XRP Bullish Switch: XRP Ledger Prints One Million in Rare Metric

21Shares, a prominent European issuer known for managing numerous crypto exchange-traded products (ETPs) globally, is teasing the debut of its U.S. spot XRP ETF (TOXR).

The firm initially submitted its S-1 filing to the U.S. Securities and Exchange Commission (SEC) last November. 

For months following the initial submission, 21Shares, like other applicants, would submit numerous amendments to the Form S-1 registration statement.

The SEC approved Form 8-A on Nov. 20, essentially giving the green light for the product to begin trading on the Cboe BZX Exchange.

Spot XRP ETFs, like the one from 21Shares, aim to closely track the current market price of XRP.

Other key players 

Some other issuers, including giants like Bitwise and Franklin Templeton, have already launched their spot XRP ETFs to a lot of fanfare. 

Canary Capital enjoyed its first-mover advantage, recording significant trading volume shortly after its debut on Nov. 13. Bitwise Asset Management, Grayscale, and Franklin Templeton launched their products around the same time.

The recent funds from Canary, Bitwise, Grayscale, and Franklin have already surpassed $1 billion in net assets, a milestone that was recently highlighted by none other than Ripple CEO Brad Garlinghouse. 

The cumulative total of XRP locked in ETF Vaults is nearly half a billion, specifically 498.41 million XRP, according to the most recent data. 

Canary Capital is currently in the lead with a remarkable 169.0 million XRP in custody. Grayscale, with its GXRP product, is the second-largest holder, locking up 104.4 million XRP. Bitwise follows closely, holding 93.8 million XRP in its fund. Franklin Templeton, with its XRPZ ETF, has accumulated a substantial 78.2 million XRP.

Additionally, XRP-based spot ETFs from such players (WisdomTree and CoinShares) are also in the pipeline. 

The Bitcoin Cash price is in talks as fresh data from Cryptwerk and on-chain activity point toward strengthening fundamentals. With BCH emerging as one of the most widely accepted cryptocurrencies for real-world payments, coupled with rising whale accumulation and a bullish Bitcoin Cash price chart, traders are turning optimistic.

BCH Becomes the Fourth Most Accepted Crypto for Payments

According to Cryptwerk’s latest merchant data, Bitcoin Cash now ranks as the fourth most adopted cryptocurrency for payments after BTC, ETH, and LTC. BCH’s rise is supported by 2,476 merchants that currently accept Bitcoin Cash as a form of payment, alongside 82 dedicated payment gateways.

DUBAI, UAE, Dec. 10, 2025 /PRNewswire/ -- Bybit, the world's second-largest cryptocurrency exchange by trading volume, today announced The World Crypto Rankings (WCR) 2025, developed in partnership with DL Research. This comprehensive, data-rich report reveals how 79 countries and territories are integrating crypto into the fabric of their societies. Unlike rankings that focus on a single dimension, Bybit's WCR draws comprehensively on 28 metrics and 92 data points. This multidimensional approach not only identifies today's market leaders but also uncovers the forces driving emerging contenders, while providing actionable insights into the evolving opportunities and challenges facing industry leaders, policymakers and users worldwide.

Global Crypto Adoption Beyond the Numbers

Factors driving global crypto adoption are more diverse than ever, ranging from real-world utility, grassroots-level necessity, technological advancement, regulatory clarity, and economic instability. While higher-income countries often benefit from better infrastructure and access, lower-income nations may adopt out of necessity. The biggest crypto hubs are not always those with the largest economies, but there's a clear positive relationship between GDP per capita and overall crypto adoption.

