Just like many other companies did following Ripple Labs’ victory in court against the United States Securities and Exchange Commission (SEC), the Hong Kong Virtual Asset Consortium (HKVAC) has decided to incorporate XRP in its virtual asset index. Notably, XRP has secured a 6.94% share in the HKVAC Cryptocurrency Global Large Top5 Index and Equal Weight Index.
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With this latest development, the Ripple-owned token now sits among top digital assets like Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).
XRP Displaces USDC
Bitcoin, Ethereum, and Tether hold significantly large shares of the index, around 15% each. The fifth cryptocurrency in the Hong Kong’s main crypto index is BNB. Circle’s USD-pegged stablecoin USDC was previously a member of this league but with the coming of XRP, it was removed from the last of Top5. This is not to say that USDC has been ousted from the index entirely.
For the record, the Circle-issued stablecoin is part of the Cryptocurrency Global Large Top 10 Index. All crypto assets in this group are BTC, ETH, USDT, BNB, USDC, XRP, ADA, DOGE, SOL, and TRX. Although no explanation has been offered for the change, the move is not arbitrary, seeing that the selection process is usually governed by stringent criteria.
Additional Adjustments to HKVAC Indexes
HKVAC made the adjustment public on October 13th when it shared a press release containing details of the rebalancing results of the company’s key indexes and market indexes. According to the document, all of these alterations, including the addition of Hedera, Maker, and Quant, and the removal of Cryptonex, ICP, and HEX, will take effect as from October 20th.
It is worth noting that the company did not tamper with the number of constituents of the Cryptocurrency Global Large Market Cap Index. There are 30 components with just a few adjustments.
Crypto Exchanges Relist XRP
Such incorporation of XRP has been common since Judge Analisa Torres ruled on July 13th that the coin is not security as the U.S. SEC had previously projected. American cryptocurrency exchange Coinbase and other exchanges have equally relisted the XRP token on their respective platforms after the Federal judge’s declaration.
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