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Coinbase Equips XRP Futures with Trade at Settlement, Aligning XRP with Bitcoin, Ethereum, and Gold Coinbase is set to activate Trade at Settlement (TAS) for XRP futures beginning May 1, enabling institutional investors to execute sizable block orders at the official daily closing price rather than contending with fluctuating intraday markets. This feature, currently available for Bitcoin, Ethereum, gold, and crude oil on Coinbase, now includes XRP following the March joint ruling by the SEC and CFTC designating XRP as a digital commodity. Institutional interest in XRP is growing steadily. According to a recent Coinbase survey, 18% of large investment funds currently hold XRP, with 25% planning to increase their exposure during the year; however, 65% remain cautious, awaiting regulatory clarification before deploying significant capital. In support of these institutional moves, Coinbase filed with the CFTC on April 21 to introduce TAS for both nano and full-sized XRP futures contracts on Coinbase Derivatives. The TAS mechanism addresses a common institutional trading challenge. For example, a pension fund manager attempting to purchase $50 million in XRP futures in one day might face adverse price movements against their large order in a live market, increasing costs. TAS allows such orders to settle at the predetermined 4:00 p.m. ET official closing price, mitigating the price impact of executing large trades. This tool has been standard in traditional commodities markets for decades but had not been available for XRP futures on Coinbase until now. The development comes amid ongoing anticipation for the passage of the CLARITY Act, which would establish a permanent federal classification for XRP as a digital commodity. The bill passed the House of Representatives with bipartisan support last summer and secured endorsements from Coinbase, the Treasury, and the SEC by April 2026. The remaining hurdle is a Senate Banking Committee vote, which has yet to be scheduled. More than 120 cryptocurrency companies—including Coinbase, Ripple, Kraken, Circle, and Andreessen Horowitz—sent a joint letter on April 23 urging the Senate Banking Committee to schedule the CLARITY Act markup. Senator Bernie Moreno has cautioned that if the bill is not passed by the end of May, it could be delayed until 2030. The bill’s passage would legally solidify XRP’s classification as a digital commodity, preventing future reclassification by subsequent SEC adminis…