Ondo Finance Hits Record $1.36B TVL Amid Ripple Collaboration to Tokenise U.S. Treasuries

In a major leap for institutional decentralised finance (DeFi), Ondo Finance (ONDO) has reached a new milestone, reporting an all-time high Total Value Locked (TVL) of US$1.36 billion, up by US$20 million from its previous peak. The surge comes amid a high-profile collaboration with Ripple, aimed at revolutionising the tokenisation of U.S. Treasury bonds.

This partnership enables 24/7 access and redemption of tokenised U.S. Treasuries through Ripple’s upcoming USD-backed stablecoin (RLUSD), integrated directly into the XRP Ledger (XRPL). The move is designed to provide real-time settlement, enhanced liquidity, and cost-efficient access to traditionally slow-moving financial assets.

Powered by BlackRock's BUIDL Fund

The integration is backed by BlackRock’s BUIDL fund, underscoring growing institutional interest in real-world assets (RWAs) and blockchain-based infrastructure. This development positions Ondo as a cornerstone in the institutional DeFi space, offering seamless bridges between traditional finance and crypto-native ecosystems.

While token holders currently see limited direct revenue, the growth of Ondo’s TVL and its expanding network partnerships highlight a strong strategic positioning in the long-term vision of DeFi. The market clearly took notice — Ondo’s market capitalisation recently hit US$2.82 billion, with daily trading volume around US$167 million.

XRPL’s Role as a Tokenisation Hub

For Ripple, this collaboration significantly strengthens XRPL’s position as a go-to chain for asset tokenisation. Designed for speed, low fees, and interoperability, XRPL now becomes home to tokenised U.S. Treasuries — a major step towards integrating regulated, yield-generating traditional assets into the crypto world.

David Schwartz, Ripple’s CTO, previously stated the XRPL is built to support a broad range of tokenised assets beyond XRP itself, including stablecoins, real-world assets, and lending protocols. This Ondo integration directly supports that vision and expands the XRPL ecosystem with one of the most in-demand assets in global finance.

The Bigger Picture: DeFi Meets TradFi

The Ondo-Ripple partnership is a sign of broader shifts underway in finance. As regulators warm up to tokenisation and institutional players look for blockchain-based efficiencies, platforms like Ondo and XRPL are well-positioned to capture demand. From cross-border payments to 24/7 on-chain bond trading, the DeFi landscape is evolving rapidly — and Ondo is helping lead the charge.

This record-breaking TVL milestone is not just a technical win; it's a vote of confidence from the market, signalling growing appetite for secure, compliant tokenised financial products.

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