputy managing director of MAS, said that the regulator has seen a “strong interest in asset tokenization in recent years, notably in fixed income, FX, and asset management.”

Project Guardian, the MAS-led crypto industry group, has also released two frameworks focused on the acceptance and implementation of tokenized assets by financial institutions.

The Guardian Fixed Income Framework provides guidelines for tokenizing debt capital markets instruments, while the Guardian Funds Framework offers recommendations for best practices in tokenized funds, including provisions for developing tokenized investment vehicles comprising multiple assets.

UBS Launches Tokenized Money Market Fund on Ethereum

Union Bank of Switzerland (UBS) has launched a tokenized money market fund on the Ethereum blockchain after highlighting growing institutional interest in tokenized financial assets.

The newly launched “UBS USD Money Market Investment Fund Token,” or “uMINT,” offers token holders access to UBS’s “institutional-grade cash management solutions.” These solutions, which rely on high-quality money market instruments, are designed to provide a conservative and risk-managed investment approach.

In a statement Thomas Kaegi, co-head of UBS APAC, said that the firm has been seeing a “growing investor appetite for tokenized financial assets across asset classes.” UBS’s latest venture follows a successful pilot of the tokenized money market fund in October 2023.

The pilot, conducted through UBS Tokenize, a proprietary tokenization service, involved various activities such as redemptions and fund subscriptions, all executed using a smart contract on the Ethereum blockchain.

MakerDAO’s Sky Dollar Becomes Second Fastest Stablecoin to Reach $1 Billion Market Cap

Last month, the total market capitalization of MakerDAO’s Sky Dollar (USDS) rose 66% to $1.02 billion, making it the second-fastest stablecoin to surpass the $1 billion market cap, and the 16th stablecoin to do so.

The cryptocurrency’s supply crossed the $1 billion mark in just 13 days, with the help of over $500 million in DAI being converted into it. FEI USD, which launched at $2.15 billion market cap, is the only stablecoin that reached the $1 billion milestone before USDS.

Liquity Protocol’s LUSD previously held the record for fastest stablecoin to reach $1 billion in market capitalization, doing so in 15 days. Leading stablecoins USDT and USDT saw their supply hit that mark in 1.166 and 645 days, respectively.

Dig deeper into the stablecoin sector through CCData’s latest Stablecoins & CBDCs report.

State of the Crypto by Top Tier Exchange Volume

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