XRPL now hosts roughly 63% of the tokenized U.S. Treasury market by supply, but that lead has not translated into dominant trading activity. Data tracked by RWA.xyz shows that transfers and liquidity for these assets still lean heavily toward Ethereum and several layer-2 networks, leaving XRPL in an uncertain position as the market develops.
The split points to a basic issue in tokenized finance: the chain where an asset is issued is not always the chain where it is actively traded, settled, or used as collateral. Supply concentration tells one story. Usage tells another.
OpenEden’s TBILL gives XRPL a large share of outstanding supply
A large part of XRPL’s position comes from OpenEden’s TBILL token. The product is a vault token backed 1:1 by short-dated U.S. Treasuries, and RWA.xyz data indicates that most of its circulating supply sits on XRPL. That concentration is the main reason the ledger now holds the majority of tokenized U.S. Treasury supply.
Transfer data paints a different picture. On-chain activity for TBILL on XRPL remains limited compared with Ethereum and some layer-2 networks, based on the same dataset. The pattern suggests that issuance and custody may happen on XRPL while actual movement and utility are stronger elsewhere.
Aviva and Ripple add a larger institutional tokenization angle
XRPL’s case for real-world asset issuance also gained attention after Aviva Investors announced a partnership with Ripple. The plan is to tokenize traditional fund structures on XRPL, and Aviva described the effort as a multi-year initiative. In its framing, tokenization is moving out of the experimental stage and toward large-scale production over the next decade.
The partnership is broader than Treasury bills alone. It focuses on traditional fund structures, and the companies have not launched a live tokenized fund product with a prospectus and an eligible investor base. The announcement matters, but the market still lacks a live product that can be measured by holders and activity.
Settlement messaging is clear, while liquidity still favors Ethereum rails
Ripple and its partners have publicly highlighted XRPL’s built-in compliance tools and near-instant settlement as core features for institutional clients. That pitch is aimed at regulated distribution channels rather than DeFi composability. For firms looking at blockchain-based fund distribution and settlement, the positioning is straightforward.
Ethereum and layer-2 networks still hold the advantage in market structure. Participants say those ecosystems already have deeper on-chain liquidity infrastructure for tokenized assets, where Treasury tokens can be swapped against stablecoins and routed through institutional market makers at larger scale. Institutions building lending, collateral, and settlement flows have generally chosen networks where those rails already exist.
At the same time, stablecoin transfer activity on XRPL has been rising alongside these Treasury initiatives. That combination points to a possible operating model for institutions: stablecoins for settlement, Treasury tokens for yield exposure. The model is visible. Its real test is whether assets stay active on the same chain instead of sitting there.
The next 30 to 90 days may show whether balances can turn into usage
Market observers say the next 30 to 90 days may offer clearer signals on XRPL’s path in tokenized Treasuries. The main indicators are whether transfer volumes on XRPL rise enough to better match the ledger’s large balance concentration, whether more regulated issuers launch products there, and whether the Aviva-Ripple effort moves from partnership language to a live tokenized fund with measurable holder counts.
For now, the picture is split. XRPL holds a significant share of supply and is seeing stronger stablecoin activity, while trading, transfers, and liquidity remain concentrated on Ethereum and layer-2 networks. In this market, hosting the asset is one thing. Becoming the place where it is actually used is another.