The value of U.S. Treasury debt tokenized on the XRP Ledger (XRPL) is nearing $300 million, a milestone reflecting growing adoption of real-world asset (RWA) tokenization within the cryptocurrency space. As of February 24, 2026, the total value stands at $299.9 million, representing nearly 34% of all distributed RWA value on the XRPL, according to market data.
This surge in tokenized Treasury holdings comes despite a challenging year for XRP itself, with the cryptocurrency’s price down 25.22% since January 1, 2026, and 62% from its peak of $3.66 in July 2025. The broader XRP ecosystem, however, is demonstrating resilience through increased activity in RWA tokenization.
Ondo Finance’s Short-Term US Government Bond product currently dominates the tokenized Treasury market on XRPL, accounting for $160.183 million – a 53.4% share of the total. Guggenheim Treasury Services DCP, facilitated by Zeconomy, holds a $70.213 million value (23.4%), whereas OpenEden’s TBILL Vault comprises the remaining $61.761 million. The substantial growth in 2026 has been largely driven by Ondo, with its product increasing from $40.74 million at the start of the year to its current value, a rise of 293% in just two months.
The overall RWA market on the XRPL has experienced significant expansion, welcoming an additional $1.3 billion in value this year, exceeding the total for all of 2025. U.S. Treasury products represent 13% of this overall RWA value, with the $299.9 million on the XRPL constituting 34% of the distributed RWA total. The RLUSD stablecoin currently accounts for 39% of the distributed RWA value on the ledger.
While the XRPL is gaining traction, tokenized U.S. Treasury holdings across all networks currently total approximately $10 billion. This means the XRP Ledger holds roughly 1.4% of the overall market share, though its growth rate is notable, having increased over 2,900% from around $5 million in 2025. Blockchain analytics indicate that while the XRPL holds a significant portion of the supply, particularly through OpenEden’s TBILL vault, the majority of transfer activity and liquidity remains concentrated on Ethereum and layer-2 networks.
The increasing interest in tokenizing U.S. Treasuries on public blockchains follows growing attention from finance industry leaders, including BlackRock CEO Larry Fink. The tokenized products include government notes, debt, Treasury bills, and bonds. As of February 17, 2026, the XRPL hosted over $150 million worth of tokenized U.S. Treasury debt, up from just $5 million a year prior.
