Three exchange-traded products holding XRP or Dogecoin began trading on NYSE Arca on November 24, 2025, expanding the U.S. spot-crypto product market beyond the bitcoin and ether funds that had defined its first phase.
Franklin Templeton launched the Franklin XRP ETF under ticker XRPZ. Grayscale began exchange trading for the Grayscale XRP Trust ETF under GXRP and the Grayscale Dogecoin Trust ETF under GDOG. Each product was designed to provide price exposure through shares backed by its specified digital asset, subject to fees, expenses and the mechanics described in its prospectus.
The development mattered less as a verdict on either network than as evidence that regulated crypto wrappers were becoming repeatable products. XRP and Dogecoin differed sharply in origin and intended use, yet both could now be reached through conventional brokerage and exchange infrastructure without an investor directly acquiring or safeguarding tokens.
Three listings, two different structures
Franklin described XRPZ as a newly launched product seeking to reflect XRP’s performance before fees and expenses using the CME CF XRP-Dollar Reference Rate, New York Variant. Its November 24 prospectus said there had been no public market for the shares before the offering.
Grayscale’s products followed another route. GXRP and GDOG originated as trusts whose shares had previously been issued privately. Their November 24 listings added continuous public trading and creation-and-redemption programs conducted through authorized participants. Grayscale’s prospectuses described the products as passive vehicles intended to reflect the value of their XRP or DOGE holdings, less expenses and liabilities.
Grayscale contemporaneously characterized GDOG as the first pure-spot Dogecoin exchange-traded product available in the United States. That is an issuer claim about product structure and market precedence, not a finding that Dogecoin itself had acquired regulatory approval or a particular legal classification.
Generic standards changed the pathway
The launches followed the Securities and Exchange Commission’s September 17, 2025 approval of generic listing standards for commodity-based trust shares. Under those standards, qualifying products could be listed by participating exchanges without the SEC first approving a separate proposed rule change for every individual product.
NYSE Arca certified GXRP and GDOG for listing on November 21. The November 24 prospectuses and issuer announcements then established that trading had begun. The distinction is important: securities registration, exchange certification and compliance with generic standards did not amount to an SEC endorsement of XRP, Dogecoin, the products’ investment merits or their future market performance.
The framework nevertheless shortened a process that had previously depended heavily on product-specific exchange filings and Commission orders. November 24 therefore showed the practical effect of the September rule change: multiple single-asset crypto products could reach a national securities exchange on the same date under an established eligibility framework.
What brokerage access did not change
Despite “ETF” appearing in their names, the issuer materials stated that these products were not registered under the Investment Company Act of 1940. Investors therefore did not receive all protections associated with investment companies registered under that statute.
Shares also were not direct ownership of XRP or DOGE. Shareholders depended on the sponsor, custodian, authorized participants, liquidity providers, reference-price methodology and exchange market. Fees reduce the amount of digital asset represented by each share over time, while market prices can trade above or below calculated net asset value.
No event-day evidence reviewed for this reconstruction establishes that the launches caused a particular move in XRP, Dogecoin or the broader cryptocurrency market. Trading-volume, inflow and closing-price figures are deliberately omitted because the primary launch records do not provide a complete, comparable November 24 measurement window.
The verified event-day conclusion is narrower: three asset-backed securities products began exchange trading, and the U.S. spot-crypto product shelf extended further beyond bitcoin and ether through a streamlined listing regime.
The complete source packet and revision history are retained with the newsroom record.
Automated systems may have assisted with source organization and drafting. Coinburn is accountable for the published text and maintains a revision record.
This article provides news and analysis, not investment, legal or tax advice. Digital assets are volatile and may result in total loss.