Guggenheim chooses Ripple’s XRPL for latest tokenized commercial paper issuance

Guggenheim Partners is bringing its Treasury-backed fixed-income product to the XRP Ledger (XRPL) through a new partnership with Ripple, Bloomberg News reported on June 10.

Guggenheim Treasury Services, a subsidiary of the investment giant, will offer tokenized US commercial paper with customized maturity terms of up to 397 days on XRPL.

The product is fully backed by US Treasurys and aims to provide institutional-grade fixed-income exposure in a tokenized format. The development comes amid rising institutional interest in Ripple’s network.

As part of the agreement, Ripple will contribute $10 million to the asset, marking a strategic investment aligned with its push to expand real-world asset (RWA) tokenization across decentralized ecosystems.

The fixed-income product may also become available for purchase using RLUSD, Ripple’s US dollar-pegged stablecoin. Since its debut in December, RLUSD’s supply has surpassed $300 million and operates across both the Ethereum network and the XRP Ledger.

The partnership builds on Guggenheim’s earlier foray into blockchain finance. In September 2024, the firm tokenized $20 million worth of commercial paper on Ethereum (ETH), a move that marked its first experiment with on-chain debt instruments.

That initiative laid the groundwork for broader exploration into how blockchain can streamline issuance, settlement, and access to short-term credit products.

Tokenized Treasurys and money market funds are gaining traction as asset managers seek to modernize distribution and settlement.

Industry leaders including BlackRock and Franklin Templeton have launched blockchain-native versions of cash-equivalent funds, while tokenization platforms such as Securitize are lowering entry barriers for investors.

As of the end of March, the RWA market has now surpassed $10 billion in total value locked, with tokenized US Treasurys accounting for the vast majority of it.

The Ripple-Guggenheim partnership represents a broader shift as financial incumbents look to integrate blockchain for greater transparency, efficiency, and accessibility in the fixed-income market.

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