RippleX, the development arm of Ripple, is partnering with OpenEden Labs to introduce tokenized U.S. Treasury bills (T-bills) to the XRP Ledger (XRPL), according to an official press release on August 1. OpenEden Labs, the tokenization platform, announced the launch of its TBILL tokens, which are backed by short-term U.S. Treasury bills and reverse repurchase agreements backed by U.S. Treasury bonds.
Ripple continues to expand its product offering
The launch of these tokenized assets on XRPL is in line with the broader trend of integrating real-world assets (RWAs) on blockchain networks. In order to bolster the adoption and liquidity of OpenEden’s tokenized treasury bills, Ripple has committed to invest $10 million in TBILL tokens.
By X, Ripple X common: “News Alert – Tokenization Platform OpenEden Labs Launches Tokenized US Treasury Bills (T-bills) to XRPL! Furthermore, Ripple is creating a fund to invest in tokenized T-bills and will allocate $10M for OpenEden’s TBILL tokens as part of it.”
Markus Infanger, Senior Vice President at RippleX, highlighted the importance of this integration: “OpenEden’s tokenized US Treasury bills are another exciting example of how all types of real assets are being tokenized to increase utility and enable new opportunities,” he said. “Institutions are increasingly looking for a place to tokenize their real assets, and the launch of Treasury bills on OpenEden’s XRPL solidifies the Layer 1 decentralized blockchain as one of the leading blockchains for real asset tokenization.”
Interestingly, OpenEden has already raised over $75 million in Total Value Locked (TVL) for its tokenized US Treasury bills, indicating powerful market confidence in its model. The platform has also received an investment-grade “A” rating from Moody’s, further confirming its financial stability and attractiveness to institutional investors.
Jeremy Ng, co-founder of OpenEden, noted the mixed interest in their offerings: “OpenEden has attracted a wide range of institutional clients, including foundations, corporate treasuries, and buy-side funds, contributing to a stable and diverse user base,” he said. “The introduction of tokenized T-bills to the XRP Ledger is the next step in our exciting journey. Buyers will be able to mint our TBILL tokens via stablecoins, including Ripple USD when it launches later this year.”
It’s worth noting that this isn’t Ripple’s first foray into the RWA sector. In June, the company expanded its partnership with Archax, a digital asset exchange, broker, and custodian regulated by the UK’s Financial Conduct Authority. This partnership aims to bring “hundreds of millions of dollars of tokenized RWA” to the XRP Ledger in the near future.
According to Ripple, since its inception in 2012, XRPL has facilitated over 2.8 billion transactions, and currently supports over 5 million vigorous wallets and boasts a network of over 120 validators, without a single outage or security breach.
At the time of going to press, the price of XRP was $0.606.
Featured image created with DALL.E, chart from TradingView.com
