A fascinating reversal has emerged in the 2026 crypto market. XRP, valued at $40 billion and backed by major institutions Citadel and Fortress, chose to remain private despite Wall Street's overtures for an IPO. This decision by XRP Chair Monica Long breaks the conventional understanding of project financing paths in the industry.

In the crypto world, an IPO is almost a hallmark of a project's legitimacy. Leading stablecoin platforms strive for going public, and mining equipment manufacturers endure multiple failures before barely succeeding. All are driven by the harsh reality of "lack of funds." But XRP's approach is different—it fundamentally does not lack funds nor does it need an IPO to gain influence.

What is the logic behind this? First, look at fundraising capability. XRP has already raised $500 million from private investors and invested an additional $4 billion in infrastructure and ecosystem expansion. This means the project has achieved, during its private funding stage, the same or even larger financing goals that traditional companies typically reach through an IPO.

More importantly, financial independence. Compared to projects eager to expand capacity or gain capital recognition via going public, XRP's route is autonomous and controllable. Not listing means avoiding the regulatory constraints of public markets and retaining greater decision-making flexibility. This approach is still rare in the crypto space, and precisely because it is rare, it carries particular significance.