Ripple has joined forces with Archax, the first FCA-regulated digital marketplace in the UK, and asset manager ABRDN PLC to introduce a tokenized money market fund on the XRP Ledger. Following this announcement, XRP experienced a 17.56% surge in value, reaching $1.54.
The fund, part of ABRDN’s £3.8 billion US dollar liquidity portfolio, aims to enhance efficiency and reduce costs in capital markets. Ripple has committed $5 million to tokens in the fund to support these goals.
Tokenized money market funds have already surpassed $1 billion in assets under management, with experts forecasting the tokenized asset market to reach $16 trillion by 2030.
The announcement fueled positive sentiment around XRP, with its price rising to $1.54 within 24 hours before settling at $1.48. XRP’s market capitalization now stands at $84.58 billion, with daily trading volume increasing by 15.31% to $12.58 billion.
