Major Agreement Announced Between Ripple and Wall Street Giant

Guggenheim, one of the leading financial institutions on Wall Street, is expanding its investment in the world of digital assets. After launching its first digital debt product on Ethereum, Guggenheim Treasury Services is moving it to the XRP Ledger in partnership with Ripple. With the new move, the digital commercial paper product, fully secured by U.S. Treasury bonds, will now be offered on Ripple's public blockchain, the XRP Ledger. According to RippleX Senior Vice President Markus Infanger, Ripple will invest $10 million in fixed-income digital assets. In addition, Ripple is evaluating the potential use of this product for payments and plans to offer this product for purchase using a stablecoin developed by the company. The digital debt product, which was launched on the Ethereum blockchain last September, has since raised more than $280 million in issuance volume. Guggenheim is consolidating its position among real asset tokenization companies, following in the footsteps of giants such as Franklin Templeton and BlackRock. Similarly, billionaire investor Michael Novogratz's Galaxy Digital is also negotiating with regulators to tokenize its own shares. Excluding stablecoins, XRP Ledger currently accounts for a small portion of the $23.4 billion global crypto asset market, with about $117 million in crypto assets. However, the XRP Ledger aims to grow its role in this space with projects such as connecting real estate ownership directly to the blockchain.