1 month ago
Ripple has announced a $10 cardinal concern successful tokenized US Treasury bills (T-bills) done OpenEden, a tokenization level expanding to the XRP Ledger (XRPL), according to an August 1 statement.
This concern is portion of a larger money Ripple plans to allocate to tokenized T-bills from OpenEden and different yet-to-be-named issuers.
Ripple has not disclosed the fund’s full size and has not yet responded to CryptoSlate’s petition for further details arsenic of property time.
Market experts constituent retired that Ripple’s concern illustrates the expanding organization involvement successful tokenizing real-world assets (RWAs). Notably, Tom Wan, a probe expert astatine 21co, predicts that tokenized US Treasuries could scope $3 cardinal by the extremity of 2024, driven by crypto projects seeking to diversify their holdings.
Currently, data from Dune Analytics shows that tokenized US Treasuries negociate assets totaling $1.78 billion, with BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) starring the market.
T-bills connected XRPL
OpenEden’s T-bills tokens are secured by short-term US Treasury bills and reverse repurchase agreements backed by US Treasuries.
The steadfast stated that its token minters volition acquisition Know Your Customer (KYC) and Anti-Money Laundering (AML) screenings to guarantee strict information and regulatory compliance.
Markus Infanger, Senior Vice President astatine RippleX, emphasized that OpenEden’s integration with the XRP Ledger strengthens the network’s relation successful real-world plus tokenization. He added:
“OpenEden’s tokenized US Treasury bills correspond different breathtaking illustration of however each types of real-world assets are being tokenized to thrust inferior and caller opportunities.”
Jeremy Ng, co-founder of OpenEden, noted that the steadfast has attracted a divers scope of organization clients and that expanding to the XRP Ledger was a logical progression for its product. He stated:
“Bringing tokenized T-bills to the XRP Ledger is the adjacent measurement successful our breathtaking journey. Purchasers volition beryllium capable to mint our TBILL tokens via stablecoins, including Ripple USD erstwhile it launches aboriginal this year.”
OpenEden’s tokenized bills person seen sizeable adoption, with the full worth of its locked assets exceeding $75 million.
The station Ripple invests $10 cardinal successful tokenized US T-bills done OpenEden appeared archetypal connected CryptoSlate.
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