Rumors are swirling that BlackRock is teaming up with Ripple to tokenize real-world assets on the XRP ($2.26) Ledger (XRPL). There has been no confirmation from either party, suggesting that these rumors may not be true.
Rumors are swirling about BlackRock’s partnership with Ripple and XRP
In an X post, XRP influencer JackTheRippler said there are rumors that BlackRock is about to announce a partnership with Ripple to tokenize assets on the XRPL. Other XRP influencers such as CryptoSensei and Bale also shared the rumor, sparking excitement among members of the XRP community.
However, BlackRock and Ripple have yet to make an official announcement about the rumored partnership, suggesting that these claims may not be true. However, BlackRock CEO Larry Fink confirmed that they are building their own technology to tokenize some of their funds and expand their crypto offering.
BlackRock’s CEO noted that tokenization can help crypto-native investors access more traditional assets. He further noted that if they could tokenize an ETF, they could bring these investors into more traditional long-term retirement products. It is notable that the asset manager already has products, such as its tokenized money market fund BUIDL ($1.00), which runs on the Ethereum network.
It’s worth mentioning that Ripple has already partnered with the fund manager, Securitize, to enable off-ramp support for BlackRock’s BUIDL using their RLUSD ($1.00) stablecoin. This is the closest Ripple and BlackRock has come to a partnership yet, amid rumors that the asset manager plans to tokenize assets on the XRP Ledger.
However, Ripple has so far helped promote upgrades to the XRP Ledger, which could force institutions like BlackRock to tokenize their funds on the XRPL. This included the launch of the Multi-Purpose Token (MPT) standard, which is designed to simplify the tokenization of real-world assets (RWAs).
Ripple is expanding into the government bond markets
While the rumors of a partnership between Ripple and BlackRock appear to be incorrect, there are other recent developments that provide a bullish outlook for XRP. This includes Ripple’s expansion into the corporate treasury markets through its $1 billion acquisition of treasury management systems provider GTreasury.
As part of the deal, Ripple and GTreasury will focus on enabling customers to make real-time cross-border payments using Ripple’s payment solution, in which XRP serves as a bridge currency. Meanwhile, Ripple is also working on raising up to $1 billion to establish an XRP treasury company, according to Bloomberg. The crypto firm plans to contribute a portion of its XRP holdings to the company’s creation, while the proposed $1 billion is expected to be raised through a special purpose acquisition company (SPAC).
At the time of writing, the XRP price is trading around $2.35, down more than 2% in the past 24 hours, according to data from CoinMarketCap.
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