Franklin Templeton's $1.5 Trillion Giant Enters XRP Race After Canary's Record-Breaking ETF Debut

Canary Capital's XRPC ETF launched with $58 million in trading volume on November 13—the highest debut for any ETF this year, setting a formidable benchmark just days before Franklin Templeton's entry into the XRP ETF market.

The Tale of Two Launches

The first U.S. spot XRP exchange-traded funds have arrived, but they couldn't be more different in origin. Canary Capital's XRPC began trading on Nasdaq on November 13, while Franklin Templeton is preparing its XRPZ fund to launch on CBOE on November 18, creating a fascinating David-versus-Goliath dynamic in the emerging XRP investment vehicle market.

Canary's Historic First-Mover Advantage

Canary Capital's XRPC pulled nearly $250 million in net inflows on its debut day, shattering expectations and narrowly edging out Bitwise's Solana ETF, which recorded $57 million on its first day. The performance stunned even veteran ETF analysts who had projected more modest opening numbers.

Bloomberg senior ETF analyst Eric Balchunas highlighted that XRPC notched $26 million in trading volume within its first 30 minutes, far exceeding earlier estimates of around $17 million for the entire first day. The fund registered $58.5 million in total day-one volume, making it the highest first-day trading volume of any ETF launched in 2025 out of 900 launches.

Key Details of Canary's XRPC:

• Ticker: XRPC
• Exchange: Nasdaq
• Launch Date: November 13, 2025
• Management Fee: 0.50% annually
• Custodians: Gemini Trust Company and BitGo Trust
• First-Day Performance: $58 million trading volume, $245 million net inflows

Franklin Templeton: The Institutional Heavyweight

Franklin Templeton represents a completely different scale of operation. As of December 31, 2024, Franklin Templeton had total assets under management of $1.58 trillion, making it one of the world's largest independent asset managers with over 75 years of investment experience.

The Franklin XRP ETF (ticker: XRPZ) has appeared on the DTCC website, a preparatory step signaling imminent launch. Franklin Templeton is preparing its XRP fund to go live on the CBOE on November 18.

Key Details of Franklin's XRPZ:

• Ticker: XRPZ
• Exchange: CBOE BZX
• Expected Launch: November 18, 2025
• Custodian: Coinbase Custody Trust Company
• Structure: Passive investment vehicle holding physical XRP

Comparing the Titans: Size and Market Influence

The contrast in company profiles is stark:

Franklin Templeton's Institutional Pedigree

Franklin Templeton is a seven-decade-old financial firm that manages over $1.5 trillion in global assets and is among the most active traditional finance entities to launch crypto-based investment vehicles. Earlier in 2025, it debuted spot EZBC (Bitcoin) and EZET (Ethereum) funds, which collectively attracted over $500 million in institutional capital within their first quarter.

The firm's scale provides several advantages:

• Distribution Network: Access to institutional clients globally across 80+ offices in 25+ countries
• Regulatory Experience: Deep relationships with regulators and established compliance infrastructure
• Marketing Power: Brand recognition among traditional investors who may be crypto-curious
• Capital Resources: Ability to seed funds and provide market-making support

Canary Capital's Crypto-Native Agility

Canary Capital, while significantly smaller, brings specialized cryptocurrency expertise. CEO Steven McClurg previously co-founded Valkyrie Investments, whose public funds business was acquired by CoinShares in 2024, and was previously a Managing Director at Guggenheim Partners and Galaxy Digital.

The firm's advantages include:

• Crypto Focus: Specialized understanding of digital asset markets and infrastructure
• Speed to Market: Successfully launched as the first U.S. spot XRP ETF
• Community Connection: Strong engagement with the "XRP Army" who came out in full force
• Recent Success: Launched HBAR ETF which raised $70 million in its first week

Canary CEO Steven McClurg projected up to $5 billion in first-month inflows across all XRP ETFs, though this represents his forecast rather than confirmed data.

Spot ETF Strategies: More Alike Than Different

Despite the vast difference in company size, both ETFs employ fundamentally similar strategies:

Core Structure:

• Both are passive spot ETFs that hold physical XRP tokens
• Neither uses futures contracts, derivatives, or leverage
• Both track XRP's spot price minus operating expenses
• Both use in-kind creation/redemption models with authorized participants

Key Operational Differences:

The choice of custodian represents the most substantive operational difference. Canary uses dual custody with Gemini Trust Company and BitGo Trust, while Franklin appointed Coinbase as custodian, highlighting the increasing role of cryptocurrency exchanges in institutional financial products.

XRP Market Implications

The arrival of these ETFs—and the five additional XRP ETFs expected to launch through late November—marks a watershed moment for XRP accessibility.

Institutional Access Unlocked: The explosive launch comes as Washington reopened after a historic shutdown, giving issuers confidence that crypto ETF applications will move through oversight agencies again. XRPC is tailored more for institutional investors than retail traders, with entities such as pension funds, family offices, and hedge funds standing to benefit most.

