Receipts Depositary, a startup founded by former Citigroup executives, will launch XRP-backed securities

Receipts Depositary Corp. (RDC), a start-up founded by a group of former Citigroup executives, is planning to launch XRP-backed securities, which will give institutions access to XRP securities through a regulated U.S. market infrastructure, according to people familiar with the matter. The company will offer depositary receipts, similar to American Depositary Receipts (ADRs), which represent foreign shares in U.S. bourse. The product will only be offered to qualified institutional buyers through transactions exempt from registration under the Securities Act of 1933. As such, it does not require approval from the Securities Exchange Commission (SEC).
The securities will be cleared by a depository trust company (DTC), similar to the Bitcoin (BTC) and Ethereum (ETH) backed securities already offered by RDC.