- Ripple partners with Archax and ABRDN to launch a tokenized money market fund on XRP Ledger.
- XRP saw a 17.56% surge in price, reaching $1.54 following the announcement.
Today, Ripple, the leading digital asset infrastructure provider, has teamed up with Archax, the first UK-based FCA-regulated digital marketplace, and asset manager ABRDN PLC to launch the first-ever tokenized money market fund on the XRP Ledger.
Today, in partnership with @ArchaxEx and @abrdn_plc, we’re excited to announce the first tokenized money market fund on the XRP Ledger.
— Ripple (@Ripple) November 25, 2024
With $16T in tokenized assets projected by 2030, this milestone unlocks cost savings and settlement efficiencies by deploying capital markets…
According to the official announcement, the fund is part of ABRDN’s broader £3.8 billion US dollar liquidity portfolio. Ripple has also pledged $5 million to tokens within the fund, aiming to enhance settlement efficiency and cost-effectiveness in capital markets.
Tokenized money market funds have already surpassed $1 billion in managed assets, with experts predicting the broader tokenized asset market could soar to $16 trillion by 2030.
However, while Ripple is making significant developments, its native cryptocurrency, XRP, is also performing well in the market. The announcement sparked excitement in the XRP market as it witnessed a notable surge.
The token’s price hit $1.54, marking a rise of 17.56% in 24 hours. At the time of writing, XRP priced at $1.48, with a market cap of $84.58 billion. At the same time, its daily trading volume climbed by over 15.31% to $12.58 billion.
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