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OpenEden launches tokenized T-Bills on XRP Ledger

News Feed - 2024-08-01 05:08:03

Josh O"Sullivan6 minutes agoOpenEden launches tokenized T-Bills on XRP LedgerRipple invests $10 million in OpenEden’s tokenized T-bills initiative, marking a significant TradFi advancement on the XRPL.48 Total viewsListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksOpenEden, a tokenization platform, has launched tokenized United States Treasury bills (T-bills) on the XRP Ledger (XRPL). 


According 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:$600M XRP token release to bring August crypto unlocks to $1.5BTokenized T-bills


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.“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.”


Related:XRP déjà vu: Is another 60,000% price surge on the horizon?Ripple invests $10 million


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:Why is XRP price up today?$600 million XRP set to unlock in August


In similar news, a total of $1.5 billion in tokens are set to be unlocked in August, including $609 million in Ripple’s XRP tokens.


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.


This can be seen when Ripple relocked 800 million XRP from June 1 unlock, but it sold off around 300 million XRP, currently worth roughly $182.5 million.


Magazine:THORChain founder and his plan to ‘vampire attack’ all of DeFi# Blockchain# Cryptocurrencies# Ripple# Investments# Adoption# XRP# Tokens# DeFiAdd reaction

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