63% of Tokenized U.S. Treasuries Now Issued on XRP Ledger: Report

The XRP Ledger (XRPL) is now home to nearly two-thirds of all tokenized US Treasury bills. According to the latest reports, the XRP-linked blockchain platform boasts about 63% of all treasury token supply.

XRP Ledger Leads in Tokenized US Treasury Issuance

Data from RWA.xyz reveals that the XRPL is leading the tokenized US Treasury bills, holding about 63% of all supply. This milestone is particularly noteworthy as XRP Ledger’s treasury token issuance volume has reached 54.41 million, surpassing major networks like Ethereum.

Despite this issuance dominance, the transfer activity on the XRP Ledger is minimal when compared to other blockchain giants. The monthly TBILL transfer volume on XRPL reaches only $200 according to reports, while Ethereum and other chains process millions of transactions. This indicates that only a marginal 0.003% activity happens on the XRP Ledger.

This imbalance underscores a major challenge facing XRPL. While the platform dominates the total TBILL issuance, the treasury tokens on XRPL are rarely used. While some blockchains are becoming main issuance platforms, others serve as the main channel for trading.

It is worth noting that this comes hot on the heels of Binance’s listing on XRPL’s RLUSD stablecoin. As CoinGape reported, the crypto exchange announced the listing on February 12, 2026.

Notably, two major developments highlight the growth of XRPL’s tokenized treasuries. These developments include Aviva Investors’ large-scale fund tokenization and OpenEden’s TBILL token. As CoinGape reported recently, Aviva investors teamed up with Ripple to explore tokenization funds on XRPL.

Doppler Finance announced a partnership with OpenEden to open up more yield opportunities for XRP and RLUSD holders on the XRP Ledger. By integrating OpenEden’s tokenized real‑world asset infrastructure into Doppler’s yield protocol, the platform has significantly influenced the growth of tokenized treasuries on the chain.

What’s Next to Watch?

According to industry experts, the next one to three months are crucial to watch. It is because these months will tell how XRPL performs in the tokenized treasury market. One of the main things to watch is the market activity on the chain. Analysts await to see if the transfer activity on XRP Ledger surges to match the millions transferred on Ethereum and other chains.

The community is also looking forward to seeing new direct product launches on the platform. It should also be seen if Aviva moves from planning to actually launching a tokenized fund with clear investor numbers and official documentation.