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XRPL Now Holds Most Tokenized Treasuries as Trading Stays on Ethereum

Deeper liquidity on Ethereum keeps activity concentrated there despite XRPL’s supply lead.

Overview

  • XRPL accounts for roughly 63% of tokenized U.S. Treasury supply, according to RWA.xyz data cited in new coverage.
  • Transfer and trading volumes remain concentrated on Ethereum and layer-2 networks, reflecting where liquidity and collateral rails are most developed.
  • OpenEden’s TBILL vault token holds most of its circulating supply on XRPL, yet shows limited transfer activity on the ledger versus Ethereum-based venues.
  • Aviva Investors announced a multi-year partnership with Ripple to explore tokenizing traditional fund structures on XRPL, with no live regulated product launched yet.
  • Market observers are watching the next 30–90 days for signs of rising XRPL transfer volumes, additional regulated issuers, or Aviva progressing to a live tokenized fund.