XRP Ledger Holds 63% of Tokenized Treasury Supply But Trading Happens Elsewhere
The XRP Ledger (XRPL) has quietly become a dominant warehouse for one of the hottest trends in crypto: tokenized US Treasury bills. But while the ledger implies it is winning the issuance war by holding 63% of the supply for a major T-bill token, there is a catch—it isn’t being traded there. Is this a sign of a sleeping giant, or is the network serving as a digital ghost town for institutional assets?
Blockchain analytics from RWA.xyz and NS3.AI reveal that while XRPL dominates in raw holdings, primarily through OpenEden’s TBILL vault token, transfer activity and liquidity remain overwhelmingly concentrated on Ethereum and layer-2 networks. In fact, more of the supply resides on XRPL than on Ethereum, signaling that institutions are comfortable parking significant capital on Ripple’s blockchain.
“Most transfer volume and liquidity for tokenized Treasuries remain on Ethereum and layer-2s, where collateral rails are already built,” according to analysis from GFM Review.
https://twitter.com/Xfinancebull/status/2023215803206644027
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XRPL Now Hosts Over $150 Million Worth Of Tokenized US Treasury Debt
There is a visible massive growth in pure numbers. XRPL now hosts over $150 million worth of tokenized US Treasury debt, a staggering increase from just $5 million a year ago. Major players like Aviva Investors have recently partnered with Ripple, framing this shift as a move from simple experiments to “large-scale production.”
However, the trading volume paints a different picture. While the tokens sit on XRPL, the financial “gravity,” the collateral usage and active trading, is still happening on Ethereum. The assets are effectively sitting idle in a vault rather than flowing through the financial system.
What are Tokenized T-bills? Simply put, these are digital receipts for US government debt that live on the blockchain. They allow investors to earn safe interest (yield) without leaving the crypto ecosystem.
To understand the current situation with XRPL, imagine a manufacturing plant versus a busy shopping mall. Issuance is the factory where the products (tokens) are created and stored. Distribution and Trading are the malls where people actually buy, sell, and use those products. Right now, XRPL is proving to be an efficient factory, but Ethereum remains the busy mall where the actual commerce happens.
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Why The Volume Gap Matters for Investors
If you hold XRP or invest in Real-World Assets (RWAs), this distinction is critical. For a blockchain network to thrive, it needs more than just storage; it needs activity. Fees, liquidity, and network health are driven by transactions, not just static holding.
The risk here is that XRPL becomes a “ghost chain” for these assets. A place where safe assets go to sleep, isolated from the wider opportunities in DeFi. Without active trading markets, liquidity can dry up. This makes it harder to enter or exit positions quickly.
However, there is a bullish angle to consider. The fact that regulated entities trust XRPL for issuance is a massive hurdle cleared. If developers can build better bridges and trading applications to unlock this dormant capital, the volume could follow the supply. The next few months will be a credibility test: can XRPL convert this warehouse of value into an active marketplace?
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