Morgan Stanley has made significant strides in assessing Ripple’s potential to revolutionize traditional cross-border payment systems, with a particular focus on the SWIFT network. Analysts at the firm suggest that a successful launch of a spot XRP ETF could unlock up to a trillion dollars in liquidity for the XRP ecosystem. This forecast hinges on the premise that XRP can slash the operational costs associated with cross-border transactions by 60%, thereby liberating substantial amounts of dormant capital within banks and positioning XRP as a formidable competitor to SWIFT.
In this evolving landscape, BlackRock, the world’s largest asset management firm managing over $10 trillion in assets, has also exhibited interest in Ripple and its digital asset, XRP. Although BlackRock has yet to file for an ETF, the company’s Director of Digital Assets, Maxwell Stein, is set to feature prominently at Ripple’s Swell 2025 conference, scheduled for November 4-5 in New York. The conference, anticipated to attract over sixty speakers, including Nasdaq CEO Adena Friedman, will delve into topics such as tokenized assets, stablecoins, and the broader implications of blockchain technology.
Speculation has arisen that BlackRock might file for an XRP ETF in the near future, especially following the resolution of the Ripple-SEC lawsuit in August 2025, when both parties decided to drop their appeals. ETF Store President Nate Geraci noted that this development eliminates a significant legal obstacle and suggests that BlackRock may soon follow in the footsteps of other firms that have successfully filed for Bitcoin and Ethereum ETFs.
However, the situation is not without its challenges. Critics argue that the SEC’s ongoing actions concerning XRP ETFs have dealt a “fresh blow” to Ripple, particularly with high expectations surrounding the potential for an approval. Instead of outright rejections, the SEC has opted to extend review periods for proposed XRP ETFs, leading to uncertainties in the market.
For instance, decisions regarding Franklin Templeton’s spot XRP ETF—and a combined fund with Solana—were recently delayed until November 14, 2025, following an extended review process announced on September 10-11. Meanwhile, the inclusion of staking in BlackRock’s Ethereum ETF proposal has been postponed until October 30, 2025, alongside reviews for Ethereum staking by other firms like Fidelity and Franklin Templeton. As for other XRP ETF applications from companies such as Bitwise, ProShares, and Grayscale, the outlook remains nebulous as they await potential approvals or further action from the SEC through October and November 2025.
