Tokenization is no longer a concept confined to whitepapers and pilot programs – instead, it is set to reinvent global financial infrastructure. As Ripple and Boston Consulting Group (BCG) highlight in their recent report, asset tokenization will turn static assets into dynamic, programmable tools and pave the way for a $19 trillion market by 2033.
That future takes a concrete step forward today: Ondo Finance’s Ondo Short-Term U.S. Government Treasuries (OUSG) is now live on the XRP Ledger (XRPL). This milestone expands institutional access to one of the most credible, institutional-grade real-world assets onchain—accessible via seamless minting and redemptions with Ripple’s enterprise-grade stablecoin, RLUSD.
A New Era for Tokenized U.S. Treasuries
Ondo Finance continues to lead the way in real-world asset tokenization, with over $1.3B in TVL, now expanding support to the XRPL. OUSG was the first tokenized security to achieve material adoption and, with over $670M in TVL, remains one of the largest tokenized treasury products in the market—alongside offerings from BlackRock and Franklin Templeton. Now, for the first time, Qualified Purchasers can seamlessly subscribe and redeem OUSG on XRPL around the clock, using RLUSD as a stable settlement asset.
OUSG enables permissioned access to tokenized treasuries directly on the XRPL, without the friction of legacy rails or traditional banking hours. With this deployment, Qualified Purchasers and institutions can convert in and out of OUSG using RLUSD, making use of a settlement and liquidity model tailored for capital efficiency. Liquidity commitments from Ripple and Ondo ensure that usage begins with strong momentum, while RLUSD serves as the bridge asset to unlock cross-market utility.
XRPL: Purpose-Built for Institutional DeFi
XRP Ledger’s architecture makes it an ideal platform for bringing traditional assets like treasuries onchain. With its native support for tokenization, built-in decentralized exchange (DEX), and enterprise-ready features such as Decentralized Identifiers (DIDs), XRPL provides the compliance-first infrastructure institutions require.
According to the BCG tokenization report, the most meaningful adoption today is happening with low-risk, high-utility assets like treasuries, especially when paired with scalable infrastructure and compliant on/off ramps. XRPL delivers on that front—offering low fees, fast finality, and a growing suite of tools including upcoming support for Multi-Purpose Tokens (MPTs), a lending protocol, and Permissioned Domains.
Institutional Impact: From Theory to Practice
For institutions managing liquidity, collateral, and cash flow across jurisdictions, OUSG unlocks new possibilities. Traditional capital markets often struggle with fragmented settlement cycles and idle cash buffers. With tokenized treasuries now accessible on XRPL, firms and investors can achieve near-instant redeployment of funds, round-the-clock access, and higher efficiency—all while maintaining compliance and transparency.
SVP of RippleX Markus Infanger says, “Ondo’s OUSG going live on the XRPL demonstrates that tokenized finance is no longer theoretical, it’s maturing in real markets. Institutions can now access high-quality assets like U.S. treasuries on public blockchains, with the compliance and efficiency they need. This represents progress in bringing trusted financial assets into a 24/7 market—enabling greater liquidity, operational efficiency, and faster access to capital.”
Why This Matters for the Broader Market
OUSG’s launch represents more than a single product going live—it’s a model for the future of tokenized finance. While tokenization adoption has accelerated, U.S. Treasuries continue to show strong product market fit, and lead the adoption and growth of tokenized real-world assets. Tokenized U.S. treasuries now exceed $7B in TVL, and are surpassing milestones faster than ever, driven by the adoption of assets like Ondo Finance’s OUSG. Tokenized treasuries deliver capital-efficiency improvements while retaining the ability to be programmable and interoperable with onchain finance.
As tokenization becomes an essential pillar of modern finance, today’s OUSG launch on XRP Ledger marks a pivotal milestone. With trusted assets, compliant rails, and real-time utility, XRPL is rapidly becoming a destination for institutional-grade tokenized finance. And OUSG isn’t just the latest example—it’s one of the most important yet.
For more on the latest global trends, asset classes and use cases fueling tokenization adoption, download the full Ripple and BCG tokenization report.
About Ondo Finance
Ondo is a blockchain technology company. Its mission is to accelerate the transition to an open economy by building the platforms, assets, and infrastructure that bring financial markets onchain. For more information, visit ondo.finance to learn more.
