Bitwise Asset Management's spot XRP exchange-traded fund (ETF) has become the largest such product in the United States by net assets. CEO Hunter Horsley announced the milestone on social media, noting the fund had seen $10 million in inflows during the week. According to data from SoSoValue, the Bitwise XRP ETF (ticker: XRP) held $289.00 million in net assets as of March 4, 2026, narrowly edging out the Canary XRP ETF (XRPC) at $285.79 million.
The broader U.S. XRP spot ETF category has now accumulated over $1.08 billion in total net assets, with cumulative net inflows reaching $1.26 billion. Trading activity remains robust, with a single-day trading value of $56.03 million reported on March 4. However, flow data reveals the market has shifted from its explosive launch phase. Approximately 77% of all cumulative net inflows occurred within the first four weeks after the ETFs launched in November 2025. Since that initial surge, average daily net inflows have dropped sharply from about $48.5 million to roughly $5.3 million per day, indicating a move into a maintenance and churn phase where leadership positions can change on marginal flow differences.
Concurrently, adoption of the XRP Ledger (XRPL) for real-world financial infrastructure is advancing. A Tokyo-based fintech startup has launched a global trade finance payment platform built on the XRPL. The platform aims to streamline and accelerate letters of credit transactions, which traditionally involve multiple intermediaries and can take days to settle. By utilizing the XRP Ledger's consensus and escrow mechanisms, settlements can be finalized almost instantly once contractual conditions are met. This development is noted as being independent of Ripple, underscoring organic adoption of the underlying technology.
The Asia-Pacific region continues to be a focal point for XRP adoption, with Japan's crypto-friendly environment fostering such innovation. On the institutional front, the growing ETF market, now holding over 800 million XRP in custody, signals rising professional investor interest. Further infrastructure development is also underway, with companies like Doppler and Hex Trust partnering to create institutional custody and yield solutions for wrapped XRP, potentially expanding its utility into decentralized finance (DeFi). At the time of reporting, XRP was trading at approximately $1.42.
