Markets News Report Technology
August 01, 2024

OpenEden Introduces Tokenized United States Treasury Bills On XRP Ledger

In Brief

OpenEden unveiled plans to launch tokenized United States Treasury bills to the XRP Ledger, making it available for its users.

OpenEden Introduces Tokenized United States Treasury Bills On XRP Ledger

Tokenized real-world assets (RWA) investment platform OpenEden unveiled plans to launch tokenized United States Treasury bills (T-bills) to the XRP Ledger (XRPL) and its users.

The XRPL is crafted to support institutional-grade financial applications. It offers a solid foundation for RWA tokenization and advanced decentralized finance (DeFi) due to its Automated Market Maker (AMM), upcoming capabilities like Decentralized Identifiers (DID), Multi-Purpose Tokens (MPT), Lending Protocol, and more. Over the past ten years, it has hosted over 1,000 projects, processed more than 2.8 billion transactions without failure or security breaches since 2012, and at present supports over 5 million active wallets with a 120 validator network.

The assets backing OpenEden’s TBILL tokens are invested in short-term United States Treasury bills and reverse repurchase agreements secured by United States Treasuries. Those who mint these tokens undergo rigorous Know Your Customer (KYC) and Anti-Money Laundering (AML) screening to maintain high security and regulatory compliance standards.

Furthermore, Ripple will invest $10 million into OpenEden’s TBILL tokens as part of a broader fund. This fund is designated for tokenized Treasury bills issued by OpenEden and other providers.

OpenEden’s Tokenized T-Bills On XRP Ledger Mark Next Phase Of Project Development 

The project aims to integrate RWAs into DeFi to unlock significant value. Its Treasury Bills represent a smart contract-based vault that offers contributors direct access to a collection of short-term United States T-Bills and overnight reverse repurchase agreements via the TBILL token. This token is backed on a one-to-one basis by short-term United States T-Bills and a minor amount of United States Dollars.

Recently, the platform exceeded $75 million in total value locked (TVL) for its tokenized United States Treasury Bills, establishing itself as the largest issuer in Asia.

Jeremy Ng, Co-Founder of the OpenEden, noted that introducing tokenized T-bills to the XRP Ledger is the next phase in OpenEden development. According to him, buyers will soon be able to mint TBILL tokens using stablecoins, encompassing Ripple USD, when it becomes available later this year.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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