Ripple-Backed XRP Treasury Nears Nasdaq Listing Amid Tokenization Boom

The cryptocurrency market continues to consolidate, with Bitcoin (BTC) trading between $83,300 and $83,700. Ethereum (ETH) also remains within a narrow range of $2,660-$2,690. Despite this calm exterior, significant shifts are occurring beneath the surface.

One such development is the advancement of a Ripple-backed XRP treasury toward a Nasdaq listing through a SPAC merger with Armada Acquisition Corp. II. This entity, set to trade as XRPN, holds around 473 million XRP tokens from Ripple and over $1 billion in institutional commitments. The transaction is expected to close in Q4 2026.

Ripple is also making headway in Latin America through a partnership with Brazil's Central Securities Depository (CSD BR), which oversees $4 trillion in assets. Units in BTG Pactual's investment funds will be tokenized and mirrored on the XRP Ledger using the MPT standard and Ripple Custody.

The SEC has approved a five-year Innovation Exemption for trading tokenized stocks through AMMs and liquidity pools, introducing stricter rules such as a ban on synthetic instruments and market share caps of 2.5%.