The market for tokenized U.S. Treasury debt has surpassed a significant milestone, with its total market capitalization exceeding $10 billion, according to data from Token Terminal. This rapid growth underscores the accelerating institutional demand for on-chain yield products and the expanding integration of blockchain technology within traditional finance.
Concurrently, the XRP Ledger (XRPL) is approaching its own landmark, with tokenized U.S. Treasury debt hosted on its network nearing $300 million. Current data shows the value stands at approximately $299.9 million, accounting for roughly 34% of the total distributed real-world asset (RWA) value on XRPL. This makes government debt the second-largest non-stablecoin asset class on the ledger, trailing only stablecoins, which hold about $428.5 million.
Ondo Finance is the dominant issuer of these Treasury products on XRPL, primarily through its short-term U.S. Government Bond offering. Its tokenized Treasury product on XRPL has grown by approximately $120 million since the start of the year, indicating sustained capital inflows. Other contributors on the network include OpenEden and Guggenheim.
The broader $10 billion market cap achievement signals strong confidence in tokenized RWAs, particularly those backed by the U.S. government. Investors are increasingly drawn to these instruments for their combination of stable yields, the transparency of blockchain, and operational advantages like on-chain settlement, 24/7 transferability, and potential integration into DeFi ecosystems. This trend represents a pivotal shift as traditional financial instruments become foundational components of the digital asset landscape.
