Canary Capital CEO Says XRP Is a Competitor to Wall Street
At the Ripple Swell conference, Canary Capital CEO Steven McClurg highlighted XRP's long-term potential in global finance as a direct competitor to Wall Street payment systems. McClurg emphasized XRP Ledger's capability as a modern financial infrastructure and predicted institutional inflows of $10 billion into XRP ETFs. He noted XRP's unique alignment with traditional financial services and its advantage over Ethereum ETFs due to the lack of structural disadvantages such as native staking. The momentum for XRP ETFs has grown following the SEC’s case conclusion, with firms like Franklin Templeton, Canary Capital, and Bitwise targeting near-term launches. Ripple underscores XRP's role in driving cross-border payments and institution-focused infrastructure within its XRPL ecosystem.
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Ripple Swell Conference Highlights
At the ongoing Ripple Swell conference, Canary Capital CEO Steven McClurg delivered one of his strongest endorsements for XRP's long-term position in global finance. He stated that the XRP Ledger (XRPL) is emerging as a direct competitor to traditional Wall Street financial systems. His remarks add to a series of bullish predictions about XRP, including his well-known forecast of a $10 billion institutional inflow into XRP ETFs.
XRP Ledger as a Financial Backbone
McClurg described the XRP Ledger as a modern payments backbone that can rival legacy systems. Unlike traditional financial infrastructure, XRPL offers newer, more efficient mechanisms for financial transactions, positioning itself as a formidable alternative to Wall Street's established rails.
Why XRP Strengthens the Case for an ETF
McClurg's comments echo his earlier interviews, where he underlined that XRP’s financial utility gives it an edge over other digital assets.
Key points from his observations include:
- XRP is the most popular crypto asset among Wall Street investors besides Bitcoin.
- XRP’s payment-focused use case makes it particularly compatible with traditional financial services.
- XRP ETFs could potentially attract $10 billion in inflows within their first month, potentially outperforming Ethereum ETFs.
He emphasized that XRP avoids certain structural disadvantages, such as native staking, which has caused Ethereum ETF investors to miss out on yield.
Momentum for an XRP ETF Rises
Momentum for an XRP-focused ETF has grown significantly, especially after the resolution of the SEC’s case against Ripple. Notably:
- Franklin Templeton has filed an updated S-1 for its XRP ETF, aiming for a near-term launch this month.
- Other firms like Canary Capital and Bitwise are preparing updates for a mid-November debut.
- Industry leaders, including Grayscale, may also follow suit, indicating substantial market interest in XRP ETFs.
XRP as a Strong Institutional Product
With financial systems shifting toward on-chain settlement, McClurg sees XRP as a leading product for cross-border payments. He highlighted XRP’s ability to power the next generation of institutional financial services.
Ripple recently showcased how XRP and its stablecoin RLUSD are reshaping global payments. Additionally, collaborations with platforms like Ripple Prime, GTreasury, and Rail are driving institutional adoption of XRPL through a coordinated ecosystem-focused approach.