XRP Ledger tops Ethereum, Solana with $274M in Ondo treasury assets

XRP Ledger has overtaken Ethereum and Solana to become the largest blockchain by on-chain value for Ondo Finance's tokenized US Treasury fund, reaching $274 million as of June 10.

"XRP Ledger's infrastructure for institutional-grade asset tokenization has proven attractive for protocols seeking reliable settlement," Jason Wu, an on-chain analyst focused on DeFi protocols, said. "The $274 million figure reflects real demand from yield-seeking capital, not speculative positioning."

Ondo Finance tokenizes short-term US Treasuries, offering institutional investors on-chain exposure to government bond yields. The $274 million on XRP Ledger represents the largest share across all chains Ondo supports, surpassing Ethereum and Solana. The milestone comes as the broader tokenized Treasury market has grown to more than $4 billion in total value locked across multiple protocols and blockchains, according to DefiLlama data.

The shift positions XRP Ledger as a serious competitor in the real-world asset sector, a market that has drawn increasing attention from traditional finance firms exploring blockchain-based settlement. RWA tokenization allows investors to trade and settle traditional assets such as Treasuries, credit, and commodities on distributed ledgers, reducing settlement times and operational costs. For XRP Ledger, the Ondo win provides a use case beyond cross-border payments, the network's original focus. The development also pressures Ethereum and Solana to defend their dominance in institutional-grade RWA infrastructure as competition for tokenized asset flows intensifies.

This article is for informational purposes only and does not constitute investment advice.