New York, Monday, August 5, 2024 – Ripple announced on Wednesday, August 1, a partnership with OpenEden to bring tokenized US Treasury Bills (T-bills) to the XRP Ledger (XRPL).
The collaboration is expected to allow XRPL users to access short-term government debt obligations, backed by the Department of Treasury, marking a significant step toward integrating traditional financial assets with decentralized finance or DeFi.
So far Ripple has committed $10 million to OpenEden’s TBILL tokens, which are secured by short-term US Treasuries. This investment is part of a broader strategy to prop up the utility of the XRPL and drive institutional adoption of tokenized real-world assets (RWAs). OpenEden claims it has already garnered over $75 million in Total Value Locked (TVL) for its T-bill tokens, reflecting strong interest from institutional investors.
These tokens have received an investment-grade “A” rating from Moody’s, further validating their appeal to institutional clients, including foundations, corporate treasuries, and buy-side funds.
The partnership is expected to solidify XRPL’s position as a leading blockchain for real-world asset tokenization.
Buyers of the TBILL tokens are expected to undergo rigorous KYC/AML screenings to ensure compliance and security.Reports say that the collaboration could be seen as a representation of a strategic effort to bridge traditional finance with the emerging DeFi ecosystem, indicating a new phase of growth in the FinTech Sector.
