Major Deal Announced Between Ripple (XRP) and Wall Street Giant

Guggenheim, one of Wall Streets leading financial institutions, is expanding its investments in the digital asset world. After launching its first digital debt product on Ethereum, Guggenheim Treasury Services is moving it to the XRP Ledger in partnership with Ripple.

With the new move, the digital commercial paper product, fully collateralized by US Treasury bonds, will now be offered on Ripples public blockchain, the XRP Ledger. According to RippleX Senior Vice President Markus Infanger, Ripple will invest $10 million in the fixed-income asset.

Additionally, Ripple is evaluating the possibility of using this product in payments and plans to make it available for purchase with the stablecoin developed by the company.

The digital debt product, which launched on the Ethereum blockchain last September, has since raised over $280 million in issuance volume. Guggenheim is cementing its place among the companies tokenizing real-world assets, following in the footsteps of giants like Franklin Templeton and BlackRock. Similarly, billionaire investor Michael Novogratzs Galaxy Digital is also in talks with regulators to tokenize its own shares.

Excluding stablecoins, the XRP Ledger currently accounts for a small portion of the $23.4 billion global tokenized asset market, with around $117 million in assets tokenized. However, the XRP Ledger aims to grow its role in this space with projects such as connecting real estate titles directly to the blockchain.

*This is not investment advice.