XRPL holds 63% of this T-bill token supply but barely any of the trading, and that’s a problem
Tokenized US Treasuries are near $11 billion, but the chain struggle is shifting from issuance to distribution and utility. Where yield tokens truly sit, how usually they transfer, and whether or not they plug into stablecoin settlement and collateral workflows are what issues.
Last week, XRP Ledger (XRPL) received two alerts that it is attempting to matter in that “venue” battle.
First, Aviva Investors stated 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 supply is skewed towards XRPL: extra of the supply resides there than on Ethereum.
Yet the early exercise knowledge raises a tougher query: is XRPL changing into a 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 checks three credibility checks to determine whether or not XRPL is seeing a actual venue shift or a narrative spike: issuance, distribution and utilization, and monetary utility.
Three credibility checks
Credibility considerations whether or not regulated issuers and asset managers are literally selecting XRPL over crypto-native corporations.
Distribution and utilization ponder whether or not significant balances and transfers reside on XRPL, as a substitute of simply “launched on XRPL” headlines.
Financial 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 Investors and Ripple announced a partnership to tokenize conventional fund constructions on XRPL.
The corporations 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 reside with prospectus, phrases, and eligible traders. Additionally, a rising holder base on XRPL past single-digit wallets, and repeated switch quantity in keeping with settlement, not simply mint-and-sit.
Right now, Aviva’s dedication is a partnership intention and a multi-year construct, not a launched fund on XRPL in the present day.
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 supply is 54.41 million on XRPL, 32.02 million on Ethereum, and smaller quantities on Solana and Arbitrum. That’s roughly 62.6% of TBILL supply sitting on XRPL.
However, 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’s roughly 0.003% of TBILL’s month-to-month switch quantity taking place on XRPL.
It’s a clear instance of “issued and held right here” versus “moved and used there.” This is an early indicator, not “XRPL wins.” It can 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 value 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 supply.
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, but 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 check. TBILL’s complete 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 | Latest | 30D change | Why it issues | Source |
|---|---|---|---|---|
| Tokenized U.S. Treasuries complete worth (class dimension) | $10.00B (as of 01/28/2026) | N/A (public view exhibits 7D: +2.53%) | Sets the TAM for the “venue struggle”: a giant 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 a actual house 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 move, not simply balances—this is the greatest fast proxy for settlement exercise on XRPL. | RWA.xyz XRPL community web page. (RWA.xyz) |
| TBILL supply share on XRPL | 54.41M / 86.90M ≈ 62.6% | — | Shows the place treasury-token stock sits (distribution/custody footprint). | RWA.xyz TBILL token desk (XRPL + complete circulating supply). (RWA.xyz) |
| TBILL exercise share on XRPL | $200 / $6,759,808 ≈ 0.003% | — | The cleanest “utility” check: 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 + complete). (RWA.xyz) |
| Issuer credibility sign | Aviva Investors + Ripple intend to tokenize conventional fund constructions on XRPL (introduced Feb 11, 2026) | — | Answers the first credibility check: a main asset supervisor is signaling XRPL as a goal venue (even when product launch remains to be future-tense). | Aviva Investors press launch. (avivainvestors.com) |
XRPL vs. Ethereum layer 2s countercase
XRPL’s distribution-first posture exhibits 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 as the money leg and treasury tokens as the yield leg.
If establishments choose “boring rails” first, a venue can win by minimizing transferring components, comparable to custody, compliance, predictable execution, even when DeFi depth is thinner early on.
However, liquidity gravity is actual. Tokenized treasuries turn out to be “venues” when they are often swapped in opposition to stablecoins and routed by way of 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 one announcement.
Ethereum’s benefit is that it already has the most mature on-chain liquidity infrastructure, and layer 2s are inheriting that depth whereas decreasing prices.
The collateral loop is the moat. Tokenized treasuries are more and more mentioned as collateral in the broader monetary system.
Reuters reported that the Bank of England is exploring broader acceptance of tokenized property as collateral, and that the European Central Bank is planning round the timing of tokenized collateral.
Ethereum’s benefit is that it already has 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 can that win meaningfully in tokenized treasuries?
If the reply is sure, XRPL turns into a custody and compliance venue the place property sit but do not transfer a lot on-chain. If the reply is not any, XRPL needs to build liquidity and collateral depth quick, which suggests competing instantly with Ethereum’s present infrastructure.
Hype or shift potential? The 30-to-90-day watchlist
A glimpse of a potential 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 check. Stablecoin settlement on XRPL continues to scale, with switch quantity progress monitoring supply progress, supporting “money leg plus yield leg” conduct.
A second regulated issuer follows Aviva, or Aviva progresses from “intention” to a reside tokenized fund product with measurable holders.
However, 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” development, and any Aviva follow-through disclosures.
Right now, the alerts are combined. XRPL has supply skew and stablecoin momentum, but utilization is overwhelmingly elsewhere. Aviva is a credible institutional companion, but the dedication is multi-year intent, not a reside product.
The subsequent 90 days will present whether or not XRPL is constructing a actual venue or simply internet hosting one other issuance narrative, whereas the precise settlement and collateral flows happen on Ethereum and layer 2s.
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