Tokenized US Treasuries are near $11 billion, however the chain warfare is shifting from issuance to distribution and utility. The place yield tokens truly sit, how typically they transfer, and whether or not they plug into stablecoin settlement and collateral workflows are what issues.
Final week, XRP Ledger (XRPL) received two indicators that it is attempting to matter in that “venue” combat.
First, Aviva Buyers mentioned it is partnering with Ripple to tokenize conventional fund constructions on the XRP Ledger, framing tokenization as transferring from experiments to “large-scale manufacturing” over the subsequent decade.
Second, OpenEden’s TBILL token provide is skewed towards XRPL: extra of the availability resides there than on Ethereum.
But the early exercise information raises a tougher query: is XRPL changing into an actual RWA venue, or simply one other issuance endpoint whereas buying and selling and collateral gravity stay on Ethereum and layer 2s?
Tokenized T-bills right here imply tokenized fund shares or vault tokens backed by short-dated US Treasuries, held and transferred on-chain.
Stablecoins matter as a result of they’re the money leg for subscriptions and redemptions and the settlement rail that makes “24/7 treasury liquidity” believable.
This story exams three credibility checks to determine whether or not XRPL is seeing an actual venue shift or a story spike: issuance, distribution and utilization, and monetary utility.
Three credibility exams
Credibility considerations whether or not regulated issuers and asset managers are literally selecting XRPL over crypto-native companies.
Distribution and utilization ponder whether or not significant balances and transfers stay on XRPL, as a substitute of simply “launched on XRPL” headlines.
Monetary utility assesses whether or not these property are used for settlement and collateral flows or are principally parked.
Collateral is the place “venue” turns into sturdy.
Aviva and OpenEden
Aviva Buyers and Ripple introduced a partnership to tokenize conventional fund constructions on XRPL.
The businesses explicitly place it as multi-year work “over 2026 and past.” Aviva describes “tokenized funds” and “conventional fund constructions,” not “T-bills solely.” This issues as a result of it is an institutional distribution narrative as a lot as a particular product narrative.
What success would seem like: a named tokenized fund product goes stay with prospectus, phrases, and eligible traders. Moreover, a rising holder base on XRPL past single-digit wallets, and repeated switch quantity in keeping with settlement, not simply mint-and-sit.
Proper now, Aviva’s dedication is a partnership intention and a multi-year construct, not a launched fund on XRPL at this time.
OpenEden’s TBILL vault token is explicitly a T-bill-backed vault token, consisting of short-dated US Treasuries with 1:1 backing, tracked on RWA.xyz.
TBILL’s circulating provide is 54.41 million on XRPL, 32.02 million on Ethereum, and smaller quantities on Solana and Arbitrum. That is roughly 62.6% of TBILL provide sitting on XRPL.
Nonetheless, utilization is the inform. In the identical dataset, TBILL’s month-to-month switch quantity is $200 on XRPL, $3.09 million on Ethereum, and $3.62 million on Arbitrum. That is roughly 0.003% of TBILL’s month-to-month switch quantity taking place on XRPL.
It is a clear instance of “issued and held right here” versus “moved and used there.” That is an early indicator, not “XRPL wins.” It will possibly sign managed distribution, custody preferences, or simply low on-chain velocity.
XRPL scoreboard
The tokenized Treasuries market dimension throughout all chains is $10.7 billion, per RWA.xyz.
XRPL’s share of tokenized treasury worth is most clearly mirrored in TBILL: XRPL holds 54.41 million of the 86.90 million circulating tokens, representing about 62.6% of the TBILL provide.
Ondo’s footprint on XRPL additionally seems as a significant platform line merchandise on the XRPL community desk and is up sharply over 30 days, however that is venue momentum, not class dominance.
Stablecoin settlement rails on XRPL present a stablecoin market cap of roughly $424.9 million, up 6.65% over 30 days, and a month-to-month stablecoin switch quantity of over $1 billion in January, up 34.3%.
Secondary exercise for treasury tokens is the venue take a look at. TBILL’s whole month-to-month switch quantity is $6.76 million, and the chain cut up is extraordinarily uneven.
