Are tokenized US Treasuries live on the XRP Ledger?

The full answer

What is OUSG, and when did it go live on the XRP Ledger?

Ripple announced on June 11, 2025 that Ondo Finance’s Ondo Short-Term U.S. Government Treasuries (OUSG) was live on the XRP Ledger [1]. Ondo’s release of May 6, 2026 names the issuer of OUSG as Ondo I LP, a Delaware limited partnership that is not registered as an investment company under the Investment Company Act of 1940 [2]. A Yahoo Finance article of June 10, 2026 describes OUSG as Ondo’s Treasury fund backed by BlackRock’s BUIDL fund, running on the ledger with 24/7 minting and redemption [3].

In the launch post, Ripple put OUSG’s total value locked at over $670 million and called it one of the largest tokenized treasury products in the market [1]. The $670 million describes OUSG as a product. Ondo’s 2026 release says OUSG is issued on more than one public blockchain, including XRPL [2], so that figure is not an XRP Ledger-only amount.

Can you buy tokenized Treasuries with RLUSD?

Eligible buyers can. Ripple’s launch post says Qualified Purchasers can subscribe to and redeem OUSG on XRPL around the clock, using RLUSD as a stable settlement asset [1]. Yahoo Finance reported on June 10, 2026 that OUSG mints and redeems in RLUSD because an institutional product needs a stable, regulated settlement asset, and XRP’s volatility rules it out for that job [3]. According to Ripple’s post of July 23, 2026, RLUSD is issued by Standard Custody & Trust Company, LLC, a trust company chartered by the New York Department of Financial Services [4]. The stablecoin itself is covered on the page about what RLUSD is and what it means for XRP.

Who is allowed to buy OUSG, and can ordinary investors hold it?

Ondo’s May 6, 2026 release states that OUSG tokens have not been registered under the US Securities Act of 1933 and are available solely to persons who are accredited investors under Rule 501 of Regulation D and qualified purchasers under Section 2(a)(51) of the Investment Company Act of 1940 [2]. Ripple’s launch post names Qualified Purchasers as the buyers [1]. Read as written, these terms leave out retail investors who do not meet those US legal definitions.

Has OUSG on the XRP Ledger been used in a real transaction?

Ondo announced on May 6, 2026 the completion of the first near real-time cross-border, cross-bank redemption of a tokenized US Treasury fund, run as a pilot with Kinexys by J.P. Morgan, Mastercard and Ripple [2]. In that pilot Ripple redeemed a portion of its OUSG holdings on XRPL, and Kinexys settled US dollar proceeds to Ripple’s bank account in Singapore, according to Ondo [2]. Ondo’s release says the XRP Ledger processed the asset leg in under five seconds [2]. The full sequence is on the page about the JPMorgan, Mastercard and Ondo redemption. The pilot shows the route works end to end, but Ripple was the party redeeming, so it is not evidence of outside demand.

How much OUSG is on XRPL now compared with launch?

The project’s sources hold no XRP Ledger-only figure for OUSG at its June 2025 launch. The Crypto Basic reported on January 26, 2026 that Ondo accounted for $40.8 million worth of US Treasuries on the XRPL [5]. On July 24, 2026 the same outlet listed the Ondo Short-Term US Government Bond Fund at $222 million, within a $5.35 billion XRPL total that includes represented assets and stablecoins [6]. The July figure uses a different fund name and sits inside a total that includes represented value, so the two numbers may not measure the same thing and should not be read as a growth rate.

For all issuers together, Yahoo Finance reported on June 10, 2026 that tokenized Treasuries on XRPL were roughly $50 million a year earlier, reached $418.5 million by April 21, 2026 according to an Evernorth dataset, and showed above $537 million on rwa.xyz before April ended [3]. The same article says the total has eased back since, and that transfer volume reached $352.3 million in the first four months of 2026, against $70.1 million for the whole of 2025 [3].

Which other tokenized Treasury or money-market funds are issued on XRPL?

Yahoo Finance reported on June 10, 2026 that Zeconomy brought Guggenheim’s tokenized commercial paper to the network, that OpenEden issues there too, and that Archax has publicly committed to bringing $1 billion in tokenized assets onto XRPL by mid-2026 [3]. Yahoo Finance reported that Zeconomy brought Guggenheim’s tokenized commercial paper to the network. Archax has publicly committed to bringing $1 billion in tokenized assets onto XRPL by mid-2026, according to a secondary source; it is a commitment, not a confirmed outcome. The separate page on what DBS and Franklin Templeton are doing with RLUSD covers a tokenized money-market fund tied to RLUSD. How these totals compare with other networks is on the page about XRP Ledger activity against Ethereum, Solana and Stellar.

Does buying tokenized Treasuries on XRPL use XRP?

The strongest critique is that it barely does. Yahoo Finance reported on June 10, 2026 that buying a tokenized Treasury on XRPL does not require buying XRP, and that in the JPMorgan pilot RLUSD did the bridging, the banks handled the cash leg, and XRP covered the network fee [3]. crypto.news wrote on July 8, 2026 that the instrument that carried the money in that settlement was RLUSD [7]. The same article says the market has learned to discount announcements in which Ripple is both counterparties [7]. The case for and against a link to XRP is set out on the page asking whether tokenization on the XRP Ledger creates any demand for XRP.

What is still missing for deeper Treasury liquidity on XRPL?

Yahoo Finance reported on June 10, 2026 that most of XRPL’s headline RWA figure is represented, leaving the distributed portion at around $385 million, and that Treasuries sit in the distributed bucket, held and moved by investors [3]. A Yahoo Finance article reported that the total represented value of tokenized real-world assets reached a record $4.46 billion, up 103% from Q1, while the value of freely transferable, distributed RWAs declined 5% to $386.1 million [8]. A protocol that had entered validator voting in January was still in testing and not live as of the Yahoo Finance report [3]. Whether tokenized funds can already be turned into cash or credit is covered on the page asking whether tokenized Treasuries and funds can be used as collateral, and the way XRP, RLUSD and Treasuries sit together is on the one-ledger stack page.