• Singapore (#1): Leads the world in crypto adoption, thanks to regulatory clarity, institutional maturity and strong cultural engagement. Over 11% of Singaporeans hold crypto and its robust licensing regime attracts global exchanges and fintechs. The next phase will focus on expanding retail and transactional use.
• United States (#2): The largest and most influential crypto market globally. The landmark ETF approvals, the GENIUS Act, and a pro-crypto government have made the US a magnet for institutional capital. The country also leads in DeFi volumes, CEX flows, and Lightning adoption.
• Lithuania (#3): Has become a European entry point for crypto exchanges and service providers under MiCA. Most of the firms licensed in Lithuania operate globally rather than focusing on the local market. As a regulatory and licensing hub with an open financial system and a digitally fluent population, Lithuania has an outsized influence on the European crypto market. However, a modest population means domestic transaction volumes are limited.
• Switzerland (#4): Stands out as the most structurally complete crypto adopter in Western Europe. It has an elite infrastructure, strong regulatory clarity independent of MiCA, and unmatched cultural legitimacy, combined with a global respected financial system. High trust in institutions, unmatched cultural legitimacy, and deep technical talent position Switzerland to lead in policy, custody infrastructure, and research.
• United Arab Emirates (#5): Has not only established itself as MENA's regional hub for asset tokenization pilots and settlement systems, but also become the de facto bridge between Asia, Europe, and Africa in tokenized finance. The UAE combines the ambitious VARA policy frameworks in Dubai with grassroots remittance-driven usage and one of the world's highest user penetration rates.

Stablecoins Lead Global Crypto Adoption as the Top Digital Asset Use Case

As digital assets move from the periphery to the core of economic life, users worldwide are increasingly relying on stablecoins as safe havens in times of instability, workarounds for barriers in legacy banking systems, tools for cross-border payments, and gateways to DeFi. Stablecoins are not just the most widely adopted, but also the most evenly distributed crypto use case.

While USD-pegged stablecoins dominate global volumes, more countries are developing or encouraging local currency stablecoins. These aim to improve domestic payment efficiency, reduce reliance on the US dollar, and provide a regulated alternative to informal markets. Local stablecoins are increasingly positioned as tools of monetary sovereignty as well as financial innovation.

The report highlighted three aspects of stablecoins' impact in the next phase of adoption: bringing about regulatory convergence, further institutional integration, and global fiat currency competition. In many regions, these local-currency stablecoins will complement rather than replace dollar-pegged tokens, serving different functions: local units for payments and commerce, and USD- pegged assets for savings and capital preservation.

Unlocking New Opportunities with Real-World Asset Tokenization

Running parallel to the rise of stablecoins is the accelerating trend of tokenization, the process of representing real-world assets (RWAs) such as bonds, equities and real estate on the blockchain. In advanced hubs like Singapore and Hong Kong, tokenization is moving from pilot projects to regulated markets, enabling fractional ownership and blockchain-based settlement. Tokenization not only increases market efficiency and transparency but also attracts global capital, positioning Asia-Pacific as a leader in next-generation finance and laying the groundwork for a more inclusive and liquid global marketplace.

Since January, the total onchain value of RWAs, excluding stablecoins, has increased by more than 63%, rising from approximately $15.8 billion to over $25.7 billion. This growth marks a structural shift in how capital markets have started integrating tokenized assets into their regular operations. Countries most likely to benefit from this shift are the ones ranking highly on the Institutional Readiness pillar (United States, Canada, Lithuania, Poland, and the Philippines). These jurisdictions already have the legal frameworks, market infrastructure, and institutional readiness needed to support large-scale tokenization.

On-chain Payrolls New Norm for the Global Workforce

Crypto payrolls are transforming from an informal arrangement among crypto-native contractors into a regulated, scalable payment method for the global workforce. The share of professionals receiving part of their salary in crypto has risen from 3% last year to 9.6% this year, with stablecoins accounting for over 90% of the payments.

In high-remittance and remote-work economies such as the UAE and the Philippines, stablecoins are increasingly being used to pay workers, freelancers and gig economy participants. This trend is making crypto a part of daily financial life for millions, bypassing the delays and fees of traditional remittance channels and providing families with faster, more reliable access to income. As more users and enterprises embrace this approach, the boundaries between local and global labor markets dissolve further as financial empowerment reaches communities that have long been underserved by traditional finance.

The adoption of regulated crypto payroll is expected to accelerate along two main corridors:

• Global financial and technology hubs such as the UAE, US, Singapore, and Hong Kong where legal clarity, deep fintech infrastructure, and high-value industries are making onchain salaries a viable option for both domestic and international employees.
• Emerging economies with large remote workforces and strong demand for stablecoins, such as the Philippines, Kenya, and Brazil where onchain payroll offers a way to bypass costly and slow correspondent banking, while still meeting domestic labor laws and tax obligations.

