Rayhaneh Sharif-Askary, Grayscale’s head of product and research, sees a clear shift in crypto investor behavior. The conversation is no longer about what crypto is — it’s about how to allocate across different assets. This change pushes firms like Grayscale to develop clearer taxonomies for the digital asset space.
XRP Labelled as 'Currency': Payments-First Blockchain
Sharif-Askary describes XRP as a “battle-tested blockchain” with a long track record in payments. Unlike platforms focused on building decentralized apps, XRP is optimized for moving money quickly across borders. That’s why Grayscale places it in the currency category, alongside assets designed purely for value transfer.
She emphasized that XRP’s longevity in real-world payment usage proves its reliability. In a portfolio, it serves as a settlement layer, not a speculative bet.
Grayscale’s Six-Bucket Framework: Mapping Crypto by Function
To simplify allocation decisions, Grayscale splits the crypto market into six functional buckets:
- Currency — value transfer (BTC, XRP)
- Application — dApp platforms (ETH, SOL)
- Financial services — DeFi lending and trading
- Experience — NFTs, gaming, digital ownership
- Infrastructure — blockchain operations and scaling
- Interconnection — cross-chain communication
This framework helps investors see crypto as an interconnected system rather than a random list of tokens. Sharif-Askary argues that as more activity moves on-chain, knowing where each asset fits matters more than chasing short-term price moves.
XRP ETF Could Be a Game-Changer
On future catalysts, Sharif-Askary highlighted the potential impact of an XRP ETF: “A potential XRP ETF opens the door to entirely new groups of investors.” It would allow people who aren’t comfortable buying crypto directly to gain exposure through familiar financial products. Bitcoin ETFs already demonstrated how such vehicles can boost accessibility and attract institutional flows. If approved, an XRP ETF could bring billions in new capital.
Multiple XRP ETF applications are already filed with the SEC. While regulatory approval remains uncertain, the market sees it as a major inflection point if greenlit.