Ripple invests $10 million in tokenized US T-bills through OpenEden Ripple invests $10 million in tokenized US T-bills through OpenEden
OpenEden's tokenized US Treasury bills (T-bills) are expanding to the Ripple-backed XRP Ledger blockchain.
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Updated: Aug. 1, 2024 at 1:26 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Ripple has announced a $10 million investment in tokenized US Treasury bills (T-bills) through OpenEden, a tokenization platform expanding to the XRP Ledger (XRPL), according to an August 1 statement.
This investment is part of a larger fund Ripple plans to allocate to tokenized T-bills from OpenEden and other yet-to-be-named issuers.
Ripple has not disclosed the fund’s total size and has not yet responded to CryptoSlate’s request for further details as of press time.
Market experts point out that Ripple’s investment illustrates the increasing institutional interest in tokenizing real-world assets (RWAs). Notably, Tom Wan, a research analyst at 21co, predicts that tokenized US Treasuries could reach $3 billion by the end of 2024, driven by crypto projects seeking to diversify their holdings.
Currently, data from Dune Analytics shows that tokenized US Treasuries manage assets totaling $1.78 billion, with BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) leading the market.
T-bills on XRPL
OpenEden’s T-bills tokens are secured by short-term US Treasury bills and reverse repurchase agreements backed by US Treasuries.
The firm stated that its token minters will undergo Know Your Customer (KYC) and Anti-Money Laundering (AML) screenings to ensure strict security and regulatory compliance.
Markus Infanger, Senior Vice President at RippleX, emphasized that OpenEden’s integration with the XRP Ledger strengthens the network’s role in real-world asset tokenization. He added:
“OpenEden’s tokenized US Treasury bills represent another exciting example of how all types of real-world assets are being tokenized to drive utility and new opportunities.”
Jeremy Ng, co-founder of OpenEden, noted that the firm has attracted a diverse range of institutional clients and that expanding to the XRP Ledger was a logical progression for its product. He stated:
“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.”
OpenEden’s tokenized bills have seen considerable adoption, with the total value of its locked assets exceeding $75 million.
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The XRP Ledger is a decentralized cryptographic ledger powered by a network of peer-to-peer servers.
Ripple
Ripple is a US-based technology company which develops the Ripple payment protocol and exchange network using XRP, the digital asset native to the XRP Ledger.