How XRP Ledger Overtook Ethereum and Solana to Lead Ondo Finance’s Tokenized Treasury Business

Key Milestones for the XRP Ledger

1. Ondo’s OUSG Launches on XRPL (June 2025)

Ondo Finance brought its flagship short-term U.S. Treasuries fund, OUSG, to the XRP Ledger in June 2025. For the first time, qualified purchasers could mint and redeem tokenized Treasuries 24/7 using Ripple’s RLUSD stablecoin . The fund was initially backed by BlackRock’s Institutional Digital Liquidity Fund, BUIDL .

At launch, OUSG on XRPL held about $30 million in TVL — a modest figure compared to Ondo’s existing deployments on Ethereum and Solana, which collectively held over $670 million in assets at the time . But the integration marked XRPL’s entry into a market that was about to accelerate sharply: total tokenized Treasuries grew from roughly $5 billion in late 2024 to about $12.88 billion by April 2026 .

2. First Cross-Border Tokenized Treasury Redemption (May 2026)

On May 6, 2026, Ondo Finance announced it had completed the first near-real-time cross-border redemption of a tokenized U.S. Treasury fund with Kinexys by J.P. Morgan, Mastercard, and Ripple . The transaction centered on OUSG: Ondo processed a fund redemption for Ripple directly on the XRP Ledger, while the cash leg traveled through Mastercard’s Multi-Token Network and settled via JPMorgan’s Kinexys blockchain infrastructure to Ripple’s Singapore bank account .

The asset settlement took under five seconds on XRPL . That matters because traditional cross-border Treasury redemptions typically operate on T+1 or T+2 timelines with limited operating hours. The pilot demonstrated that the entire lifecycle — from redemption instruction to on-chain burn to fiat delivery in a different jurisdiction — could happen in near-real-time across banks, not just within a single institution’s internal systems .

3. XRPL Surpasses Ethereum and Solana in Ondo Treasury TVL (June 2026)

As of June 2026, the XRP Ledger held $274–294 million in Ondo’s tokenized Treasury products, making it the leading network for Ondo’s OUSG issuance — ahead of Solana ($209 million) and narrowing the gap with Ethereum’s $1.78 billion across Ondo’s full suite .

This is a narrow lead within a single issuer’s ecosystem, not the overall RWA market. But it signals that a dedicated settlement layer can win specific institutional use cases against much larger general-purpose chains.

XRPL vs. Ethereum vs. Solana: The Broader RWA Landscape

The three chains occupy different positions in the tokenized asset market.

Ethereum remains the dominant chain for tokenized real-world assets overall. As of June 2026, Ethereum holds $16.2 billion in total RWA value, representing 51.8% of the market . An estimated $8 billion of that is in tokenized U.S. Treasuries from BlackRock, Franklin Templeton, Fidelity, and others . Wall Street’s largest asset managers have built their on-chain Treasury infrastructure primarily on Ethereum, and that first-mover advantage is difficult to displace.

Solana is the fastest-growing chain by percentage. Its RWA value surged 218% in 2025 and climbed another 43% quarter-over-quarter in Q1 2026 to reach $2.01 billion . Much of that growth came from BlackRock’s BUIDL fund. Solana’s sub-second finality and near-zero transaction fees make it attractive for retail-facing and high-frequency use cases .

The XRP Ledger is the concentrated challenger. XRPL’s gains are focused on a single asset class (tokenized Treasuries) and a single issuer (Ondo). But that’s a high-value wedge: Ondo is the largest tokenized Treasury platform by TVL, asset holders, and partner integrations . XRPL’s built-in compliance features — including decentralized identifiers (DIDs), KYC/AML tools, and its low-cost infrastructure — make it a natural fit for institutional settlement .

Market Data Snapshot

The overall RWA market expanded from about $21 billion to $27.5 billion in Q1 2026, a 30% increase in three months . The six largest tokenized Treasury products now hold a combined on-chain AUM near $15 billion . XRPL’s $294 million is a small fraction of that total — but its growth trajectory within Ondo’s ecosystem suggests institutional settlement patterns are starting to fragment across chains.

What This Shift Actually Means

It’s tempting to frame XRPL’s Ondo lead as a dramatic power shift in tokenized finance. The reality is more nuanced. Ethereum is still the chain where most tokenized Treasuries live and where Wall Street’s largest institutions prefer to deploy. Solana is still the chain with the most aggressive growth rate across a broad base of RWA categories.

What XRPL has demonstrated is that purpose-built settlement infrastructure can win at the specific task of moving tokenized Treasuries across borders between regulated financial institutions. The JPMorgan-Mastercard pilot wasn’t just a proof of concept — it involved actual fund redemptions, actual fiat delivery to a bank account, and actual settlement finality on a public blockchain in under five seconds.

Ondo’s decision to concentrate its growing Treasury flows on XRPL reflects a strategic bet that cross-border settlement speed, compliance tooling, and integration with existing banking rails matter more for institutional Treasury products than general-purpose DeFi ecosystems. Whether XRPL can replicate this model with other issuers or asset classes remains an open question — but for now, it has carved out a leadership position in one of the most important specific use cases in tokenized finance.