Four XRP ETFs Now Sit in a Schwab Money Fund’s Repo Collateral

What the Filing Shows

Charles Schwab Family of Funds recently filed its monthly N-MFP3 portfolio report, covering the play ended Aug. 31. Inside it, the Schwab Prime Advantage Money Fund discloses astir 26,000 idiosyncratic collateral enactment items crossed 757 portfolio positions. Eight of those lines sanction XRP products. Four issuers appear:

• Grayscale XRP Trust ETF
• Canary XRP ETF
• Franklin XRP ETF
• Bitwise XRP ETF

They span 5 abstracted repurchase agreements. JP Morgan Securities is the counterparty connected four, astatine rates of 3.85% and 4.13%, with values of $1.093 billion, $1.198 billion, $400 million, and $383 million. Bofa Securities is the counterparty connected the fifth, a $919.5 cardinal statement astatine 4.15% whose handbasket runs to 1,411 collateral names and is the lone 1 holding each 4 XRP funds astatine once.

All 5 are non-cleared, and each 5 are filed nether the class the signifier reserves for collateral falling extracurricular Treasurys, authorities bureau insubstantial and cash. Each represents a fraction of a percent of the fund’s nett assets.

Lastly, it needs to beryllium made wide that Schwab’s wealth money did not bargain XRP ETFs since a premier wealth marketplace money is not permitted to. Instead, the money lends currency connected a short-term basis; the broker-dealer borrowing that currency posts a handbasket of securities arsenic information against the loan. XRP ETF shares are turning up wrong those baskets.

How Much, Exactly

On the blimpish front, XRP ETF collateral successful these filings ran $297,945 successful October 2025, $89,926 successful March 2026 and $35,973 successful April. It past turned arsenic follows:

• $406,991 successful May
• $1.99 cardinal successful June
• $2.29 cardinal successful July
• $8.32 cardinal successful August

That is astir a 20-fold summation since May.

The creation changed arsenic good fixed the aboriginal entries were leveraged and 2x XRP products, the benignant of instrumentality that lands successful a collateral handbasket due to the fact that idiosyncratic was hedging. August is the archetypal period successful which each 4 large U.S. spot XRP ETFs look together, and the counterparty database has widened from Barclays unsocial to Bofa and JPMorgan.

Why Collateral Matters

Repo speech whitethorn beryllium unglamorous, but it represents the plumbing broadside of the full equation. In this regard, acceptance into tri-party collateral baskets is however an plus stops being a standalone merchandise and starts being thing the short-term backing marketplace handles arsenic mean inventory.

The standard deserves honesty, arsenic disclosed organization ownership of XRP ETFs remains bladed and concentrated, with Goldman Sachs, Millennium Management, Intesa Sanpaolo and Jane Street accounting for the majority of the apical 30 holders. The 5 large U.S. spot XRP products were carrying a $746.1 cardinal insubstantial loss astatine the extremity of June. An $8 cardinal collateral enactment does not offset immoderate of that.

That said, it is simply a antithetic awesome than an inflow fig due to the fact that inflows accidental idiosyncratic wanted exposure. Collateral acceptance says a hazard table ran the haircut mathematics and a wealth fund’s counterparty surface did not object. With the Senate holding a cloture ballot connected the CLARITY Act connected Sept. 15, and an SEC bid this period naming XRP an eligible commodity nether Nasdaq Texas listing rules, September’s filing is the adjacent large awesome to ticker retired for.