 ▲ XRP and the United States / ChatGPT-generated image |
The scale of tokenized U.S. Treasuries based on the XRP Ledger is on the verge of surpassing $300 million, rapidly emerging as a new powerhouse in the real-world asset (RWA) tokenization ecosystem.
According to crypto media outlet The Crypto Basic on February 23 (local time), the total value locked in U.S. Treasury tokens issued on the XRP Ledger has reached $299.9 million, marking record-breaking growth. This figure has more than doubled in just two months compared to $141.7 million at the beginning of the year. The achievement is drawing attention as it comes despite significant market volatility, including a 25.22% decline in XRP’s price since the start of the year. U.S. Treasury tokens now account for approximately 34% of the total RWA value on the XRP Ledger, solidifying their role as a core pillar of the ecosystem.
Leading the market’s growth is Ondo’s short-term U.S. government bond product, which surged from $40.74 million at the start of the year to $160.18 million, recording an explosive growth rate of 293%. This represents 53.4% of the total U.S. Treasury tokens on the XRP Ledger. Zeconomy’s Guggenheim Treasury service follows with $70.21 million, while OpenEden’s Treasury Vault holds $61.76 million, further contributing to the market’s expansion.
Experts analyze that the XRP Ledger’s technical efficiency is standing out as major traditional financial institutions actively engage in tokenizing Treasuries using public blockchains. As large institutions such as BlackRock emphasize the importance of asset tokenization, the XRP Ledger’s fast transaction speeds and low fee structure are considered to provide an optimal environment for bringing sensitive financial instruments—such as Treasuries, bonds, and notes—on-chain. Ripple’s stablecoin RLUSD also generates synergy, accounting for 39% of the total distributed RWA value.
This year alone, the XRP Ledger ecosystem has secured an additional $1.3 billion in RWA value, achieving remarkable growth that already surpasses its total performance for 2025. Of the current $2.3 billion in total RWA value, U.S. Treasuries account for about 13%, but this share is expected to expand further as institutional investment accelerates. This suggests that XRP is evolving beyond a simple payment instrument into a large-scale infrastructure supporting the circulation of high-value financial assets.
The digital asset industry views this milestone as a significant turning point for enhancing the XRP Ledger’s long-term value and expanding its ecosystem. The tokenization of real-world assets serves as a concrete indicator that blockchain technology is being successfully integrated into the mainstream financial system. With its stable operational track record and strengthened infrastructure, the XRP Ledger is expected to solidify its differentiated position among competing networks such as Ethereum (ETH) and grow into a central pillar of the future financial market.
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