According to an August 1 press release, tokenization platform OpenEden is launching tokenized US Treasury bills (T-bills) on the XRP Ledger (XRPL). T-bills are short-term US government debt obligations the US Department of the Treasury backs.
The tokenization of traditional real-world assets drives institutional access to decentralized finance, and T-bill tokenization onto the XRP Ledger proves this. T-bill tokens are backed by assets invested in reverse repurchase agreements with US Treasuries as collateral. Minters undergo strict AML and KYC screening to ensure compliance with security and regulatory standards.
Ripple to allocate $10M to OpenEden’s TBILL tokens
Ripple will allocate $10 million to the tokens as part of a larger fund. The company will distribute the funds to tokenized T-bills OpenEden and other issuers provide. Markus Infanger, Senior Vice President of RippleX, said that OpenEden’s tokenized US Treasury bills represented another fascinating example of how all real-world assets were being tokenized to drive utility and new opportunities. He commented:
“The arrival of T-bills on the XRP Ledger powered by OpenEden reinforces the decentralized Layer 1 blockchain as one of the leading blockchains for real-world asset tokenization.”
Jeremy Ng, Co-Founder of OpenEden, added that his company had attracted a wide range of institutional clients. These included foundations, corporate treasuries, and buy-side funds. This has contributed to a stable and diversified user base. He added:
“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.”
The XRP Ledger is an ideal platform for institutional-grade financial use cases. It provides a strong foundation for DeFi on this level and for risk-weighted asset (RWA) tokenization. This is due to its proven efficiency and reliability and the roadmap of its comprehensive features. Existing and planned features include an Automated Market Maker, the lending protocol, a Decentralized Identifier, native Oracle support, and Multi-Purpose Token capability.
OpenEden’s T-bills passed TVL of $75M
OpenEden’s tokenized US T-bills recently passed a Total Value Locked of $75 million, reflecting rising market confidence in its approach to bringing yield to the blockchain from RWAs. OpenEden is also the flagship tokenized US Treasury product, which Moody’s gave an investment grade rating of “A.”
The XRP Ledger has hosted over 1,000 projects over the past ten years. It has supported over 5 million wallets and processed over 2.8 billion transactions since 2012. It has never suffered a security breach or experienced failure.
