According to comments made at the Ripple Swell conference, Canary Capital CEO Steven McClurg said the XRP Ledger is lining up as a set of financial rails that could rival legacy systems on Wall Street.
He argued the ledger’s payment features make it a practical tool for moving money across borders. His remarks come as several big fund managers update filings for potential XRP exchange-traded funds, and as traders watch for approvals that may arrive as soon as mid-November.
XRP Ledger Framed As Payment Rails
McClurg drew on his background as an emerging-market bond manager when he pointed to high remittance costs as a clear problem.
Workers often pay between 8% and 15% to send money home, he said. Blockchain rails like the XRPL can cut those fees, the CEO added, and that use case is part of why he believes institutional interest will grow.
He also repeated a prediction he has made before: that XRP ETFs could see $10 billion in inflows in their first month if they launch with strong backing.
I liked the ETF session at Ripple Swell.
“Way to think about XRP is to think about the XRP Ledger. It’s financial rails. A competitor to Wall Street” pic.twitter.com/KlAaOQPDpl
— Vet
(@Vet_X0) November 4, 2025
ETF Filings Gain Momentum
Meanwhile, Franklin Templeton, Bitwise, and Canary Capital have updated S-1 filings tied to XRP funds. Franklin removed an 8(a) clause from its S-1, a change that reduces a procedural reason for delay.
Grayscale has filed a second amendment and has named key executives and counsel on its paperwork. Market participants say these moves suggest managers are preparing for a possible rollout in November, though SEC timing still matters.
Payments Utility Versus Investment Structure
McClurg argued that XRP’s role as a payments token gives it a different profile from assets that rely on staking. He suggested ETF holders would not face the tradeoff of missing staking yields, which has affected some Ethereum products.
That claim is used to explain why an XRP ETF might attract distinct flows, rather than simply following the path of prior crypto funds.
Ecosystem Bets And Industry Players
Ripple has pushed XRPL-focused products such as RLUSD and institutional services under the Ripple Prime brand. Reports mention partnerships with GTreasury and Rail to boost clearing and custody capabilities.
Those efforts are designed to make XRPL more useful for banks and large treasuries that need predictable settlement and custody options.
What Markets Might Do
Traders will watch liquidity, trading spreads, and whether early ETF buyers come from corporate treasuries, family offices, or retail channels.
A large opening month inflow, like the $10 billion McClurg projected, would change short-term price dynamics. Yet approval dates and fund structures will shape how fast capital moves.
Market observers say the timing of filings and removals of delaying clauses increases the odds of visible launches this quarter.
Featured image from Unsplash, chart from TradingView
