XRP Ledger Tops Ondo Finance Treasury Tokenization
The XRP Ledger has become the largest blockchain by volume for Ondo Finance's tokenized US Treasury product, overtaking both Ethereum and Solana. The shift highlights growing institutional adoption of XRPL for real-world asset distribution.
Yuri Konnov
Ondo's flagship product in this context is OUSG, its tokenized U.S. Treasury fund, which carried a market capitalization of $629 million as of the reporting date — up 27% over the prior month, according to RWA.xyz. Ondo as a platform reported total value locked of $1.3 billion, and its SEC filing described Ondo Global Markets tokenized notes products as the largest tokenized public securities product in the market as measured by the total value of underlying securities, per RWA.xyz. XRPL's $274 million slice of that total represents the single largest chain allocation, ahead of Ethereum and Solana deployments.
The milestone follows a May 2026 pilot in which Ripple, JPMorgan, and Mastercard demonstrated a cross-border tokenized Treasury redemption on XRPL. That transaction settled in under five seconds and involved OUSG directly, according to CoinDesk's reporting on the settlement. JPMorgan's Kinexys platform, which participated in that pilot, has processed over $3 trillion in cumulative transactions, with tokenized deposit volumes across major banks reaching billions of dollars over the past year.
Broader XRPL network metrics reinforce the trajectory. The value of XRPL's representative assets rose 13.68% over the 30 days preceding the report to $3.57 billion, while the number of RWA holders on the network increased 96.43% to 110. Daily transaction volume on XRPL rose 35.3% from the prior quarter to 2.48 million transactions. These figures come from Digital Today's coverage of XRPL asset expansion, citing RWA.xyz data.
The broader tokenized RWA market provides context for the scale of these movements. According to RWA.xyz data cited by The Defiant's coverage of Ondo's XRPL deployment, the total tokenized RWA market surpassed $23 billion in on-chain value — a 3% increase from the prior month — with tokenized Treasuries accounting for over $7 billion of that figure. Ondo's OUSG alone at $629 million therefore represents a meaningful share of the Treasury segment.
Securitize, in a separate industry projection, noted that $400 trillion in assets is set for tokenization over the long term, a figure that underscores the distance between current on-chain volumes and the addressable market that institutional infrastructure providers are building toward.
What the available data does not establish is the precise breakdown of OUSG holdings across individual wallet types — whether the $274 million on XRPL is concentrated among a small number of institutional accounts or distributed more broadly. The 96.43% increase in RWA holder count to 110 suggests the holder base remains narrow in absolute terms. The reporting also does not disclose the fee structures, redemption mechanics, or minimum investment thresholds that govern OUSG access on XRPL, nor does it identify which specific custodians or prime brokers are facilitating institutional on-boarding on the network.
The immediate concrete effect is that XRPL now holds more Ondo-issued tokenized Treasury value than any other blockchain, with $274 million on-chain and OUSG's overall market capitalization at $629 million. What the available sources do not confirm is whether Ethereum or Solana deployments are being actively wound down in favor of XRPL, or whether the XRPL figure reflects net new institutional inflows versus migration of existing positions from other chains.
