Tokenized U.S. Treasury Debt on XRPL Nears $300 Million

Tokenized U.S. Treasury debt on the XRP Ledger (XRPL) is approaching the $300 million mark, highlighting the growing role of real-world assets (RWAs) on the network.

According to the latest data, U.S. Treasury debt hosted on XRPL currently stands at approximately $299.9 million, accounting for around 34% of the total distributed RWA value on the ledger.

RWA Breakdown on XRPL

The chart shows U.S. Treasury debt as one of the largest non-stablecoin asset classes on XRPL, second only to stablecoins in total value.

• U.S. Treasury Debt: ~$299.9 million
• Stablecoins: ~$428.5 million
• Corporate Bonds: ~$76.5 million
• Private Equity: ~$55.2 million
• Private Credit: ~$29.4 million

With Treasury products making up roughly one-third of distributed RWAs, government debt has become a core pillar of XRPL’s tokenized asset ecosystem.

Ondo Leads Treasury Issuance

Ondo accounts for the majority of tokenized U.S. Treasury exposure on XRPL, with its short-term U.S. Government Bond product playing a dominant role.

Notably, Ondo’s Treasury product has increased by approximately $120 million on XRPL so far this year, signaling sustained inflows into tokenized government debt.

Other contributors include OpenEden and Guggenheim, which also maintain Treasury-related products on the ledger.

Why This Matters

The rise in tokenized Treasury issuance reflects broader demand for yield-bearing, blockchain-native representations of traditional financial instruments.

U.S. Treasuries are considered one of the most liquid and low-risk asset classes globally. Their tokenization allows:

• On-chain settlement
• 24/7 transferability
• Integration into DeFi ecosystems
• Transparent reserve tracking

As RWAs continue to expand across multiple chains, XRPL’s nearly $300 million Treasury footprint underscores its positioning in the tokenized finance sector.

If current growth trends continue, U.S. Treasury debt could soon surpass the $300 million threshold, further solidifying its role within XRPL’s evolving RWA landscape.

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