Inside the Evolving Crypto Landscape

These trends are not isolated; they are deeply interconnected. The adoption of local stablecoins makes payments and remittances more efficient, which in turn supports the growth of tokenized assets and on-chain salaries. As more people use crypto for real-world needs, the demand for robust, regulated and innovative financial products continues to grow, creating a virtuous cycle that propels the entire ecosystem forward.

The digital asset class is becoming increasingly integrated into global financial systems. By 2026, countries that develop clear regulatory frameworks and infrastructure to integrate crypto will be positioned to capture tax revenue, attract talent, and foster innovation, while those maintaining restrictive approaches may see activity migrate to jurisdictions with more developed frameworks. Policymakers face two choices: developing frameworks that integrate crypto into formal financial systems, or maintaining more cautious stances through existing licensing regimes while evaluating risks and benefits.

"Rigorous, independent research is essential for driving meaningful innovation in blockchain and crypto. Bybit is proud to have played a supportive role in bringing the WCR to life with DL Research, a leader in Web3 insights and analytics," said Helen Liu, Co-CEO of Bybit. "We're witnessing a pivotal moment where blockchain technology is transitioning from experimentation to real-world integration across finance, commerce, and governance. The talent, innovation, and momentum we're seeing globally signal that we're building the foundational infrastructure for a more inclusive and efficient digital economy," she noted.

"Partnering with Bybit on the World Crypto Ranking Report lets us bring DL Research's onchain data together with a truly global trading perspective. This kind of collaboration is essential if we want to move the industry toward more transparent, evidence-based decisions, and we are excited to keep building on this work in future editions," said Ryan Celaj, Head of Research at DL Research.

The World Crypto Rankings Report is available now, offering a multidimensional, standardized and narrative-driven view of global crypto adoption. For anyone invested in the future of finance, this report serves as a compass for the decisions and debates that will shape the next era of digital finance. 

This WCR is produced by DL Research with full editorial and research independence. The information is compiled from publicly available sources and may be subject to change without notice. This report and rankings are provided for informational purposes only and does not constitute investment, financial, trading, or legal advice. Readers and traders should conduct their own research, consult qualified advisors, and ensure compliance with applicable laws before making any decisions.

#Bybit / #CryptoArk / #IMakeIt / #WCR2025

About Bybit

Bybit is the world's second-largest cryptocurrency exchange by trading volume, serving a global community of over 70 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.

For more details about Bybit, please visit Bybit Press

For media inquiries, please contact: media@bybit.com

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About DL Research

DL Research is the research arm of DL News and sister company of DefiLlama, providing clients with bespoke reports, research, deep-dives and promotional campaigns covering the digital assets industry.

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Glencoe, Illinois, USA, December 10th, 2025, Chainwire

Today, BOLTS Technologies (BOLTS), a cybersecurity company pioneering crypto-agile and cipher-neutral security infrastructure, announced the launch of a pilot program to explore bringing quantum-resilience on the Canton Network, the public, permissionless blockchain purpose-built for institutional finance. 

The pilot will explore how BOLTS’ quantum-resilient software product, QFlex, could potentially bring quantum-resistant transaction assurance to Canton Network. QFlex addresses the multi-faceted complexities around fortifying blockchain networks against Q-Day. This refers to the day when a cryptographically relevant quantum computer (CRQC) arrives, and undermines the foundations of current Internet security using Shor’s algorithm.

Following the EU's introduction of PQS 2030, flexible support for post-quantum cryptography (PQS) will become an increasing focus for Canton Network, which has an extensive roster of institutional ecosystem participants, processing over $4T in repos monthly.

Built on the Structured Data Folding with Transmutations (SDFT) protocol, QFlex delivers cryptographic agility at the transaction level. As such, it empowers each asset owner to respond to new threats in real time on their next transaction unlike existing static or hybrid-algo solutions.

