OpenEden launches tokenized T-Bills on XRP Ledger

OpenEden, a tokenization platform, has launched tokenized United States Treasury bills (T-bills) on the XRP Ledger (XRPL). 

According to a Ripple press release, the platform’s TBILL tokens are backed by short-term US government T-bills and reverse repurchase agreements collateralized by US Treasurys.

Minters of the tokens will be subject to Know Your Customer (KYC) and Anti-Money Laundering (AML) screening to ensure security and regulatory compliance measures are maintained.

This marks the first time a traditional finance (TradFi) instrument has been made available on a decentralized platform.

Tokenized T-bills

The press release explains that the tokenized T-bills on the XRPL demonstrate “how institutional access to decentralized finance (DeFi)” is being driven by the tokenization of real-world assets (RWAs).

Markus Infanger, senior vice president of RippleX, explained that the tokenized T-bills represent an example of how RWAs 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.”

Ripple invests $10 million

OpenEden’s initiative attracted significant support from Ripple, which invested $10 million in the decentralized platform’s TBILL tokens and future tokenization efforts.

Ripple’s investment is part of a broader strategy to support the tokenization of TradFi assets on the XRPL, a ledger built “to power institutional-grade financial use cases.”

$600 million XRP set to unlock in August

In similar news, a total of $1.5 billion in tokens are set to be unlocked in August, including $609 million in Ripple’s XRP tokens.

Despite unlocking 1 billion tokens on the first day of each month since 2017, Ripple may be considering re-locking much of its newly released XRP.

This can be seen when Ripple relocked 800 million XRP from June 1 unlock, but it sold off around 300 million XRP, currently worth roughly $182.5 million.