Tokenization platform, OpenEden has partnered with Ripple to launch Tokenized US Treasury bill (T-bills), a short-term US government debt obligation backed by US Department of the Treasury. Ripple confirmed the development in a press release today.
OpenEden highlights the growing significant of tokenization of real-world assets (RWAs) and how it influences access to decentralized finance(DeFi). According to the statement released, the assets backing the OpenEden’s TBILL tokens are invested in short-dated US T-bills and reverse repurchases agreements collateralized by US Treasuries.
To access the bills, OpenEden said users must complete their KYC and AML screening. This, according to the firm is in adherence to the highest security and regulatory compliance standards. Similarly, Ripple also intend to allocate 10 million USD to OpenEden’s TBILL tokens.
Worth noting that the RippleX Senior Vice President, Markus Infanger described the OpenEden tokenized US Treasury bills as an example of how asset tokenization can be used to drive utility and new opportunities. According to the exec, the arrival of T-bills on XRPL positions the decentralized Layer 1 blockchain as one of the leading blockchains for real-world asset tokenization.
Notably, the XRPL is designed to power institutional-grade financial use cases. It also provides a strong foundation for RWA tokenization and institutional-grade DeFi. Likewise, XRPL features several key functionalities including the Automated Market Maker (AMM), Multi-Purpose Tokens (MPT) capability, Lending Protocol and others.
OpenEden surpasses $75 million in TVL
Recently, the OpenEden surpassed $75 million in Total Value Locked (TVL), thanks to its tokenized US T-bills. This in turn reflects the growing market confidence in its approach to bringing yields from RWAs on-chain. Similarly, the T-bills has emerged as the sole tokenized US treasury product to receive an investment-grade A rating from Moody.
The Co-Founder of OpenEden, Jeremy Ng noted that the firm achieved its stable user-base by attracting a wide range of institutional clients. He added that users will be able to mint the TBILL tokens through stablecoins including Ripple USD when it launches.
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