Canary’s XRPC Ignites U.S. XRP ETF Era with Nasdaq Debut Amid Tax Refund Hopes

Canary’s XRPC Launches First U.S. Spot XRP ETF on Nasdaq

The landscape for digital asset investing in the United States just marked a significant milestone. On Thursday, Canary, a digital asset manager, launched the first-ever spot XRP exchange-traded fund (ETF) on the Nasdaq under the ticker XRPC. This debut signals more than a new investment vehicle; it ushers in a competitive era for crypto ETFs, with several heavyweight issuers already queuing up for their own launches.

The road to this moment was anything but straightforward. The U.S. Securities and Exchange Commission (SEC), along with other federal agencies, had been hamstrung by a government shutdown, delaying ETF certifications and leaving issuers in limbo. Late Wednesday, the House finally passed a set of bills to reopen agencies, allowing the SEC to complete its review and Nasdaq to certify the XRPC listing. By Thursday morning, XRPC was ready for trading, with investors and crypto enthusiasts watching closely.

According to Unchained Crypto, other major asset managers—including Franklin Templeton, Bitwise, ProShares, and CoinShares—have updated their filings and are expected to follow Canary’s lead, eager to capture early market share in what many believe could become a lucrative segment of the ETF space.

Regulatory Delays and the Race for Market Share

The recent government shutdown highlighted the fragility of the regulatory process for crypto products. ETF issuers were forced to wait as agencies like the SEC temporarily halted certification. For Canary, the reopening of federal agencies proved pivotal, allowing XRPC to become the first spot XRP ETF available to U.S. investors.

This first-mover advantage may prove significant. In financial markets, timing is often everything. Early entrants can attract outsized inflows from investors seeking exposure to a new asset class before competition saturates the field. As the ETF industry has seen with bitcoin and ether products, being first to market can lock in billions in assets under management—and set the tone for future launches.

But the competition is fierce. Franklin Templeton and Bitwise have already updated their own spot XRP ETF filings, while ProShares and CoinShares are expected to join the fray. The next few weeks could see a rapid succession of launches, each hoping to capitalize on the momentum generated by Canary’s XRPC listing.

Tax Refunds and Crypto: Echoes of the 2020 Stimulus Boom

While the ETF launch dominates headlines, another macroeconomic factor is quietly stirring excitement among crypto investors: substantial tax refunds set to arrive in early 2026. Treasury Secretary Scott Bessent recently announced that working families could expect “very good” refunds or increased paychecks, thanks to provisions in the administration’s One Big Beautiful Bill. These reforms exempt income sources like tips, overtime, and some Social Security payments from taxation, potentially delivering $1,000 to $2,000 per person in refunds.

For seasoned bitcoiners and crypto traders, this setup feels familiar. Back in 2020, government stimulus checks fueled a retail-driven surge in crypto buying. Coinbase reported a spike in $1,200 bitcoin purchases, and the asset’s price soared from $10,000 in October 2020 to over $60,000 by April 2021. Analysts widely attributed this rally to the influx of “free money” into speculative asset classes.

Could the upcoming tax refunds spark a similar wave? The crypto community is certainly betting on it. If refunds land in early 2026, as Bessent suggests, the sudden injection of liquidity could once again drive retail investment into digital assets like bitcoin and XRP. This time, the mechanism is different—a refund, not a stimulus—but the effect could be eerily reminiscent of the pandemic-era boom.

Mixed Sentiment: Hype, Skepticism, and the Path Forward

Not everyone is convinced that tax refunds will deliver another crypto bull run. Critics point out that official IRS guidance has yet to be published, and the true size and scope of the refunds remain unclear. Some economists warn that the changes may result in higher paychecks spread over time, rather than the lump-sum windfall that previously triggered buying sprees.

Still, market sentiment has already responded. Bitcoin recently traded above $107,000, buoyed by speculation over the shutdown’s end, “tariff dividends,” and the prospect of tax refunds acting as fiscal fuel. The narrative alone has energized traders, even as details remain uncertain.

If the refunds are accompanied by tariff-funded rebates, as proposed by President Donald Trump, the combined effect could mimic a targeted stimulus—adding spending power without increasing the federal deficit. Whether this proves inflationary or simply bullish for digital assets is still up for debate.

Meanwhile, the ETF race continues. Canary’s XRPC debut sets the stage, but with competitors lining up, the market could soon see a flurry of launches, each hoping to capitalize on investor enthusiasm.

What’s Next for XRP ETFs and Crypto Markets?

With Canary’s XRPC now trading on Nasdaq, the U.S. market for spot XRP ETFs is officially open. Investors will be watching to see how quickly Franklin Templeton, Bitwise, ProShares, and CoinShares can bring their own products to market—and how much investor demand materializes.

The interplay between ETF launches, tax refunds, and broader economic sentiment may define the crypto landscape heading into 2026. If history is any guide, liquidity-driven rallies tend to follow moments of sudden fiscal expansion. Whether the combination of regulatory breakthroughs and tax reforms can spark another retail boom remains to be seen, but the ingredients are certainly in place.

For now, the crypto industry stands at a crossroads: regulatory hurdles are clearing, new products are launching, and the potential for renewed retail enthusiasm is rising. As Canary’s XRPC leads the way, investors and issuers alike are positioning themselves for what could be the next chapter in America’s digital asset story.Canary’s XRPC debut marks a pivotal moment for U.S. crypto ETFs, but the true impact will depend on how regulatory clarity and fiscal policy combine to shape investor behavior in the months ahead.