US-listed XRP ETF products recorded $81.63 million in net inflows through April 24, marking their strongest monthly performance of 2026 and the best since December 2025. According to SoSoValue data, this figure surpassed February's $58.09 million and fully reversed March's $31.16 million loss, the only monthly outflow XRP ETFs had experienced since launching in November 2024. The funds have maintained zero outflow days since April 9, representing the longest unbroken positive streak in XRP ETF history, with the week ending April 17 delivering $55.39 million alone. Total net assets across the seven US-listed spot XRP ETF products crossed $1.53 billion, with Goldman Sachs disclosed as the largest known institutional holder at $153.8 million across four funds.
The U.S. Securities and Exchange Commission (SEC) is actively reviewing a proposed rule change that could reshape how crypto exchange-traded funds are listed and who can access them through traditional markets. According to the SEC's latest announcement, the Exchange is seeking to amend the generic listing standards, proposing that crypto funds should hold 85% of their net asset value (NAV) in assets already permitted under the listing standards. The SEC published the notice on April 27, 2026, after NYSE Arca filed changes to its commodity-based trust share framework in New York. The proposal seeks to make ETF listings easier while tightening the quality rules for the assets inside those funds, with XRP appearing alongside BTC, ETH, and SOL in ETF models under the proposed regulated framework rules. As reported by crypto.news, the SEC approved last year the generic listing standards proposed by the NYSE and other exchanges, enabling them to list crypto ETFs for eligible assets such as Bitcoin, Ethereum, and XRP more quickly. The SEC also confirmed the status of these eligible assets this year by classifying them as commodities under the Token Taxonomy guidance, which it issued jointly with the CFTC.
Under the NYSE's proposed 85/15 framework, crypto ETFs will hold 85% of their NAV in commodities, commodity-based assets, eligible securities, and cash and cash equivalents. The remaining 15% of the Trust's holdings can be in commodities, commodity-based assets, or securities that do not meet the requirements of the generic listing standards. As reported by crypto.news, the NYSE noted that this proposal is consistent with the thresholds that the SEC recently approved for similar commodity-based ETFs. The Exchange has also designed eligibility criteria to help monitor trading in such shares, thereby mitigating fraud and manipulation risks, especially given that eligible assets such as XRP have large markets. The proposal explicitly cites XRP as an eligible asset example, stating that a trust holding XRP together with other eligible assets could meet the standard as long as the share of non-qualifying assets does not exceed 15%. Issuers would also need to check compliance every day and report any violations immediately, with the aim to speed up ETF approvals while still protecting investors.
The SEC has opened the proposal for public comment, with the comment window expected to run 21 to 45 days from the April 27 notice. According to the filing, sponsors would be required to monitor the 85% threshold daily and notify NYSE Arca immediately upon falling out of compliance. As documented by crypto.news, a trust holding 95% across Bitcoin, Ethereum, Solana, and XRP would pass, while a trust holding Bitcoin alongside OTC call options on a Bitcoin ETF where qualifying exposure falls to 71% would fail. The proposal also allows up to 15% exposure to assets that fall outside the main eligibility rules, however issuers would still need surveillance agreements in place for the markets tied to those assets. The NYSE is also proposing to amend the definition of 'commodity' under the generic listing standards by excluding non-fungible assets and collectibles from that definition, which would exclude digital collectibles, payment stablecoins, and crypto tools from eligible commodities under the generic listing standards.
Coinbase has announced the activation of Trade at Settlement (TAS) for XRP futures starting May 1, 2026, bringing XRP on par with Bitcoin, Ethereum, gold, and crude oil in terms of institutional trading capabilities. According to Coinbase's filing with the CFTC on April 21, 2026, this development was made possible by the SEC-CFTC joint ruling on March 17 that classified XRP as a digital commodity alongside Bitcoin, Ethereum, Solana, and 12 other major cryptocurrencies. The TAS mechanism allows institutions to execute large block orders at the day's official 4:00 p.m. ET settlement price instead of fighting live intraday prices, addressing a key barrier that has historically made crypto trading more difficult than traditional commodities. This development removes one more institutional barrier, as large funds previously faced significant execution costs when trading XRP through regulated U.S. venues, a problem that traditional commodity markets have solved for decades.
The XRP Ledger has experienced a massive surge in institutional finance activity, with the value of tokenized U.S. Treasuries reaching $418 million, representing an 800% annual increase. This growth is primarily driven by Ripple USDR and Ondo Finance, indicating a structural shift from passive warehousing to active institutional use. According to KuCoin, Ondo Finance leads with $221.8 million in its Short-Term US Government offering, reportedly backed by BlackRock's BUIDL fund. OpenEden's T-Bill Vault holds $55.2 million in tokenized short-term Treasury exposure, while Guggenheim Treasury Services has entered the space with $40.2 million. Additionally, abrdn has allocated $15.9 million from its Liquidity Fund into XRPL-based tokenized liquidity products. Beyond treasuries, recent activity shows a $59 million transaction settled on-chain with just $0.000188 in fees, demonstrating the network's real-world payment capabilities.