The query is whether or not these tokens are literally transferring, not simply the place they’re minted.
| Metric | Newest | 30D change | Why it issues | Supply |
|---|---|---|---|---|
| Tokenized U.S. Treasuries whole worth (class dimension) | $10.00B (as of 01/28/2026) | N/A (public view reveals 7D: +2.53%) | Units the TAM for the “venue warfare”: a big sufficient class that custody/settlement venues begin to matter. | RWA.xyz “Tokenized U.S. Treasuries.” (RWA.xyz) |
| XRPL distributed RWA worth | $422.95M (as of 02/12/2026) | +54.76% | Measures whether or not XRPL is changing into an actual dwelling for non-stablecoin RWAs (stock residing on-chain). | RWA.xyz XRPL community web page. (RWA.xyz) |
| XRPL stablecoin market cap | $424.87M (as of 02/12/2026) | +6.65% | Stablecoins are the money leg—with out them, tokenized T-bills can’t be a settlement venue at scale. | RWA.xyz XRPL community web page. (RWA.xyz) |
| XRPL stablecoin 30D switch quantity | $1.19B (as of 02/12/2026) | +57.52% | “Venue” requires circulate, not simply balances—that is the most effective fast proxy for settlement exercise on XRPL. | RWA.xyz XRPL community web page. (RWA.xyz) |
| TBILL provide share on XRPL | 54.41M / 86.90M ≈ 62.6% | — | Exhibits the place treasury-token stock sits (distribution/custody footprint). | RWA.xyz TBILL token desk (XRPL + whole circulating provide). (RWA.xyz) |
| TBILL exercise share on XRPL | $200 / $6,759,808 ≈ 0.003% | — | The cleanest “utility” take a look at: if it doesn’t transfer, XRPL is an issuance/parking venue, not a buying and selling/settlement venue. | RWA.xyz TBILL month-to-month switch quantity (XRPL + whole). (RWA.xyz) |
| Issuer credibility sign | Aviva Buyers + Ripple intend to tokenize conventional fund constructions on XRPL (introduced Feb 11, 2026) | — | Solutions the primary credibility take a look at: a serious asset supervisor is signaling XRPL as a goal venue (even when product launch continues to be future-tense). | Aviva Buyers press launch. (avivainvestors.com) |
XRPL vs. Ethereum layer 2s countercase
XRPL’s distribution-first posture reveals up in how Aviva and Ripple pitch the ledger: “built-in compliance instruments” and near-instant settlement, language that reads like regulated distribution greater than DeFi composability.
That framing issues if establishments prioritize operational simplicity and predictable execution over deep liquidity swimming pools.
XRPL already facilities on funds, and the pure bundle is stablecoins because the money leg and treasury tokens because the yield leg.
If establishments desire “boring rails” first, a venue can win by minimizing transferring components, corresponding to custody, compliance, predictable execution, even when DeFi depth is thinner early on.
Nonetheless, liquidity gravity is actual. Tokenized treasuries change into “venues” when they are often swapped towards stablecoins and routed via institutional market makers at scale.
Uniswap Labs and Securitize’s Feb. 11 integration to make BlackRock’s BUIDL tradable on UniswapX is the Ethereum and layer-2 thesis in a single announcement.
Ethereum’s benefit is that it already has essentially the most mature on-chain liquidity infrastructure, and layer 2s are inheriting that depth whereas lowering prices.
The collateral loop is the moat. Tokenized treasuries are more and more mentioned as collateral within the broader monetary system.
Reuters reported that the Financial institution of England is exploring broader acceptance of tokenized property as collateral, and that the European Central Financial institution is planning across the timing of tokenized collateral.
Ethereum’s benefit is that it already has essentially the most mature collateral plumbing, and establishments constructing settlement and lending flows are defaulting to the place the infrastructure already exists.
The fork to call explicitly: Is XRPL selecting “regulated distribution” over “composable finance,” and may that win meaningfully in tokenized treasuries?
If the reply is sure, XRPL turns into a custody and compliance venue the place property sit however do not transfer a lot on-chain. If the reply is not any, XRPL must construct liquidity and collateral depth quick, which implies competing immediately with Ethereum’s present infrastructure.
Hype or shift potential? The 30-to-90-day watchlist
A glimpse of a possible venue shift might emerge over the subsequent 30 to 90 days if XRPL’s treasury-token switch volumes rise materially and chain-level exercise begins to match the balances.
TBILL is the stress take a look at. Stablecoin settlement on XRPL continues to scale, with switch quantity development monitoring provide development, supporting “money leg plus yield leg” habits.
A second regulated issuer follows Aviva, or Aviva progresses from “intention” to a stay tokenized fund product with measurable holders.
Nonetheless, it turns into hype if balances are static, holder counts stay small, and exercise stays elsewhere. For instance, if TBILL strikes on Ethereum and layer 2s whereas remaining on XRPL.
The watchlist is printable: TBILL chain switch share, XRPL stablecoin 30-day switch quantity, XRPL “distributed asset worth” pattern, and any Aviva follow-through disclosures.
Proper now, the indicators are combined. XRPL has provide skew and stablecoin momentum, however utilization is overwhelmingly elsewhere. Aviva is a reputable institutional accomplice, however the dedication is multi-year intent, not a stay product.
The subsequent 90 days will present whether or not XRPL is constructing an actual venue or simply internet hosting one other issuance narrative, whereas the precise settlement and collateral flows happen on Ethereum and layer 2s.
