The receipts are planned to launch the XRP-supported securities, according to Coindesk, a startup established by the Depository Corp (RDC).
This step will allow institutions to reach the XRP through the US-intended market infrastructure.
RDC has not responded to the request of crypto.news to comment.
The news took place after the RDC announced the launch of the Bitcoin Depository Receipt (BTC Dr) for the first time, which brought the ownership of institutional-grade bitcoins to the ecosystem of regulated American securities.
Modeling after American Depository Receipts (ADRS), BTC DRS allows qualified institutional buyers, or QIBs to catch and trade bitcoin using the same infrastructure used for traditional securities.
The XRP securities will be cleaned in the same way through the Depository Trust Company (DTC).
RDC co-founder-intellectual Mehta, Bryant Kim, and Ishaan Narayan-each first worked in Citigroup. The startup is supported by Asset Manager Franklin Templeton, Financial Services Firm BTIG and Venture Capital firm Broadwen Ventures.
