Tokenized US Treasury bonds on the XRP Ledger have ballooned from $50 million to $418 million over roughly the past year — an eightfold increase that underscores the network's growing foothold in real-world asset tokenization. The surge comes as the XRP Ledger's total tokenized real-world asset (RWA) value crossed $3.6 billion in just five months, according to data from Evernorth.
The platforms doing the work
Three platforms are behind the Treasury tokenization on XRPL: OpenEden, Ondo Finance, and Zeconomy. All three have been issuing tokenized versions of US government debt directly on the ledger, giving institutional investors a way to hold yield-bearing assets on-chain. The $418 million figure represents just the Treasury bond portion of XRPL's broader RWA ecosystem.
A 1% slice of a $350 billion pie
The overall tokenized asset market is now valued at over $350 billion globally. XRPL's $3.6 billion share is roughly 1% of that total — but it's growing fast. Over the past 30 days, the XRP Ledger climbed more than 60% in its RWA rankings, approaching BNB Chain. That kind of momentum is hard to ignore, even if the absolute numbers are still small relative to the market leaders.
The $10 prediction and Bitcoin's record
Community commentator X Finance Bull recently predicted XRP could rise to $10, comparing current skepticism to Bitcoin's early days. It's a bold call, especially given Bitcoin hit a record close to $126,000 back in October 2025. Whether the comparison holds or not, the tokenization story gives XRP a use case that goes beyond speculative trading — and that's what the prediction leans on.
Institutions are actually using it
Evernorth's data indicates institutions are actively using XRPL for asset tokenization, not just testing the waters. Real money is flowing into tokenized Treasuries, and the infrastructure seems to be holding up. The question now is whether other asset classes — corporate bonds, real estate, equities — will follow the same path onto the ledger.
