Sources familiar with the matter said that a startup founded by a group of former Citigroup executives is planning to launch XRP-backed securities, which will allow institutions to access XRP securities through the U.S. regulated market infrastructure. The company will provide depositary receipts similar to American Depositary Receipts (ADRs), representing foreign stocks on the American Stock Exchange. The product will only be available to qualified institutional buyers through transactions exempted from registration under the Securities Act of 1933. Therefore, it does not require approval from the U.S. Securities and Exchange Commission (SEC). These securities will be cleared by the Depository Trust Company (DTC), similar to the Bitcoin (BTC) and Ethereum (ETH) backed securities already offered by RDC.