Real world assets in XRPL?

TL;DR

OpenEden is launching tokenized US Treasury bills on the XRP Ledger. Users will be able to mint these products using stablecoins like Ripple USD (when it launches later this year). The price of XRP is down 6% on the day, but a possible resolution in the Ripple lawsuit against the SEC could positively affect its value.

US T-Bills tokenized to the XRPL

OpenEden, a fintech company focused on connecting traditional finance and DeFi, will introduce tokenized US Treasury bonds (Treasury bills) to the XRP Ledger (XRPL) and its users for the first time.

For its part, Ripple will create a fund to allocate 10 million dollars to the aforementioned products. RippleX Senior Vice President Markus Infanger stated that OpenEden’s Treasury bills represent an “exciting example of how all kinds of real-world assets 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 Bills of Transit on the XRPL powered by OpenEden reinforces the decentralized Layer 1 blockchain as one of the leading blockchains for real-world asset tokenization,” he added. .

Tokenized Treasuries are digital representations of traditional US Treasuries issued on a blockchain or distributed ledger technology platform. The process involves converting rights to financial products into tokens, which can then be traded, held or transferred to digital wallets.

Not long ago, OpenEden surpassed $75 million in Total Value Locked (TVL) for its tokenized invoices. Co-founder Jeremy Ng spoke on the matter:

“OpenEden has attracted a wide range of institutional customers, including foundations, corporate treasuries and buyout funds, contributing to a stable and diversified user base.”

He said that tokenized invoices on the XRP Ledger are the next step in the company’s journey. Users will be able to mint these products using stablecoins, including Ripple USD (the company’s upcoming stablecoin ticker RLUSD) when it goes live later this year.

XRP Price Outlook

The aforementioned initiative did not lead to a price spike for Ripple’s native token. In fact, XRP remains deep in the red, down 6% on a 24-hour scale amid a global market correction.

The picture looked very different yesterday (July 31) when the asset’s valuation hit a four-month high of nearly $0.66, while its market capitalization briefly topped $35 billion.

One factor possibly contributing to the latest spike is the growing expectation of a resolution on the Ripple vs. SEC front. US Attorney Jeremy Hogan previously predicted that the case could be concluded before the end of the summer, while Ripple’s CEO stated that the big news could be announced “very soon”.

In the dedicated video below, you can learn more about the demand and why its outcome may lead to greater XRP price volatility:

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