XRPL holds 63% of the T-bill token supply but barely any of the trading, and that’s a problem

The battleground for tokenized US Treasuries is shifting from issuance to distribution and utility, testing whether XRP Ledger (XRPL) can become a true venue or just an endpoint. While XRPL hosts about 62.6% of the circulating supply of OpenEden's TBILL token, its monthly transfer volume for TBILL is negligible ($200) compared to Ethereum ($3.09 million) and Arbitrum ($3.62 million), indicating assets are being held but not actively used or traded there. This disparity is further complicated by Aviva Investors partnering with Ripple to tokenize traditional fund structures on XRPL, signaling institutional interest in distribution and compliance features. However, the key test for XRPL's viability as a venue is financial utility—whether these assets are used for settlement and collateral flows. Currently, Ethereum and its Layer 2s dominate liquidity and infrastructure, which is crucial for collateral adoption being explored by central banks. The next 30 to 90 days will reveal if XRPL's high custody share translates into meaningful on-chain activity, or if it remains merely an issuance location while trading occurs elsewhere.

(Source：CryptoSlate)