Ondo Finance has launched its short-term US Treasuries token (OUSG) on the XRP Ledger (XRPL), broadening institutional access to real-world assets via blockchain.
The move allows qualified investors to transact OUSG around the clock using Ripple’s enterprise-grade RLUSD stablecoin, bypassing traditional banking hours and legacy settlement rails.
With liquidity support from both Ripple and Ondo, the integration is designed to improve capital efficiency and cross-market functionality. The launch further cements XRPL’s position as a platform for compliant, tokenised financial products.
“Ondo’s OUSG going live on the XRPL demonstrates that tokenised finance is no longer theoretical, it’s maturing in real markets. Institutions can now access high-quality assets like US treasuries on public blockchains, with the compliance and efficiency they need. This represents progress in bringing trusted financial assets into a 24/7 market—enabling greater liquidity, operational efficiency, and faster access to capital,” says SVP of RippleX Markus Infanger.
A recent report by Ripple and Boston Consulting Group predicts asset tokenisation could unlock a US$19 trillion ($24.4 trillion) market by 2033. It also notes that most meaningful adoption today is happening with low-risk, high-utility assets like treasuries, especially when paired with scalable infrastructure and compliant on/off ramps.
XRPL is designed for such use cases, with built-in features like native token support, a decentralised exchange, and digital ID capabilities—all critical for institutions that prioritise compliance and reliability.
See also: OCBC becomes first bank in Singapore to sell bespoke tokenised bonds
“The XRPL has a curated list of functions specifically designed for key financial use cases. They’re aimed at things like credit, tokenised real-world assets, issuing stable coins, and payments… [enabling us to] target the majority of real-world, impactful financial use cases with those functions,” says David Schwartz, Ripple’s chief technology officer, at a media briefing earlier today.
He continues: “[To support more advanced use cases,] we’re looking at adding programmability through what we call extensions. A key advantage of this [combined] approach is that it preserves XRP ledger’s core strengths, which are high speed, low cost transactions and high reliability.”
The launch comes amid rapid growth in the tokenised treasuries market, which now exceeds US$7 billion in total value locked (TVL) globally. Ondo’s OUSG was the first tokenised security to gain material adoption and, with over US$670 million in TVL, remains one of the largest products of its kind alongside offerings from BlackRock and Franklin Templeton.
See also: MAS announces plans to advance tokenisation in financial services
Stablecoins in Asia Pacific
With demand rising for faster and more transparent financial infrastructure, blockchain solutions like stablecoins are playing an increasingly critical role in cross-border payments and treasury operations across Asia Pacific. Spurred by clearer regulations and strong institutional interest, governments in the region are modernising payment systems and expanding access to digital finance. According to the Citi Institute, the stablecoin market could surge as much as 1,500% to surpass US$3 trillion by 2030, underscoring its growing significance in the future of global financial flows.
Ripple is actively building out this ecosystem. In Singapore, its partnership with StraitsX brought the Singapore dollar-backed XSGD to XRPL for instant cross-border transactions. In South Korea, it is working with BDACS to enable secure custody for XRP and RLUSD, paving the way for institutional adoption of digital assets.
Beyond infrastructure, Ripple is also advancing technical education and infrastructure in countries like Singapore, South Korea, and Japan through its University Blockchain Research Initiative (UBRI) to foster innovation and institutional adoption of the XRPL.
These efforts reflect Ripple’s broader push to position XRPL as foundational infrastructure for the region’s next phase of financial innovation, bridging decentralised finance with compliant, enterprise-grade solutions.