Price Impact Remains Uncertain: Despite the record-breaking ETF debut, XRP dropped 5.2% in the 24 hours following XRPC's launch, trading at $2.30. The launch of the first U.S. spot XRP ETF coincided with this selloff, highlighting institutional interest but also market volatility.

Market analysts remain divided on whether ETF inflows will drive sustained price appreciation or if the "sell-the-news" dynamic will continue to dominate near-term price action.

What This Means for XRP Investors

The dual launch creates options for different investor profiles:

Consider Canary's XRPC if you value:

• First-mover positioning and community engagement
• Dual-custodian structure
• Nasdaq listing access
• Crypto-native management expertise

Consider Franklin's XRPZ if you value:

• Institutional backing from a $1.5 trillion asset manager
• Established crypto ETF track record (Bitcoin, Ethereum funds)
• Coinbase custody infrastructure
• Traditional finance pedigree

For Most Investors: The choice may ultimately come down to which brokerage platform you use and which ETF trades with tighter spreads and better liquidity after both products mature.

The Road Ahead

Several major financial institutions are joining the lineup, with 21Shares, Bitwise, and CoinShares scheduled between November 20–22, and Grayscale and WisdomTree launching around November 25.

This crowded field will test whether XRP can sustain the institutional demand necessary to justify multiple competing products—or whether consolidation will occur as certain ETFs struggle to attract assets.

One thing is certain: the arrival of spot XRP ETFs from both crypto-native specialists and traditional finance giants represents validation that XRP has secured its position as an investable digital asset in mainstream portfolios.

DISCLAIMER: This newsletter is for informational purposes only and does not constitute investment advice, advertising, or a recommendation to buy, sell, or hold any securities. This content is not sponsored by or affiliated with any of the mentioned entities. Investments in cryptocurrencies or other financial assets carry significant risks, including the potential for total loss, extreme volatility, and regulatory uncertainty. Past performance is not indicative of future results. Always consult a qualified financial professional and conduct thorough research before making any investment decisions.

Sources & References

This article draws on information from the following authoritative sources, accessed November 14, 2025:

Primary Market Data & Analysis

CoinDesk | Ripple News: Canary's XRP ETF Tops 2025 Debuts with $58M Day-One Volume
https://www.coindesk.com/markets/2025/11/14/canary-s-xrp-etf-tops-2025-debuts-with-usd58m-day-one-volume

DL News | XRP ETF Pulls $250M in Debut and Smashes 2025 Record
https://www.dlnews.com/articles/markets/xrp-etf-pulls-250-million-in-debut-and-smashes-2025-record/

BeInCrypto | Canary's XRP ETF Leads 2025 Debuts With New Trading Record
https://beincrypto.com/xrp-etf-launches-with-record-volume/

Sherwood News | Canary XRP ETF Nets Record Trading Volume of All ETFs Launched This Year
https://sherwood.news/crypto/canary-xrp-etf-nets-record-trading-volume-of-all-etfs-launched-this-year/

CoinDesk | XRP ETF Fails to Bump Bulls as Ripple-Linked Token Plunges 7.3% Amid BTC Selloff
https://www.coindesk.com/markets/2025/11/14/xrp-etf-fails-to-bump-bulls-as-ripple-linked-token-plunges-7-3-amid-btc-selloff

Company & Product Information

Franklin Resources, Inc. | Month-End Assets Under Management (Official Investor Relations)
https://investors.franklinresources.com/news-center/press-releases/press-release-details/2025/Franklin-Resources-Inc.-Announces-Month-End-Assets-Under-Management/default.aspx

Canary Capital | Company Overview
https://www.canary.capital/company-overview

Canary Capital | First HBAR Trust Launch
https://www.canary.capital/thought-leadership/first-hbar-trust

CCN | Canary Capital's Spot XRP ETF Trading Guide: How to Buy, Fees & Risks
https://www.ccn.com/education/crypto/xrp-etf-launch-how-to-buy-fees-risks/

Regulatory & Timeline Information

U.Today | These XRP Dates Are Crucial: Bitwise, Franklin Templeton and Others
https://u.today/these-xrp-dates-are-crucial-bitwise-franklin-templeton-and-others

Bitget Academy | XRP ETF Set to Launch November 2025: Key Players, Approval Status & XRP Price
https://www.bitget.com/academy/xrp-etf-launch-november-2025

Cryptopolitan | Franklin Templeton XRP ETF Added to DTCC Website
https://www.cryptopolitan.com/franklin-templeton-xrp-etf-dtcc-website/

Yahoo Finance | Franklin Templeton Files for XRP ETF as Cryptocurrency Adoption Grows
https://finance.yahoo.com/news/franklin-templeton-files-xrp-etf-075103072.html

U.S. Securities and Exchange Commission | Franklin XRP ETF S-1 Registration Statement
https://www.sec.gov/Archives/edgar/data/2059438/000113743925000181/s1.htm

Crypto Breaking | First Spot XRP ETF Launches: Canary's ETF Clears Final SEC Regulatory Challenge
https://www.cryptobreaking.com/first-spot-xrp-etf-launches/

All sources were accessed and verified on November 14, 2025. Links direct to original publisher content. No affiliate relationships exist between the author and any mentioned entities.