XRP Ledger news: SEC Chair says tokenized bank deposits ‘ARE COMING NEXT’
XRPL could benefit from trillions of dollars in tokenized bank deposits over the coming years.
According to the Chairman of the SEC, bank deposits will soon be tokenized on blockchains. That news could not be more bullish for the XRP Ledger.
As I told you earlier this week, tokenized commodities like gold and oil have been growing on XRPL at a rapid pace. XRPL has up-ranked for years and now sits beneath only Ethereum by total value of physical commodities whose custodians use public blockchains for ownership transfers.
Next up, according to the SEC Chair, are actual bank deposits. When that happens, demand for XRPL transactions could go parabolic.
Market Context
“We’ve already approved money market mutual funds to be tokenized,” Chairman Paul Atkins told attendees of the Blockchain Summit this week.
“Bank deposits are coming next, very quickly,” he continued in the same breath.
The news could not be bigger for XRP.
How big? US commercial bank deposits are approximately $19 trillion today.
For context, there are less than $12 billion worth of tokenized Treasuries today according to New York-based RWA.xyz. (Stablecoins like USDT are not tokenized treasuries, as they provide no redemption right to a treasury bond.)
If the SEC approves tokenized bank deposits, as the Chairman just said he would “very quickly,” that number could balloon 1,580x. Just imagine what that could do for XRPL usage.
News
XRP treasury company Evernorth files Form S-4 for merger with Armada Acquisition Corp IIf (Evernorth)
SEC green-lights Nasdaq tokenized securities tests (Sec.gov)
ECB growing digital euro rulebook team (Ecb.Europa.eu)
Visa $V enables programmatic payments without API keys (Visa)
Kraken parent Payward pauses IPO (CoinDesk)
Canada revokes 50 MSB licenses (Canada.ca)
Bank of Korea advances blockchain treasury pilot in phase two (Chosun)
UK Parliament committee pushes moratorium on crypto donations (Parliament.uk)
Connecticut suspends Bitcoin Depot ATM license (Decrypt)
Quadruple witching tomorrow on Wall St (Coindesk)
DAO platform Tally shutting down (X)
Nothing in this newsletter is financial or investment advice. We summarize news for informational and entertainment purposes only. We do not provide advisory services, guidance, or information regarding trading or investing. Past performance is not indicative of future results.
XRP Premium Analysis
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