Tokenization platform OpenEden has announced that it will bring tokenized US Treasury bills (T-bills), a short-term US government debt obligation backed by the US Department of the Treasury, to the XRP Ledger (XRPL) and its users for the first time.
The tokenization of T-bills onto the XRPL is a demonstration of how institutional access to decentralized finance (DeFi) is being driven by the tokenization of traditional real-world assets (RWAs). The assets backing OpenEden’s TBILL tokens are invested in short-dated US T-bills and reverse repurchase agreements collateralized by US Treasuries. Minters are subject to stringent KYC and AML screening to ensure the highest security and regulatory compliance standards.
Ripple, the leader in enterprise blockchain and crypto solutions, will also allocate USD$10 million into OpenEden’s TBILL tokens. This is part of a larger fund that Ripple will allocate to tokenized T-bills provided by OpenEden and other issuers.
"OpenEden’s tokenized US Treasury bills represent another exciting example of how all types of real-world assets are being tokenized to drive utility and new opportunities," said Markus Infanger, Senior Vice President, RippleX. "Institutions are increasingly looking at where to tokenize their real-world assets and the arrival of T-bills on the XRPL powered by OpenEden reinforces the decentralized Layer 1 blockchain as one of the leading blockchains for real-world asset tokenization.”
The XRPL is built to power institutional-grade financial use cases. Thanks to its proven reliability, efficiency, and roadmap of comprehensive features such as an Automated Market Maker (AMM), as well as the upcoming Decentralized Identifier (DID), Multi-Purpose Tokens (MPT) capability, Lending Protocol, and native Oracle support, the XRPL provides a strong foundation for RWA tokenization and institutional-grade DeFi.
OpenEden recently surpassed USD$75 million in Total Value Locked (TVL) for its tokenized US T-bills, reflecting the growing market confidence in its approach to bringing yields from RWAs on-chain. OpenEden is also the first and only tokenized US Treasury product to receive an investment-grade “A” rating from Moody’s rating agency.
“OpenEden has attracted a wide range of institutional clients, including foundations, corporate treasuries, and buy-side funds, contributing to a stable and diversified user base,” said Jeremy Ng, Co-Founder, OpenEden. “Bringing tokenized T-bills to the XRP Ledger is the next step in our exciting journey. Purchasers will be able to mint our TBILL tokens via stablecoins, including Ripple USD when it launches later this year.”
Ripple also recently announced its work with Archax, the UK’s first Financial Conduct Authority regulated digital asset exchange, broker and custodian, that plans to bring hundreds of millions of dollars of tokenized real world assets (RWAs) onto the XRPL over the coming year.
Over the past decade, the XRPL has been the home of over 1,000 projects, processing over 2.8 billion transactions without failure or security breach since 2012, and supporting over 5 million active wallets with a network of over 120 validators.