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The U.S. Securities and Exchange Commission (SEC) has approved the launch of three XRP exchange-traded funds (ETFs) from ProShares, setting a public offering date of April 30, 2025. However, unlike a spot ETF, which would hold XRP directly, ProShares’ offerings will provide exposure through derivatives, a structure that has raised eyebrows among analysts. “This is NOT a spot XRP ETF,” noted ETF expert Nate Geraci in a post on X. “It will actually be several leveraged and inverse ETFs obtaining XRP exposure via derivatives.” The products include the Ultra XRP ETF, offering a 2x leverage on the daily returns of XRP future prices, the Short XRP ETF, offering inverse exposure, which will enable investors to profit from XRP’s price decline, and the Ultra Short XRP ETF, providing nearly twice the inverse (-2x) of the cryptocurrency’s daily performance. The SEC’s decision to permit leveraged products before a spot ETF is unusual, as most crypto ETFs, including Bitcoin and Ethereum funds, followed the opposite trajectory. “Now, why are these being allowed before spot?” asked a perplexed Geraci. Earlier this month, the regulator authorized the first-ever leveraged XRP product: Vermont-based Teucrium’s 2x Long Daily XRP ETF (XXRP), trading on NYSE Arca. Some market watchers have speculated that this sequence of events, first, Teucrium’s XXRP and now ProShares’ XRP ETF, could be a sign that the financial markets watchdog might be more comfortable signing off on derivatives-based exposure instead of direct custody of crypto assets. “It might relate to regulatory comfort levels with derivatives versus holding the underlying asset directly,” said a user on X, answering Geraci’s question. “Or perhaps the demand for leveraged products is being tested before a spot ETF is considered.” The approval also comes just weeks after the SEC settled its high-profile lawsuit against Ripple Labs, the company behind the token. The case dragged on for years and ended with a $50 million fine, far less than the SEC’s original demands, effectively clearing a major regulatory hurdle for the cryptocurrency. ProShares, which manages over $60 billion in assets, is no stranger to crypto-based financial products, having made history in 2021 when it launched the first Bitcoin futures ETF (BITO). Its entry into the XRP space brings considerable clout and credibility. Arthur, an XRP-focused commentator on X, called it a “historic milestone” for XRP’s integration into mainstream finance, opening the doors for easier access by banks, institutional investors, as well as retail traders. “XRP is entering the big leagues,” he claimed , ticking off the various benefits that should come with the ETF, including regulatory validation and the possibility of “massive capital inflows.” Meanwhile, in the markets, the token climbed 4.6% in the last 24 hours and is currently trading around $2.28 after ranging between $2.17 and $2.29. Zooming out to a weekly view, it gained 7.4%, slightly underperforming the rest of the crypto market’s 8.2% rise in that period. Additionally, XRP registered a 5% uptick across the previous 30 days, continuing a broader trend that has seen it surge more than 335% over the last year.

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Crypto exchange Bitget and Avalanche are teaming up to boost the adoption of digital asset trading and blockchain technology in India. Bitget announced on April 28 that it had entered a strategic collaboration with Avalanche ( AVAX ), that will leverage their strengths to bring web3 to the grassroots across India. The move follows various efforts by both Avalanche and Bitget in the quest to expand access and adoption of crypto. Devika Mittal, regional head at Ava Labs, commented: “Our goal with events is to provide a space to any web3 enthusiast – whether in Delhi or Varanasi, or anywhere else – to connect and build.” Avalanche’s collaboration with government agencies in India, including programs focused on welfare projects and mini-grants, stands out in this alliance. The network’s robust ecosystem growth, with several decentralized applications launching, suggests strong potential for expansion. Bitget, on the other hand, has rolled out initiatives such as Blockchain4Youth, pledging $10 million in support of scholarships, workshops, and hackathons over five years. The exchange’s Blockchain4Her initiative targets women-led Web3 projects, both in India and globally. Avalanche and Bitget see their partnership as crucial to expanding Web3 adoption and plan to collaborate through 2025. Jyotsna Hridyani, head of Bitget South Asia said: “Empowering users with the right knowledge is essential to unlocking the full potential of blockchain in India’s digital future. At Bitget, we’re committed to bridging this gap through community programs, partnerships with universities, and accessible learning tools.” India is one of the world’s top crypto destinations, with its massive population providing a huge market for web3 applications. Bitget announced in July 2024 that it was working towards full regulatory approval in India. Recently, the crypto exchange founded in 2018 revealed it had secured regulatory nod as a digital asset service provider in El Salvador. The exchange’s transparency report for the first quarter of 2025 showed Bitget saw a 159% surge in its spot trading volume, reaching $2.08 trillion during the quarter. The exchange’s native token Bitget Token ( BGB ) is among the top 50 by market cap.

Abu Dhabi’s International Holding Company, ADQ, and First Abu Dhabi Bank announced plans to launch a dirham-backed stablecoin, fully regulated by the UAE Central Bank, aimed at advancing payment solutions and digital infrastructure. The stablecoin will operate on the ADI blockchain, according to The National, and will be issued by FAB, the UAE’s largest bank, pending regulatory approval, the companies said in a joint statement Monday. The digital currency will be used by consumers, businesses, and institutions, supporting emerging applications like machine-to-machine transactions and artificial intelligence-driven processes. “This new stablecoin represents a transformative step forward and will revolutionise the way both consumers and businesses engage with trusted blockchain payments in the UAE,” said Hana Al Rostamani, group chief executive of FAB. Stablecoins , typically pegged to fiat currencies, offer a more stable digital asset compared to cryptocurrencies like Bitcoin. Their value is anchored to currencies, government treasuries, or commodities such as gold, providing a less volatile alternative for digital transactions. The UAE Central Bank has been moving quickly to advance its digital currency strategy. In March 2023, it launched the “Digital Dirham” initiative. Last year, the bank introduced regulations for stablecoins, aiming to create a clear operational framework for the sector. To reinforce this strategy, the central bank recently unveiled a new symbol for the digital dirham. Mohamed Alsuwaidi, Managing Director and Group CEO of ADQ, said the launch marks “a pivotal step” in strengthening the UAE’s digital infrastructure. “As we move towards an increasingly digital and connected economy, the stablecoin will provide a solution that is secure, efficient and scalable,” Alsuwaidi said. The ADI blockchain, developed by the ADI Foundation, will serve as the backbone for the new stablecoin. The foundation has established partnerships with governments in over 20 countries to expand its compliant blockchain distribution network. The UAE has been building momentum in the digital asset space. The Abu Dhabi Global Market and Dubai’s Virtual Assets Regulatory Authority have already implemented frameworks for regulating cryptocurrencies. In December, AE Coin became the first regulated digital currency approved in the UAE. Meanwhile, Tether, issuer of USDT ( USDT ) — the world’s largest stablecoin — also received approval last August to develop a stablecoin in the region. The new dirham-backed stablecoin is expected to have a “significant impact” across finance, commerce, and trade, the companies said.