Tokenization platform OpenEden has announced the addition of tokenized US Treasury Bills (T-bills) to the XRP Ledger. For the first time, OpenEden’s TBILL tokens are a short-term US government debt obligation backed by the US Department of the Treasury and are available to the XRP Ledger’s (XRPL) users.
XRP allocates $10M into TBILL tokens
According to the announcement, Ripple will invest $10 million into OpenEden’s TBILL tokens as part of a larger fund. Markus Infanger, Senior Vice President of RippleX, said that this step offers new prospects for the tokenization of real-world assets, cementing XRPL’s status as a leading blockchain.
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 […] 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 1 blockchain as one of the leading blockchains for real-world asset tokenization.
-Markus Infanger
OpenEden just surpassed a total locked value (TVL) of $75 million in tokenized US Treasury Bills, earning an investment-grade ‘A’ rating from Moody’s.
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As per the announcement, these tokens are backed by short-term US T-bills and reverse repurchase agreements secured by US Treasuries. Minters must go through rigorous Know Your Customer (KYC) and Anti-Money Laundering (AML) checks to ensure security and compliance.
Jeremy Ng, Co-Founder of OpenEden, adds, “Bringing tokenized T-bills to the XRP Ledger marks a pivotal step in our journey. Investors will soon be able to mint TBILL tokens via stablecoins, including Ripple USD, set to launch later this year.”
Over the last decade, the XRPL has hosted over 1,000 projects and processed over 2.8 billion transactions without failure or security breach since 2012. The entity has also supported over 5 million active wallets through a network of over 120 validators.
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