Quick overview

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Morgan Stanley has made progress in analyzing Ripple’s potential to disrupt traditional cross-border payment systems, including SWIFT. Experts within the firm speculated that the successful launch of a spot XRP ETF could generate up to a trillion dollars in liquidity for the XRP ecosystem.

This estimate is based on the idea that XRP can reduce the operational costs of cross-border transactions by sixty percent, freeing up a significant amount of dormant bank capital and effectively positioning it as a competitor to SWIFT.

BlackRock, the world’s largest asset management company with over $10 trillion in assets under management, has also shown interest in Ripple and XRP, although it has not yet filed for an ETF.

The company confirmed that its Director of Digital Assets, Maxwell Stein, will participate in Ripple’s flagship Swell 2025 conference on November 4-5, 2025, in New York. This event will feature more than sixty speakers, including Nasdaq CEO Adena Friedman, and will cover topics such as tokenized assets, stablecoins, and the broader adoption of blockchain technology.

Rumors have emerged about a potential XRP ETF from BlackRock following Stein’s participation, especially after the resolution of the Ripple-SEC lawsuit in August 2025, when both sides dropped their appeals. ETF Store President Nate Geraci noted that this outcome removes a significant hurdle and predicts that BlackRock will be the next to file for an ETF after Bitcoin and Ethereum.

However, critics view the SEC’s actions regarding XRP ETFs as a “fresh blow” to Ripple, given the high expectations surrounding the situation. The SEC has extended review periods instead of outright rejecting any XRP ETF proposals.

Decisions regarding Franklin Templeton’s spot XRP ETF (as well as a combined Solana/XRP fund) were delayed on September 10-11, pushing the new deadline to November 14, 2025.

Additionally, the addition of staking to BlackRock’s Ethereum ETF proposal has been postponed until October 30, 2025, along with ETH staking reviews for Fidelity and Franklin Templeton. Other XRP ETF filings (e.g., from Bitwise, ProShares, and Grayscale) remain in limbo until October-November 2025, with no approvals or objections currently expressed.