Franklin Templeton, one of the world’s largest asset managers, has filed Amendment No. 3 for its long-awaited Franklin XRP Trust (ticker: $XRPZ) — a move analysts view as the final procedural step before approval of the first-ever U.S. spot XRP exchange-traded fund (ETF).
The filing, submitted to the U.S. Securities and Exchange Commission (SEC) on November 4, outlines a trust structure that will hold XRP directly in custody with Coinbase Trust, use the CME CF XRP-USD benchmark for pricing, and charge a 0.19% sponsor fee — waived for the first $5 billion in assets under management until May 2026.
Bloomberg ETF analyst James Seyffart noted that the updated filing includes “shortened 8(a) language,” a standard precursor to an imminent effective date. “They’re looking to launch this month,” Seyffart wrote on X.
The XRP ETF that’s been years in the making
Franklin Templeton first filed for an XRP ETF in March 2025, making it the first major institutional firm to pursue a regulated product tied to Ripple’s native digital asset. The SEC initially delayed its decision in April, citing the need for further review, pushing the deadline to June 17, 2025.
Now, with Amendment 3 in place, the ETF appears to have cleared the last technical hurdle before approval.
The proposed Franklin XRP Trust will issue shares representing fractional ownership of XRP held in secure cold storage. The fund aims to mirror the price of XRP, allowing investors to gain exposure without directly handling digital assets. Shares are expected to trade on NYSE Arca under the ticker XRPZ, pending regulatory clearance.
Why this matters: Bringing XRP to Wall Street
For years, XRP has sat at the intersection of institutional finance and blockchain infrastructure, largely driven by Ripple’s cross-border payment systems. Unlike Bitcoin and Ethereum, which already have approved ETFs or pending applications, XRP’s regulatory clarity only arrived after Ripple’s 2023 partial court victory over the SEC, a ruling that found XRP itself is not a security when sold on exchanges.
Franklin’s XRP Trust signals that traditional finance now views XRP as a legitimate asset for institutional-grade exposure, particularly as banks and payment providers integrate blockchain settlement.
“This is institutional access to XRP, done right, regulated, custodied, and benchmarked,” wrote BankXRP, a leading XRP market analyst, on X.
Franklin Templeton’s crypto playbook
The firm has emerged as one of the most aggressive traditional finance entrants into digital assets. Alongside its XRP Trust, Franklin Templeton has also filed for Bitcoin, Ethereum, and Solana ETFs, with the Solana decision now delayed until November 2025. The company also operates tokenized U.S. Treasury funds on public blockchains, reflecting its belief that blockchain will underpin the next era of financial markets.
At over $1.5 trillion in assets under management, Franklin’s entry carries significant weight, particularly as it joins a roster of Wall Street giants such as BlackRock, VanEck, and Grayscale racing to tokenize and securitize digital assets.
The growing momentum for digital asset ETFs
The XRPZ filing arrives amid broader momentum for crypto-linked ETFs and tokenization projects. The SEC’s recent approvals of spot Bitcoin ETFs, and ongoing reviews of Solana and Dogecoin ETFs, have shifted the regulatory climate. Analysts say the XRP Trust could extend that acceptance to payment-focused blockchains with real-world utility.
If approved, the Franklin XRP Trust would become the first XRP-based ETF listed on a U.S. exchange, offering institutions a compliant, liquid way to gain exposure to Ripple’s ecosystem.
What’s next
The SEC has not yet set a final effective date, but with Amendment 3 filed and all major disclosures complete, industry analysts expect launch within weeks, possibly before Thanksgiving.
If approved, Franklin Templeton’s XRPZ would mark a historic first for Ripple’s token — moving it from crypto exchange order books to Wall Street trading floors.
Also read: Franklin Templeton Brings Benji Platform To BNB Chain
