SEC Approves Grayscale Altcoin Fund as Ripple Pushes RLUSD

Grayscale CEO, Peter Mintzberg, shared an important update on the Grayscale Digital Large Cap Fund $GDLC. His latest X post reveals that the “GDLC just got approved for trading along with Generic Listing Standards”.

It is exciting news for the entire crypto community. The Grayscale altcoin fund covers Bitcoin (BTC), Ether (ETH), XRP, Solana (SOL), and Cardano (ADA).

The SEC approving, in principle, a multi-asset ETF is a huge milestone. It shows that regulators are considering approval of baskets of crypto assets.

Grayscale CEO further stated that the team aims to launch the “FIRST” multi-crypto asset ETP to the market. He also thanked the SEC Crypto Task Force for continuously improving regulatory clarity.

The other important crypto market update reveals that Ripple, Franklin Templeton & DBS have collaborated to offer tokenized money market funds using the RLUSD stablecoin. Keep on reading to learn more.

The SEC Approves the Listing and Trading of Grayscal Altcoin Fund

The Grayscale Digital Large Cap Fund offers investors diversified exposure to a collection of crypto assets. Large-cap digital assets include Bitcoin, Ethereum, Cardano, Solana, and XRP.

GDLC’s underlying holdings are based on the CoinDesk Large Cap Select Index. The fund allows investors to benefit from 5 large-cap digital assets without buying or storing them. This fund provides an indirect exposure to the covered crypto assets.

The official Grayscal website shows that the GDLC fund has assets worth over $915 million under management. The SEC had delayed the digital asset investment firm’s effort to turn GDLC into an ETP in July.

Wednesday’s Grayscale altcoin fund approval shows an improved regulatory environment for crypto ETF issuers. This news drew immense attention from the crypto community, as pro-crypto X users praised the SEC’s decision.

Ripple Partners with Franklin Templeton & DBS to Offer Tokenized Money Market Funds

The other news that caught crypto enthusiasts’ attention is Ripple partnering with DBS and Franklin Templeton to offer tokenized money market funds using its RLUSD stablecoin.

DBS, the leading Asian financial services company, and Ripple and Franklin Templeton signed an MoU to introduce tokenized lending and trading solutions. It will be done using a money market fund, sgBENJI, which Franklin Templeton will issue on XRP Ledger.

RLUSD, which is Ripple’s stablecoin, will pair with SgBENJI. It will list on DBSEx, which is DBS’s digital exchange. Thus, DBS institutional clients can swap RLUSD and sgBENJI effortlessly. It will allow clients to balance their portfolios between cash-like stable assets and yield-bearing assets.

Why is this partnership drawing Attention?

The Ripple, DBS, and Franklin Templeton partnership is drawing attention because it provides yield, stability, and liquidity onchain. Accredited investors get an instrument less volatile than other cryptos but still better-yielding than fiat or stablecoins.

Perks like 24/7 access and blockchain settlement make it more lucrative. Besides, it strengthens the institutional use case of XRP Ledger. The blockchain is powered by XRP, a crypto included in the Grayscale Altcoin Fund.