Franklin Templeton Files Key Amendment for XRP Trust, Eyes NYSE Arca Launch

• Final Filing Step: Amendment No. 3 shortens SEC review language, signaling imminent approval and potential launch this month.

• Secure Structure: The ETF will custody XRP directly, providing institutional investors regulated exposure to Ripple’s token without direct handling.

• Market Impact: With over $1.5 trillion in assets under management, Franklin Templeton’s move underscores growing institutional adoption of XRP amid tokenization trends, following Ripple’s 2023 regulatory win.

Discover how Franklin Templeton’s XRP ETF filing advances crypto integration into traditional finance. Get insights on the XRP Trust structure, fees, and launch timeline—stay ahead in the evolving digital asset landscape today.

What is the Franklin XRP Trust ETF?

The Franklin XRP Trust ETF is a proposed spot exchange-traded fund that seeks to provide investors with direct exposure to the price of XRP, Ripple’s native cryptocurrency, through a regulated vehicle. Filed initially in March 2025, the trust holds XRP in secure custody and aims to track its market value using established benchmarks. This structure allows traditional investors to access XRP without managing digital wallets, with shares set to trade on NYSE Arca under the ticker XRPZ once approved by the U.S. Securities and Exchange Commission.

How does the latest amendment impact the XRP ETF approval process?

The Amendment No. 3 filing, submitted to the SEC on November 4, 2025, refines the trust’s operational details and includes shortened Section 8(a) language, a common indicator of nearing effectiveness according to Bloomberg ETF analyst James Seyffart. This update addresses prior SEC delays from April 2025, when the agency requested more review time, extending the decision deadline to June 17, 2025. Now, with comprehensive disclosures on custody, pricing, and fees complete, experts anticipate approval within weeks, potentially enabling a launch before the end of November 2025.

The trust’s design emphasizes security and compliance: XRP will be held in cold storage by Coinbase Trust, a qualified custodian experienced in digital assets. Pricing will rely on the CME CF XRP-USD benchmark, ensuring accurate valuation tied to spot market data. The sponsor fee stands at 0.19%, but Franklin Templeton has committed to waiving it on the first $5 billion in assets under management through May 2026, making it attractive for early institutional inflows.

James Seyffart, a respected voice in ETF analysis, highlighted the filing’s progress in a social media post, stating, “They’re looking to launch this month.” This aligns with broader SEC trends, where similar amendments have preceded swift approvals for other crypto products. For XRP specifically, the 2023 court ruling classifying secondary market sales as non-securities has cleared a major regulatory hurdle, paving the way for such innovations.

Asset manager readies XRP Trust ($XRPZ) for NYSE Arca listing amid growing stablecoin and tokenization momentum.

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. This persistence reflects the firm’s confidence in XRP’s role in global payments and blockchain infrastructure.

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. This decision has been pivotal, enabling products like the Franklin XRP Trust to move forward.

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. With over $1.5 trillion in assets under management, Franklin’s entry carries significant weight, particularly as it joins a roster of Wall Street giants racing to tokenize and securitize digital assets.

This diversified approach demonstrates Franklin Templeton’s expertise in bridging traditional and digital finance. For instance, their tokenized money market fund on the Stellar blockchain has already attracted institutional interest, showcasing practical applications of asset tokenization that parallel the XRP Trust’s goals.

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 in early 2024, followed by Ethereum ETFs, have shifted the regulatory climate toward greater acceptance. Ongoing reviews of Solana and other altcoin ETFs further indicate this trend. Analysts say the XRP Trust could extend that acceptance to payment-focused blockchains with real-world utility, such as Ripple’s On-Demand Liquidity solution used by financial institutions worldwide.

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. This could drive increased liquidity for XRP, which has a market capitalization exceeding $30 billion as of late 2025, and bolster its use in cross-border remittances.

Frequently Asked Questions

What are the key features of the Franklin XRP Trust ETF?

The Franklin XRP Trust ETF will hold actual XRP tokens in custody with Coinbase Trust, track the asset’s spot price via the CME CF XRP-USD benchmark, and impose a low 0.19% sponsor fee, waived initially for the first $5 billion in assets. It provides a regulated way for investors to own fractional shares of XRP, traded on NYSE Arca as XRPZ, without direct crypto management.

Will the XRP ETF launch in 2025, and what factors influence approval?

Based on the recent Amendment No. 3 filing, experts anticipate a launch in November 2025, as the shortened SEC review language suggests an imminent effective date. Key factors include the completed disclosures on structure and custody, Ripple’s prior legal clarity on XRP’s status, and the SEC’s evolving stance on crypto ETFs following Bitcoin and Ethereum approvals.

Key Takeaways

• Regulatory Milestone: Amendment No. 3 positions the Franklin XRP Trust as the first spot XRP ETF, building on 2023’s court ruling that XRP is not a security in secondary markets.
• Institutional Appeal: With secure custody, benchmark pricing, and a waived fee structure, the ETF lowers barriers for traditional investors entering the XRP ecosystem.
• Broader Implications: Approval could accelerate XRP adoption in payments and tokenization, signaling Wall Street’s embrace of utility-driven cryptocurrencies—monitor SEC updates for launch confirmation.

Conclusion

Franklin Templeton’s XRP ETF filing through the Franklin XRP Trust represents a pivotal advancement in integrating Ripple’s blockchain technology with mainstream finance. By providing regulated, efficient access to XRP, this development could enhance liquidity and institutional participation in cross-border payments. As the SEC reviews finalize, the crypto market stands poised for further innovation, urging investors to stay informed on these transformative opportunities.

Also read: Franklin Templeton Brings Benji Platform To BNB Chain

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