Ondo Finance, a decentralized finance platform focused on real-world assets, has launched its tokenized money market fund on the XRP Ledger to broaden access for qualified and institutional investors.
Known as the Ondo Short-Term U.S. Government Treasuries, or OUSG, the onchain product will integrate Ripple’s U.S. dollar-backed stablecoin RLUSD for subscriptions and redemptions, according to a Wednesday announcement.
Launched in January 2023, OUSG is one of the largest RWAs in DeFi, with a market capitalization of $692 million, according to The Block’s data dashboard. Data from analytics provider RWA.xyz ranks Ondo’s asset among the top three tokenized U.S. Treasuries, behind funds from BlackRock and Franklin Templeton.
The XRP Ledger marks the fourth blockchain to support Ondo’s OUSG, following earlier deployments on Ethereum, Polygon, and Solana. Recently, several institutions have also chosen XRP Ledger for similar decentralized RWA asset projects.
Last November, Ripple partnered with U.K.-regulated exchange Archax to launch the ledger’s first tokenized money market fund. A Guggenheim Capital subsidiary launched its Digital Commercial Paper on XRPL this week.
Although XRPL currently accounts for only a fraction of the roughly $23 billion in total tokenized onchain RWA value, recent integrations suggest growing institutional interest, driven by the ledger’s ability to offer 24-hour accessibility and fast settlement times. Companies and issuers continue to leverage blockchain for digitized assets, thereby eliminating liquidity friction and the limited trading hours associated with legacy platforms.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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