RDC, founded by former Citigroup executive, plans to launch XRP depositary receipts that do not require approval from the US SEC

Odaily Planet Daily News: Receipts Depository Corporation (RDC), a startup founded by former Citigroup executives, plans to launch XRP backed securities, which will enable institutions to gain exposure to XRP securities through regulated market infrastructure in the United States. The company will provide depositary receipts similar to American Depositary Receipts (ADRs), representing foreign stocks on the US stock exchange. This product will only be offered to qualified institutional buyers through transactions exempted from registration under the Securities Act of 1933. Therefore, it does not require approval from the US SEC. These securities will be cleared by a custodian trust company (DTC), similar to the Bitcoin and Ethereum backed securities already provided by RDC. （CoinDesk） In January last year, Receipts Depository Corporation (RDC) announced plans to offer securities backed by Bitcoin, stating that such securities do not require approval from US regulatory agencies. RDC's new product is called Bitcoin Depositary Receipts, which will be similar to American Depositary Receipts representing foreign stocks. RDC stated that the issuance of the product, known as BTC DR, will enable institutions to obtain Bitcoin securities through US regulated market infrastructure and clear them through a custodian trust company. According to its press release, RDC has received support from Franklin Templeton, BTIG, and Broadhaven Ventures, among others.