XRP Ledger (XRPL), the decentralized blockchain processing XRP transactions, has surpassed $1 billion in value in regard to on-chain tokenized assets and stablecoins.
New numbers mark an important milestone in XRP Ledger’s transition from a crypto-native network to institutional-grade financial infrastructure.
The growth has been primarily led by RLUSD, Ripple’s fully backed stablecoin, recently listed on Binance, with an expanding range of tokenized funds, U.S. Treasuries, and credit products adding to the momentum.
Growing XRPL adoption
Beyond stablecoins, financial institutions are increasingly using XRPL to tokenize traditional assets, signaling a shift away from speculative blockchain activity toward mainstream financial integration.
The Ledger’s appeal lies in its ability to settle transactions quickly at minimal cost, while maintaining scalability and decentralization, which are key requirements for institutional adoption.
Moreover, the network’s quantum-resistant Dilithium cryptography further strengthens its long-term security profile, while interoperability has positioned it as an attractive platform for regulated asset issuance.
U.S. Treasuries on XRPL hit record highs
Especially noteworthy, XRPL now hosts more than $150 million in tokenized U.S. Treasury debt, reflecting rapid growth in real-world asset (RWA) tokenization. While the figure remains modest relative to larger networks, it represents a sharp 2,900% increase from roughly $5 million recorded a year ago.
Treasury debt also significantly exceeds private equity tokenization at $55.2 million, though still trailing stablecoins, which account for $392.9 million. A majority of XRPL-based Treasury tokenization is concentrated among three issuers. Namely, OpenEden Digital leads with $61.6 million through its OpenEden TBILL Vault, accounting for roughly 41% of the total.
Nonetheless, XRPL remains a relatively small player in the broader tokenized Treasury market, as the total on-chain U.S. Treasury debt across all blockchains currently stands at approximately $10.13 billion, leaving XRPL with about 1.4% of the total net value.
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