A mainstream crypto market commentator is asking why the world’s largest asset manager still hasn’t gone near an XRP spot product — and suggests the answer may lie in something much bigger than an exchange-traded fund.
In a recent video, Crypto Sensei remarks that BlackRock’s stated plan to tokenize its iShares ETFs on public blockchains could intersect directly with the XRP Ledger, potentially reshaping the token’s role in institutional finance.
Was It Never About a Ripple Spot ETF?
The host revisits BlackRock’s XRP-sized gap in its ETF lineup, claiming that a spot XRP product from the firm “would have been the largest XRP spot product in the market” and a clear validation signal. Instead, he points to remarks attributed to Bitwise CIO Matt Hougan and BlackRock executives that all iShares ETF products — around 1,700 funds and roughly $5.5 trillion in assets globally, $3.6 trillion in the U.S. — are on a path to tokenization within three to twelve months.
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BlackRock’s CFO Martin Small is cited as saying he could not specify whether the process would take 90 days or a year, implying it is underway rather than hypothetical. The host speculates that BlackRock may be lining up a handful of public chains for this migration, with Ethereum likely first, but argues it would be “crazy not to have some interoperability” with the XRP Ledger and other major networks like Solana’s Layer-1.
He notes that Ripple CEO Brad Garlinghouse and BlackRock CEO Larry Fink have both publicly avoided commenting directly on each other’s firms, reading that silence as a hint of undisclosed work behind the scenes. If even a fraction of BlackRock’s ETF complex were tokenized on the XRP Ledger, the host suggests, that narrative could eclipse the impact of a single XRP ETF.
XRP As a Bridge Between TradFi & DeFi
The video leans heavily on a new interview with Ashish Birla, former Ripple executive and current board member, speaking with the team from Yellow.
Birla argues that real-world asset tokenization is no longer hypothetical: “If you look at tokenized value on blockchains of real world assets, that chart is growing,” he says, adding that institutional interest and clearer regulation are finally aligning with long-standing technical capabilities.
Birla highlights that XRP was used to tokenize gold “in the early days” and frames the current moment as a shift from pure technology to a three-part stack: tech, regulation, then capital formation.
His new venture, Evernorth, aims to provide institutional and retail access to XRP through active treasury management, deploying XRP on-chain to generate yield as well as via traditional methods. He describes XRP as “the killer bridge for TradFi and DeFi” and expects more banks to bypass legacy systems in favor of blockchains rather than waiting for entrenched rails like SWIFT to modernize.
On stablecoins, Birla calls them critical “on and off ramps,” comparing their role to dial-up access in the early internet. He contends that all tokens will need liquidity and that XRP is well-positioned to provide it, particularly via its native DEX.
Chainlink’s Part In Ripple’s Institutional Push
Beyond XRP’s base layer, Crypto Sensei underscores growing overlap between Ripple and Chainlink in regulated digital finance. Both companies, he notes, have participated in the same EHKB (also referred to as EA, HKD) program in a major financial hub, which he interprets as a sign of reduced rivalry and more focus on interoperability.
The video cites Chainlink’s ecosystem “validating Ripple’s infrastructure for tokenized assets and cross border payments,” aligning with XRP’s speed and liquidity narrative.
Crypto Sensei also highlights crossover Markets, the firm behind CrossX — a crypto electronic communication network — which just closed a $31 million Series B at a $200 million valuation. Ripple participated in the round alongside traditional trading heavyweights such as Tradeweb, Virtu, and Wintermute, positioning CrossX as Wall Street-grade execution infrastructure for digital assets.
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Not at the moment – the video’s host is clear that this is a theory based on BlackRock’s public tokenization plans and XRP’s technical fit, not on any formal announcement.
Evernorth, founded by Ashish Birla, is an active treasury vehicle designed to give institutions and individuals access to XRP and deploy it for yield both on-chain and through traditional methods.
Birla argues the opposite: he sees stablecoins as on/off ramps that make it easier to access blockchain ecosystems, while XRP can still serve as a high-liquidity asset powering the XRP DEX and broader markets.
According to the host, Ripple’s backing of CrossX, alongside major Wall Street firms, signals a deliberate push into institutional-grade crypto trading infrastructure ahead of broader tokenization and capital inflows.
