US investment giant Guggenheim has deepened its push into tokenized finance by launching its US Treasury-backed commercial paper product on the XRP Ledger through a $10 million partnership with Ripple.
The move underscores the growing convergence between traditional finance and blockchain networks, particularly as prominent XRP supporters like attorney John Deaton and former Ripple executive Greg Kidd signal increasing confidence in Bitcoin’s long-term role in digital finance.
Guggenheim Expands Digital Asset Push Through Ripple Partnership, Launches Treasury-Backed Commercial Paper on XRP Ledger
US investment management giant Guggenheim is making another major leap into the digital asset space through a new partnership with Ripple. The collaboration will bring Guggenheim’s US Treasury-backed commercial paper offering to the XRP Ledger (XRPL), further signaling Wall Street’s accelerating embrace of tokenized real-world assets (RWAs).
As first reported by Bloomberg, Guggenheim’s subsidiary, Guggenheim Treasury Services, will now offer its fixed-income investment product—fully backed by short-term US Treasurys with customized maturity windows of up to 397 days—directly on Ripple’s enterprise-grade blockchain network.
In support of the launch, Ripple is investing $10 million into the asset, signaling its growing ambitions in the tokenization and RWA sector. Notably, the product may also be purchasable using Ripple’s RLUSD stablecoin, a US dollar-pegged asset that launched in December and has already surpassed $350 million in circulating supply.
RLUSD supply (Source: RWA.xyz)
RLUSD, Ripple’s native stablecoin, currently operates on both Ethereum and the XRP Ledger, serving as a critical bridge asset in Ripple’s broader RWA strategy. The potential integration of RLUSD as a medium of exchange for Guggenheim’s fixed-income products represents one of the most concrete real-world use cases for a stablecoin in a regulated investment context.
The development also follows Ripple’s recent regulatory greenlight for RLUSD from Dubai’s Virtual Assets Regulatory Authority (VARA), hinting at a broader global rollout.
Guggenheim Doubles Down on Tokenization
This isn't Guggenheim’s first venture into tokenized assets. In September 2024, the investment firm tokenized a $20 million commercial paper offering on Ethereum, marking its initial foray into blockchain-based capital markets.
With the new XRP Ledger integration, Guggenheim is diversifying its blockchain footprint while positioning itself as a leader in bringing fixed-income instruments to decentralized platforms.
The announcement aligns with a broader trend across the financial world: the rapid rise of real-world asset tokenization.
Tokenization—representing real-world financial products as blockchain-based tokens—is quickly gaining steam among traditional institutions.
BlackRock, Franklin Templeton, and Fidelity have already rolled out tokenized money market funds, with BlackRock’s BUIDL alone amassing nearly $3 billion in assets onchain via the Securitize platform. Securitize itself has over $4 billion in tokenized assets under management, positioning it as a key infrastructure provider in this evolving market.
Tokenized US Treasurys have amassed more than $7 billion in value (Source: RWA.xyz)
Meanwhile, platforms like Midas are lowering barriers to entry by launching tokenized Treasury products on more scalable blockchains like Algorand. In contrast to BlackRock’s $5 million minimum investment in BUIDL, Midas’ product features no minimums, opening up access to retail and small institutional investors alike.
The democratization of fixed-income markets, long criticized for high entry barriers, is being driven in large part by crypto-native firms who see tokenization as a tool for financial inclusion.
Ripple’s Strategic Pivot to Institutional Finance
Ripple’s latest collaboration also marks a clear strategic pivot toward institutional-grade blockchain finance. While Ripple has long been known for its cross-border payment infrastructure and legal battles with the SEC, the company is now focusing on unlocking new forms of financial utility using the XRP Ledger.
By backing Guggenheim’s product and integrating RLUSD into the purchase process, Ripple is laying the groundwork for a stablecoin-centered ecosystem that facilitates access to tokenized sovereign debt, commercial paper, and other RWA instruments.
This move complements the broader vision held by firms like Jump Crypto, which recently made an undisclosed investment into Securitize, reflecting continued venture capital interest in the RWA infrastructure layer.
As tokenization becomes increasingly mainstream, partnerships like that of Guggenheim and Ripple serve as a bellwether for what’s to come.
The convergence of legacy institutions, compliant stablecoins like RLUSD, and scalable blockchain protocols is rapidly redefining how fixed-income products are issued, accessed, and traded.
With nearly every major asset manager now experimenting with digital representations of RWAs, the Guggenheim-Ripple partnership is more than just another blockchain experiment—it is a signal that the future of finance is being built onchain, one Treasury bill at a time.
John Deaton Reaffirms XRP Holdings Amid Bitcoin Endorsement, Urges Unity in Crypto Community
In related news, John Deaton, the outspoken pro-XRP attorney and former US Senate candidate, has clarified that he holds a “substantial” amount of XRP despite recent praise for Bitcoin. The statement came in response to backlash from members of the XRP community after Deaton shared a social media post endorsing Bitcoin as a long-term investment.
Deaton’s comments stirred a debate among digital asset supporters who interpreted his pro-Bitcoin stance as a shift in loyalty. However, Deaton swiftly addressed the controversy, emphasizing that his belief in Bitcoin’s future potential does not conflict with his commitment to XRP or its broader ecosystem.
Deaton surprised many with his assertion that Bitcoin is now a safer investment at $106,000 than it was at $20,000. While seemingly counterintuitive, Deaton’s reasoning stems from macroeconomic trends and geopolitical signals that he believes validate Bitcoin’s long-term use case.
According to him, the ongoing expansion of government debt and persistent reliance on fiat money printing are catalysts that will continue to support Bitcoin’s ascent as a decentralized store of value.
His perspective echoes a growing narrative among institutional investors: that Bitcoin is increasingly viewed as a hedge against monetary instability, inflation, and sovereign credit risk.
XRP and Bitcoin: Not Mutually Exclusive
While some XRP supporters saw Deaton’s Bitcoin commentary as a slight to the Ripple ecosystem, the attorney was quick to dispel the notion of tribalism in crypto investing.
Deaton urged the community to view XRP and Bitcoin not as competitors, but as complementary assets in a growing digital finance universe.
This view is gaining traction within the broader crypto community as well, especially with figures like Ripple CEO Brad Garlinghouse recently urging XRP supporters to avoid animosity toward Bitcoin advocates.
Garlinghouse emphasized that unifying support across blockchain ecosystems will help the industry gain broader regulatory clarity and institutional acceptance.
Meanwhile, adding another dimension to the story is Greg Kidd, a former Ripple executive, who has announced plans to launch a crypto fund modeled after Strategy’s aggressive Bitcoin accumulation strategy. Kidd is reportedly allocating 1,000 BTC to his fund—a move valued at over $100 million based on current prices.
Kidd’s move demonstrates a broader acceptance of Bitcoin’s role even among Ripple veterans and signals the growing crossover between corporate treasuries and digital assets beyond XRP.
His fund’s structure mimics Strategy’s now-famous approach to treasury management, where the firm has committed billions to Bitcoin to preserve shareholder value amid growing concerns over fiat devaluation.
The Political Dimension: Deaton’s Senate Aspirations
John Deaton’s views are particularly influential given his political ambitions. In 2024, he launched a Senate campaign to represent Massachusetts, pledging to defend crypto innovation and protect the rights of digital asset holders.
His campaign drew support from pro-crypto voters frustrated with the lack of regulatory clarity in the United States. Though he didn’t win the seat, his platform helped raise awareness about the legal challenges faced by XRP and similar assets during the US Securities and Exchange Commission’s (SEC) crackdown on token issuers.
