Institutional interest in blockchain-based markets is rising, yet xrp ledger tokenization faces a critical test as tokenized Treasuries sit largely inactive on XRPL. The XRP Ledger currently holds approximately 63% of tokenized U.S. Treasury bill token supply, according to blockchain data from RWA.xyz. However, most of the active trading and transfer volume for these digital securities still takes place on Ethereum and various layer-2 networks, underscoring a widening gap between issuance and usage.