Six Asset Managers File Amendments for XRP ETFs, Grayscale Joins

XRP's latest price was $, in the last 24 hours. The cryptocurrency market has seen significant developments recently, particularly surrounding XRP and its potential for institutional investment. Six prominent asset managers, including Bitwise, Canary Capital, CoinShares, Franklin Templeton, 21Shares, and WisdomTree, have filed amendments to their XRP exchange-traded fund (ETF) proposals. These firms are already active in the digital asset investment space and their coordinated filings highlight growing institutional interest in bringing a regulated XRP ETF to U.S. markets. The timing of these updates, filed in late August 2025, reflects strategic alignment with SEC expectations, showing that issuers are refining their proposals in anticipation of the SEC XRP decision in October.

The amended S-1 registration statements include important structural changes that mirror the design of already approved Bitcoin and Ethereum ETFs. These updates include provisions for both in-kind and cash creations and redemptions, reinforced custody arrangements for secure XRP storage, and enhanced market surveillance and governance mechanisms. By addressing these elements, asset managers are directly responding to SEC concerns that have historically delayed crypto ETF approvals. These refinements position the funds as more compliant with regulatory standards, increasing the likelihood of approval.

Adding weight to the momentum, Grayscale Investments filed a new Form S-1 for its Grayscale XRP Trust. Grayscale, the largest digital asset manager in the world, has already led the charge in transforming its Bitcoin Trust into an ETF and is now seeking to replicate that success with XRP. This move underscores Grayscale’s confidence in the SEC’s eventual approval of an XRP spot ETF and signals that institutional demand for regulated XRP exposure is accelerating.

The SEC has extended review periods on these proposals, setting final deadlines between October 18 and October 23, 2025. These decision dates are critical for the crypto industry, as approval would mean the first-ever regulated XRP ETF in the U.S. Such approval would grant institutional and retail investors a secure, regulated pathway to invest in XRP without directly holding the token. Analysts suggest this could trigger substantial inflows into the asset, potentially reshaping XRP’s market trajectory.

The clustered filings and Grayscale’s entry reflect a turning point in XRP’s regulatory journey. Optimism is building in markets, with analysts noting that the SEC XRP ETF decision in October 2025 could unlock new levels of liquidity and mainstream adoption. Still, caution remains. While filings demonstrate significant progress, the SEC’s ultimate stance will hinge on the adequacy of custody safeguards, liquidity mechanisms, and market surveillance. The coming October decision will determine whether that bet pays off.

Ripple has expanded its RLUSD stablecoin into Japan in partnership with SBI Holdings. The companies recently signed a memorandum of understanding to bring the asset to market by early next year. Ripple’s relationship with SBI Holdings is what makes this rollout possible. According to the official announcement, SBI VC Trade will serve as the distribution arm for RLUSD and will give both retail users and companies a regulated way to access the stablecoin. Tomohiko Kondo, CEO of SBI VC Trade, described the partnership as more than just another product launch. He said that the RLUSD has what it takes to bring more convenience to Japan’s financial space. Notably, Japan is one of the few countries with a transparent system for licensing stablecoins. This clarity makes the country attractive for international projects like RLUSD.

Stablecoins are becoming a big part of global finance. This sector already has a market capitalisation approaching $300 billion. While traders continue to drive its early demand, enterprises and institutions are expected to lead the next growth phase. Japan, in turn, offers Ripple a fertile market to grow in. Financial regulators there have already shown support for digital assets, and local institutions are looking into their own yen-backed stablecoin projects. Ripple, by entering now, is setting up the RLUSD as a trusted and global-ready option for payments. Ripple has pointed out that RLUSD is not only stable but also transparent. Its backing comes from U.S. dollar reserves, cash equivalents and government bonds, and according to Jack McDonald, Ripple’s Vice President of Stablecoins, RLUSD is a bridge between traditional banking and defi networks. He noted that Japan can become a model for how regulated stablecoins operate at scale. This said, Ripple is not only to compete only with private stablecoins like USDC or USDT. Instead, it wants to set a benchmark for transparency, compliance and real-world integration.

The partnership between Ripple and SBI goes back years. In 2021, SBI launched the world’s first bank-owned crypto exchange in Japan with Ripple’s backing. Around the same time, SBI used Ripple’s technology to build MoneyTap, a payments app adopted by 61 Japanese banks. Ripple and SBI also teamed up with HashKey to introduce supply chain solutions in Japan using the XRP Ledger. Their collaboration shows an ongoing pattern of digital finance growth in the country, well before the stablecoin launch. Most notably, Ripple only recently resolved the setbacks it faced in the United States due to the protracted SEC lawsuit. That challenge pushed the company to strengthen ties elsewhere in Asia. This explains why Japan, with its openness to fintech, has become a natural base for Ripple’s expansion. In all, the RLUSD has already started its rollout. In Dubai, the asset received approval earlier this year, which showed Ripple’s ambition to build a strong stablecoin presence. As of writing, RLUSD now holds a market cap of about $668 million. Compared to the overall $300 billion stablecoin market, Ripple’s share is still small. However, Japan’s upcoming launch could drive adoption and give Ripple a foothold in Asia and other parts of the world.