HashKey Capital has lobbed a fresh salvo into Asia’s crypto‑asset race, unveiling the HashKey XRP Tracker Fund—the region’s first vehicle dedicated solely to mirroring XRP’s market performance. The closed‑ended product is now open to professional investors, with Ripple stepping in as an anchor backer, underscoring a swelling institutional appetite for the payments‑focused token.
Why XRP, Why Now?
HashKey pitches XRP as a lean, low‑latency settlement rail. While banks still juggle nostro accounts and T+2 transfers, Ripple’s ledger clocks three‑second clears at fractional cost. That speed asymmetry is increasingly on display as global trade routes diversify away from the dollar. “Connecting traditional finance with digital markets means offering exposure to rails that actually scale,” says Vivien Wong, Partner at HashKey Capital. “XRP is already moving value for corporate clients; we’re packaging that thesis into a regulated fund wrapper.”
Subscriptions can be made in cash or—tellingly—in‑kind crypto deposits, a nod to family offices and hedge funds eager to rebalance sizable on‑chain treasuries without touching fiat rails. Redemptions occur monthly, giving allocators a liquid bridge instead of the quarterly gates often found in private funds. Price discovery hinges on a benchmark from CF Benchmarks, the same index provider that underpins several U.S. Bitcoin ETFs.
Ripple’s Bigger Gambit
Backing a tracker fund isn’t Ripple’s only headline. The company just closed a $1.25 billion purchase of prime brokerage firm Hidden Road, folding traditional market plumbing into its expanding product stack. Within days, Hidden Road snagged a FINRA broker‑dealer license, hinting that Ripple’s endgame is a one‑stop liquidity portal spanning spot, leverage, and perhaps tokenized treasuries.
Analysts see synergy: Ripple captures transactional flow; HashKey funnels long‑only capital into the same asset, creating a feedback loop of volume and legitimacy. It comes at a moment when Standard Chartered projects XRP could eclipse Ethereum’s market cap by 2028 on the back of a projected ten‑fold surge in stablecoin‑style cross‑border transfers. “XRPL’s throughput story rhymes with stablecoins,” says Geoff Kendrick, head of digital‑asset research at the bank. “If that usage grows 50 % annually, we’re looking at a structural bid for XRP liquidity.”
ETF Drumbeat Grows Louder
In the United States, the narrative is shifting from futures‑linked products to spot exposure. Teucrium just bagged SEC clearance for the 2x Long Daily XRP ETF (XXRP), America’s maiden leveraged play on the token. Meanwhile, Grayscale and 21Shares await SEC verdicts on their spot trusts; the clock runs until mid‑October 2025. HashKey’s launch, therefore, plants an Asian flag well before the U.S. spot race resolves.
Market Reality Check
Not everything is bullish confetti. XRP has slid nearly 20 % over the past month, mirroring broader risk‑off moves. Yet institutional conviction has not wavered: the HashKey fund opened with reported eight‑figure commitments, and Ripple’s drawn‑out courtroom clash with the SEC appears close to settlement after a joint motion paused proceedings for sixty days.
Asia’s inaugural XRP tracker fund arrives at a pivotal moment—legal fog lifting, corporate adoption rising, and capital markets inching toward spot ETFs. If HashKey’s bet pays off, it could re‑route professional money into a token purpose‑built for global settlement just as trade and payments infrastructure undergo their own tectonic shift.
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