Guggenheim taps Ripple's XRP Ledger to offer tokenized commercial paper in RWA push: report
Quick Take
- Guggenheim Treasury Services has expanded its on-chain fixed income asset backed by U.S. Treasuries to the XRP Ledger.
- The same product debuted on Ethereum last September amid increased demand for real-world assets on blockchains.
Guggenheim Treasury Services, a subsidiary of Guggenheim Capital, has launched its Digital Commercial Paper (DCP) on Ripple-affiliated XRP Ledger (XRPL), offering institutional investors exposure to short-term debt instruments through decentralized finance networks, Bloomberg reported Tuesday.
DCP is tokenized and issued by fintech startup Zeconomy. Backed by U.S. Treasurys, the digital asset will leverage the XRP Ledger’s around-the-clock trading capability, fast settlement times, and low-cost transactions. As part of the partnership, Ripple will invest $10 million in Guggenheim’s DCP program, according to Bloomberg.
DCP is offered through Great Bridge Capital Co., a special-purpose vehicle created by Guggenheim Treasury Services to provide bankruptcy-remote services. Moody’s has rated the product Prime-1, its highest grade for money market instruments.
The launch on XRPL expands Guggenheim’s tokenized debt offering beyond Ethereum, where DCP first debuted in September 2024. Roughly $20.5 million in DCP has been issued on Ethereum so far, currently held by two investors with one monthly active address, according to data from real-world asset tracker RWA.xyz.
Guggenheim’s move onto the XRP Ledger reflects growing institutional interest in tokenized real-world assets (RWAs). A study by Binance found that tokenized RWAs have increased by over 260% in the first half of 2025, surging from approximately $8.3 billion to more than $23 billion. Tokenized private credit, U.S. Treasury debt, and commodities currently dominate the RWA landscape, collectively accounting for approximately $22.8 billion in market value, according to RWA.xyz.
Several Wall Street giants, including BlackRock and Franklin Templeton, have competed for market share in the RWA sector. BlackRock's USD Institutional Digital Liquidity Fund (BUIDL), issued through Securitize, currently holds the largest single RWA product in decentralized finance, with a market capitalization of over $2.8 billion, according to data from The Block.
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