About BOLTS Technologies

BOLTS Technologies provides advanced, validated quantum-resilient solutions for Web3 systems. Its flagship technology, QFlex, enables crypto-agile protection of blockchain transactions controlled by the owner/wallet. QFlex saves blockchains from future cryptography transitions. QFlex has its roots in secure data centric technologies providing scalable privacy solutions originally developed by its sister company, NUTS Technologies. QFlex (SDFT) has won numerous grants from The National Institute of Standards and Technology, The United States Air Force, and The United States Navy for advanced cryptographic technologies. SDFT/NUTS advanced applied cryptographic technologies are backed by more than 30 international patents. More: https://boltstechnologies.xyz/ 

Contact

Media Contact

Candice Teo

candice@espoircommunications.com

The excitement around XRP exchange-traded funds lifted hopes for a big price breakout this year. Analysts talked about double and even triple-digit rallies, and many expected XRP to at least surge past $3 once the ETF wave arrived. But the reality has been far more restrained. Even with five XRP ETFs now trading, the token is still stuck close to the $2 range, pressured by the broader crypto downturn.

This has raised a key question for investors: Can XRP still hit double-digit prices, and what would it take to get there?

Expert View: ETF Demand Alone Is Not Enough

In an interview with Coinpedia, Avinash Shekhar, Co-Founder and CEO of Pi42, addressed the growing belief that ETF inflows could push XRP into the $10-plus zone. He said many people assume that ETF demand alone can drive XRP into double digits, but the picture is more complex.

According to Shekhar, ETF inflows can boost liquidity, improve price discovery, and create short-term upside. But this alone cannot support a sustained rally to $10 or above. He explained that a long-term, stable rise in valuation depends on real-world demand, not just financial flows.

Why Real-World Utility Matters

Shekhar said XRP needs stronger adoption in areas where it was originally designed to operate, such as payment rails, remittances, and commercial settlements. Growth in these sectors could increase transaction volume, institutional use, and real liquidity — the kind that supports higher price ranges without creating bubbles.

He warned that relying only on ETF hype raises the risk of fast reversals if market sentiment weakens or macro conditions shift. Crypto inflows can change quickly, and without fundamental utility, XRP could struggle to maintain any major breakout.

“If ETF inflows are paired with durable increases in payments volume and institutional use cases, higher price brackets become plausible,” he said.

What Could Actually Push XRP Toward $10

A move into double-digit territory becomes more realistic if two factors happen at the same time:

• ETF inflows keep building, improving liquidity and market depth.
• Real adoption grows, especially in remittance corridors and enterprise payment systems.

Ripple’s most recent funding round has become one of the biggest crypto-related deals of the year, mainly because of who joined in and how the deal was structured. 

According to details shared in Bloomberg’s report, major Wall Street names, including Citadel Securities, Fortress Investment Group, Brevan Howard, and Galaxy Digital, put $500 million into Ripple, giving the company a valuation of around $40 billion. This instantly turned the round into one of the strongest signs yet that traditional finance is taking a serious interest in the XRP ecosystem.

How Wall Street Structured The Deal To Protect Themselves

In early November 2025, Ripple closed a major private equity round that injected $500 million into the company, resulting in a valuation of roughly $40 billion. However, new details show that the most surprising part of the transaction is not the amount raised but the agreement behind it. Bloomberg reports that investors in this round did not simply buy Ripple shares and hope the value rises. Instead, they secured built-in protections that guarantee them profits later.

They were given the right to sell their shares back to Ripple in three to four years at a 10% yearly return, unless Ripple goes public before then. At that rate, Ripple would need to pay roughly $732 million to buy the shares back after four years. That means even if Ripple’s valuation stays flat or drops, the investors still walk away with guaranteed gains.

However, if Ripple decides to buy the shares back earlier, the investors get an even higher payout of around 25% annualized rate. A liquidation preference was also included, meaning these investors get paid first if anything goes wrong. Ripple noted in its announcement of the investment round that it has repurchased more than 25% of its outstanding shares over the past few years.

Why The Deal Is Really A Bet On XRP

Even though the investors bought equity in Ripple, not XRP itself, most of Ripple’s value still comes from its massive XRP holdings. According to Bloomberg, two of the funds that put in money noted that at least 90% of Ripple’s net value is tied to XRP. As of July 2025, Ripple held around $124 billion worth of XRP, although most of its XRP holdings are held in escrow.

This means the investment round, in reality, is also a bet on XRP’s long-term relevance and future market strength. If the price of XRP grows, Ripple benefits, and so do the investors who now hold equity backed by a company sitting on one of the world’s largest digital asset reserves. 

However, the $500 million investment does show that serious investors believe Ripple will continue growing, but just that Ripple’s success is still directly linked to the XRP price.