XRPL now a distribution rail for $418M in tokenized Treasuries

Evernorth data shows the supply of tokenized U.S. Treasuries on the XRP Ledger increased to more than $418 million from roughly $50 million a year earlier, an approximately eightfold rise over 12 months. Year-to-date transfers through the first four months totaled about $352.3 million, compared with $70.1 million in the same period last year.

Those figures reflect both higher issuance and greater on-chain movement of tokenized Treasuries. Evernorth summarized the trend as ‘supply is rising, but so is the flow.’

Several issuers and projects are active on or connected to the ledger. Justoken is the largest participant linked to the XRPL ecosystem, with about $1.8 billion in tokenized value. Stablecoin-related issuance tied to the ledger totals roughly $396.7 million, with VERT Capital accounting for about $382.2 million of that amount. Asset managers Ondo and Ctrl Alt launched a $280 million diamond tokenization project on the ledger.

Infrastructure providers and firms have been integrating with the XRPL. Experiments and partnerships connected to Ripple and South Korea’s K-Bank are under way. A validator operating as ‘Vet’ noted issuance is expanding across asset classes and that new integrations and platforms are attracting firms seeking rapid, low-cost settlement.

Tokenized U.S. Treasuries on a ledger can serve as collateral for lending, support liquidity pools and back stablecoin reserves. The increased transfer volume indicates those tokens are being moved between wallets and platforms for trading, collateralization and settlement.

Market participants cite the XRPL’s low transaction fees and fast settlement times as factors in platform selection for large-scale tokenization. The ledger currently hosts growing volumes of tokenized government debt and other asset classes.