The host of a recent XRP-focused analysis argues that Ripple’s long-awaited initial public offering could collide with a much bigger shift: Wall Street’s rush to tokenize stocks, bonds, and other assets directly on public blockchains, with the XRP Ledger positioned as a key contender.
NCash frames Ripple president Monica Long’s latest remarks on CNBC as a concrete signal of where the company is heading. Long said payments were the “base use case” and that capital markets — “so stocks and bonds” — are the logical next step, explicitly tying Ripple’s roadmap to tokenized securities.
Ripple IPO Buzz Meets On-Chain Equity Ambitions
The YouTube video leans heavily on new data from Jefferies, citing an earlier crypto media report that the Wall Street bank expects crypto and blockchain public listings to form a $1 trillion public market within five years.
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The analyst suggests Ripple would be a “no-brainer” IPO candidate in that environment, especially if its shares were eventually issued and traded on the XRP Ledger itself.
Private market pricing is used to underline that view. According to NCash, secondary-market shares of Ripple Labs were trading around $136–$137 as of May 29, a roughly 376% increase, following a $750 million share buyback that reportedly valued the company at $50 billion.
A potential IPO window around 2026 is presented as plausible, though Ripple CEO Brad Garlinghouse has publicly played down immediate plans.
Then, NCash notes other crypto firms are already stepping up: FalconX, for example, has filed for an IPO, underscoring a broader wave of infrastructure-focused listings rather than pure trading plays.
Tokenization Wave Accelerates Way Beyond Bitcoin
The centerpiece of the analysis is the rapid expansion of tokenized real-world assets.
NCash points to Wall Street’s push to move the stock market on-chain, with the DTCC, BlackRock, State Street and others hiring crypto-native talent as they prepare tokenization initiatives.
The message is that “TradFi is converging with DeFi,” and the XRP Ledger and Stellar are portrayed as early, purpose-built rails now coming into their own.
Specific growth figures are highlighted. One tokenization platform, Ondo, has surpassed $1 billion in TVL for tokenized stocks and equities, with its CEO publicly projecting $2.5–$3 billion by the end of 2026 if current 3–5% weekly growth persists.
The analyst stresses that this demand is being driven by offshore investors who already hold crypto and want seamless access to U.S. stocks and ETFs on the same platforms.
The discussion extends to moves by major market operators. Intercontinental Exchange (ICE), parent of the NYSE, has applied to the SEC to tokenize stocks, while Pantera Capital research is cited showing tokenized on-chain value rising from roughly $200 billion in 2024 to about $320 billion by Q1 this year.
NCash argues that under clearer regulation, that figure could plausibly scale into the low trillions.
Within this context, the XRP Ledger is presented as Ripple’s “bread and butter” for tokenized financial instruments, with the host also flagging Robinhood’s acquisition of Bitstamp (a Ripple partner) and its broader tokenization push as evidence that retail brokerages are preparing for 24/7, on-chain securities trading.
The analyst expects a multi-chain future in which XRP, XLM, HBAR and other utility-focused networks share in the flows, but assigns Ripple and the XRP Ledger a particularly central role if and when tokenized equities and bonds reach mainstream scale — and if a Ripple IPO gives traditional investors another entry point into that thesis.
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Not at all. The video references private share activity and a possible 2026 window, but Ripple executives have said they have no concrete IPO plans “right now.”
In a CNBC interview, Ripple President Monica Long said payments were Ripple’s first focus, but that capital markets — specifically “stocks and bonds” — are the logical next expansion area.
The analyst argues XRP Ledger is well-positioned and already in discussions with major players, but acknowledges it is likely to be a multi-chain market with other networks competing for the same flows.
Citing Pantera and other sources, the host notes that tokenized assets on-chain are already in the low hundreds of billions of dollars in value, with TVL in tokenized stocks alone above $1 billion and growing weekly.
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