The startup RDC, founded by former Citigroup executives, plans to launch XRP-supported securities

ChainCatcher news, according to informed sources, a startup called Receipts Depositary Corp. (RDC), founded by a group of former Citigroup executives, is planning to launch XRP-backed securities.

This will allow institutions to access XRP securities through U.S. regulated market infrastructure.

The company will offer depositary receipts similar to American Depositary Receipts (ADRs) that represent foreign stocks traded on U.S. stock exchanges. The product will only be offered to qualified institutional buyers through transactions exempt from registration under the Securities Act of 1933. Therefore, it does not require approval from the U.S. Securities and Exchange Commission (SEC).