XRP Ledger to Launch Tokenized US Treasury Bills Through OpenEden Collab

cryptonews.com:

Ripple is expanding the utility of its XRP Ledger (XRPL) by offering tokenized US Treasury bills (T-bills) onto the platform. The significant move is a part of Ripple’s partnership with OpenEden, a leading provider of tokenized real-world assets (RWA).

News alert – tokenization platform @OpenEden_Labs is bringing tokenized US Treasury bills (T-bills) to the #XRPL! What's more, Ripple is creating a fund to invest in tokenized T-bills, and will allocate USD$10M to OpenEden’s TBILL tokens as part of it. https://t.co/8GsG1Mk3ER

— RippleX (@RippleXDev) August 1, 2024

Announced Wednesday, the collaboration would bring short-term US government debt obligation, backed by the Department of Treasury, to XRPL users. Further, it paves way for broader institutional adoption of decentralized finance (DeFi) solutions

“The tokenization of T-bills onto the XRPL is a demonstration of how institutional access to DeFi is being driven by the tokenization of traditional RWAs,” the official release read.

Data tracked by 21.co shows that more than $1 billion in Treasury bills has been tokenized through public blockchains like Ethereum, Polygon, Avalanche, Stellar and others.

Ripple also said that it will invest $10 million into OpenEden’s TBILL tokens, which are backed by short-term U.S. Treasuries. The investment will be a part of a larger fund that Ripple aims to allocate to OpenEden’s tokenized T-bills.

The investment also signifies Ripple’s trust in OpenEden’s approach to tokenizing RWAs to drive utility and new opportunities, Markus Infanger, senior VP at RippleX, noted.

“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