OpenEden is gearing up to launch tokenized U.S. Treasury bills on the XRP Ledger.
In Brief
OpenEden has announced its intention to introduce tokenized United States Treasury bills on the XRP Ledger, making them accessible to its community.
This platform focuses on tokenized real-world assets (RWA) investments. OpenEden The initiative aims to bring tokenized United States Treasury bills (T-bills) to the forefront. XRP Ledger (XRPL) and its users.
The XRP Ledger has been meticulously designed to cater to institutional-level financial applications, making it an ideal platform for RWA tokenization and advanced decentralized finance (DeFi). Its features include an Automated Market Maker (AMM), upcoming advancements like Decentralized Identifiers (DID), Multi-Purpose Tokens (MPT), Lending Protocol, and much more. Remarkably, the network has accommodated over 1,000 projects, executed more than 2.8 billion transactions without any security incidents since 2012, and currently supports over 5 million active wallets within a robust validator network of 120.
The collateral behind OpenEden’s TBILL tokens includes short-term U.S. Treasury bills and reverse repurchase agreements, both secured by U.S. Treasuries. Participants looking to mint these tokens must go through comprehensive Know Your Customer (KYC) and Anti-Money Laundering (AML) checks to ensure stringent security and compliance with regulations.
Furthermore, Ripple A commitment of $10 million will be made toward OpenEden’s TBILL tokens, part of a larger fund aimed at tokenized Treasury bills both from OpenEden and other issuers.
The launch of OpenEden’s Tokenized T-Bills on the XRP Ledger signifies a crucial development stage for the project.
The primary focus of this project is to incorporate RWAs into the DeFi space, potentially unlocking immense value. Its Treasury Bills function as a smart contract-based vault, providing participants direct access to an array of short-term U.S. T-Bills as well as overnight reverse repurchase agreements, all managed through the TBILL token. Each TBILL token is pegged one-to-one against U.S. Treasury bills and a small reserve of U.S. Dollars.
Recently, the platform has surpassed an impressive milestone, achieving over $75 million in total value locked (TVL) for its tokenized U.S. Treasury Bills, positioning itself as the largest issuer in Asia.
Jeremy Ng, one of the Co-Founders of OpenEden, remarked that the introduction of tokenized T-bills represents a significant milestone in their roadmap. He anticipates that in the near future, purchasers will have the capability to mint TBILL tokens utilizing stablecoins, including Ripple USD, which is expected to launch later this year. XRP Ledger Please keep in mind that the information shared on this page is not intended to be and should not be construed as legal, tax, investment, financial, or any other form of advice. It’s crucial to invest only what you can afford to lose and seek independent financial guidance if you have uncertainties. For more details, we recommend reviewing the terms and conditions as well as the support information provided by the issuer or advertiser. MetaversePost is dedicated to delivering accurate, unbiased news, though market conditions can change at any time without prior notice.
Disclaimer
In line with the Trust Project guidelines Alisa, a passionate journalist at Cryptocurrencylistings, focuses on cryptocurrency, zero-knowledge proofs, investments, and the broad domain of Web3. With an astute awareness of emerging trends and technologies, she provides in-depth coverage to educate and engage readers navigating the dynamic world of digital finance.
