The first spot XRP-ETF will be launched in the USA.

Canary Funds has submitted Form 8-A to the SEC to launch the XRP Trust fund, which could become the first spot ETF on XRP in the USA.
The fund is fully backed by real XRP tokens and is preparing to list on Nasdaq on November 13.
The XRP Trust Fund from Canary Funds could become the first exchange-traded fund (ETF) in the U.S. backed by the real value of XRP — $2.5105 per unit. The company filed Form 8-A with the Securities and Exchange Commission (SEC) on Tuesday, which is an important step towards launching trading.
According to Bloomberg ETF analyst Eric Balchunas, the filing of this form indicates that the fund is ready to go public. This is the final procedural step before trading begins. A successful ETF launch could increase XRP liquidity and attract investors, including registered financial advisors who previously avoided working with cryptocurrencies.

After the listing on Nasdaq is approved, the fund will officially begin operations. This will be the final step before trading opens on November 13. The ETF will be regulated by the Securities Act of 1933, allowing transactions to be conducted directly with XRP, rather than through futures or hybrid instruments.

The approval of this fund will be a significant event for the Ripple ecosystem and the entire cryptocurrency market. It will occur almost two years after the launch of the first spot Bitcoin ETFs in January 2024.

The ETF from Canary is fully backed by real XRP tokens on a 1:1 basis, which are held in a regulated trust. This distinguishes it from the recently launched XRPR-ETF REX-Osprey, which operates under the Investment Company Act of 1940. The latter uses a mixed asset structure and provides only partial exposure to XRP, leading to higher costs and less favorable taxation.