United

DeFi

when

THORChain

OpenEden, a tokenization platform, has launched tokenized United States Treasury bills (T-bills) on the XRP Ledger (XRPL).&nbsp;
<a href="https://ripple.com/ripple-press/openeden-introduces-tokenized-us-treasury-bills-onto-the-xrp-ledger/?utm_campaign=" target="_blank" rel="noopener nofollow">According</a> to a Ripple press release, the platform’s TBILL tokens are backed by short-term US government T-bills and reverse repurchase agreements collateralized by US Treasurys.
Minters of the tokens will be subject to Know Your Customer (KYC) and Anti-Money Laundering (AML) screening to ensure security and regulatory compliance measures are maintained.
This marks the first time a traditional finance (TradFi) instrument has been made available on a decentralized platform.
Related: <a href="https://cointelegraph.com/news/xrp-token-unlock-600-million-bring-august-crypto-unlocks-billion">$600M XRP token release to bring August crypto unlocks to $1.5B</a>
<h2 data-ct-non-breakable="true" id="tokenized-t-bills">Tokenized T-bills</h2>
The press release explains that the tokenized T-bills on the XRPL demonstrate “how institutional access to decentralized finance (DeFi)” is being driven by the tokenization of real-world assets (RWAs).
Markus Infanger, senior vice president of RippleX, explained that the tokenized T-bills represent an example of how RWAs are being tokenized “to drive utility and new opportunities.
<blockquote data-ct-non-breakable="true">
 “Institutions are increasingly looking at where to tokenize their real-world assets, and the arrival of T-bills on the XRPL powered by OpenEden reinforces the decentralized layer-1 blockchain.”
</blockquote>
Related:<a href="https://cointelegraph.com/news/xrp-another-60-000-price-surge-on-the-horizon"> XRP déjà vu: Is another 60,000% price surge on the horizon?</a>
<h2 data-ct-non-breakable="true" id="ripple-invests-10-million">Ripple invests $10 million</h2>
OpenEden’s initiative attracted significant support from Ripple, which invested $10 million in the decentralized platform’s TBILL tokens and future tokenization efforts.
Ripple’s investment is part of a broader strategy to support the tokenization of TradFi assets on the XRPL, a ledger built “to power institutional-grade financial use cases.”
Related: <a href="https://cointelegraph.com/news/why-is-xrp-price-up-today">Why is XRP price up today?</a>
<h2 data-ct-non-breakable="true" id="xrp-worth-600-million-set-to-unlock-in-august">XRP worth $600 million set to unlock in August</h2>
Meanwhile, a total of $1.5 billion in tokens are set to be unlocked in August, <a href="https://cointelegraph.com/news/xrp-token-unlock-600-million-bring-august-crypto-unlocks-billion">including $609 million in Ripple’s XRP tokens</a>.
Despite unlocking 1 billion tokens on the first day of each month since 2017, Ripple may be considering re-locking much of its newly released XRP (<a href="https://cointelegraph.com/xrp-price-index">XRP</a>).
Ripple relocked 800 million XRP from its June 1 unlock, but it sold off around 300 million XRP, currently worth roughly $182.5 million.
Magazine: <a href="https://cointelegraph.com/magazine/thorchain-founder-jp-thor-vampire-attack-defi/">THORChain founder and his plan to ‘vampire attack’ all of DeFi</a>

OpenEden launches tokenized T-Bills on XRP Ledger

Table of Contents

Cointelegraph

Other articles published on Aug 1, 2024

Ethereum Tokens Like Rollblock Are Exploding In Price But Layer 2 Solutions OP and ARB Down Over ...

Will PePe Moonraker ($PMRK) Outperform Ponke’s 9.83% Weekly Surge? Secure Your Presale Tokens Today!

US Gov Crypto Reserves Reach Record High: Examining America’s Digital Assets Valued at Over $220 ...

GOMINING Token Now Available on BingX Exchange (1 Aug)

Chainlink Price Analysis: Can LINK Bulls Overcome Bearish Pressure?

Pepe Price Plunges as Whale Activity Surges: What’s Next For PEPE?

Join our free newsletter for daily crypto updates!