Ripple and a consortium of major venture capital firms have invested in OpenEden to accelerate on-chain U.S. Treasury offerings. The deal includes a direct $10 million allocation from Ripple to buy OpenEden-based T‑Bills on the XRP Ledger, a move aimed at expanding institutional access to tokenized Treasurys. Real-world assets (RWAs) are off‑chain assets represented on a blockchain as digital tokens.
OpenEden received strategic backing from Ripple alongside Binance Labs, Lightspeed Faction, Gate Ventures and FalconX, positioning the startup to scale its institutional-grade tokenization stack. The platform issues tokenized U.S. Treasuries (TBILL), operates the USDO stablecoin, and has launched a native EDEN token as part of its ecosystem. OpenEden’s structure is presented with external credit signals: an “Investment Grade” assessment from Moody’s and an “A” rating from S&P are cited for its offerings.
Key operational figures reported include projected TVL milestones and yields designed to appeal to treasury managers, DAOs and institutional allocators. USDO is forecast to exceed $100 million by April 2025, TBILLs to top $150 million by October 2024, and a cumulative TVL across products above $531 million, while short-term Treasury yields accessible through the platform are described near 4.01%.
Broader infrastructure and regulatory implications for Ripple
The investment sits within a larger push to build liquidity rails and regulatory paths for tokenized funds. Ripple’s stablecoin RLUSD has been integrated—via a partnership with Securitize—as an off‑ramp for institutional tokenized funds such as BlackRock’s BUIDL and VanEck’s VBILL, enabling on‑chain to stablecoin exchange. RLUSD also supports around‑the‑clock minting and redemption for Ondo Finance’s tokenized Treasuries (OUSG) on the XRP Ledger, reducing time‑of‑day restrictions that affect conventional markets.
Market context frames tokenization as an expanding sector with rising institutional participation. Current market size is noted near $24 billion, with projections pointing to $18.9 trillion by 2033 in base scenarios and up to $30 trillion in high‑case scenarios. Tokenized U.S. Treasuries specifically are reported to have grown 539% from January 2024 to April 2025 and now exceed a $5.6 billion market capitalization, with institutional players comprising roughly 60% of the market.
Regulatory clarity and custody arrangements are highlighted as material to adoption. The financing and integrations are described as dependent on governance, custody models and legal wrappers that allow traditional issuers and asset managers to operate on‑chain while meeting KYC/AML and licensing expectations. Ripple’s activity also extends to tokenization pilots outside Treasurys, including initiatives to tokenize real‑estate titles through custody services in Dubai, indicating a cross‑asset strategy.
The round brings capital, market connections and on‑chain liquidity tools aimed at making tokenized Treasurys operational for institutional users.
