TLDR
- XRPL holds 62.6% of TBILL token supply but only 0.003% of monthly transfers.
- Ethereum and Arbitrum handle the majority of TBILL token trading and activity.
- XRPL stablecoin volume grew over $1 billion in January, supporting settlement potential.
- Aviva Investors partners with Ripple to explore XRPL tokenized fund structures.
XRPL holds 63% of the circulating TBILL token supply, yet almost none of these tokens are actively traded. While Ethereum and layer 2 networks process millions in monthly transfers, XRPL’s activity remains minimal, raising questions about its role as a venue for tokenized treasuries. Institutional partnerships, like Aviva Investors with Ripple, show interest, but actual usage and settlement on XRPL are still limited compared to other chains.
XRPL Holds Most T-Bill Tokens but Trading Is Minimal
XRPL currently holds 62.6% of the circulating TBILL token supply. That represents 54.41 million tokens out of 86.9 million total. Despite this, the monthly transfer volume on XRPL is only $200. Meanwhile, Ethereum and Arbitrum account for $3.09 million and $3.62 million in transfers respectively.
XRPL just activated Token Escrow
Every escrowed asset requires 0.2 XRP
Scale this across trillions in institutional RWAs and stablecoins
BOOM 💥 pic.twitter.com/dsasi1bmM3
— Jungle Inc Crypto News (@jungleincxrp) February 15, 2026
This split between supply and usage shows that XRPL is largely an issuance or custody venue. Tokens are minted and held, but trading and settlement mainly occur on other chains.
Partnerships and Institutional Signaling
Aviva Investors has announced a partnership with Ripple to explore tokenizing traditional fund structures on XRPL. The project is expected to run through 2026 and beyond. Aviva describes it as tokenized funds rather than T-bills alone.
The partnership signals that XRPL is being considered as a potential venue for regulated fund distribution. A live product with measurable holders and transfer activity would provide further evidence of adoption.
Stablecoins and Settlement on XRPL
XRPL’s stablecoin ecosystem shows a market cap of $424.87 million and monthly transfer volume exceeding $1 billion in January. Stablecoins act as the cash leg for subscriptions and redemptions of tokenized assets.
The growth of stablecoin activity supports the potential for XRPL to handle settlement. However, the minimal movement of TBILL tokens indicates that usage for treasury transfers and collateral is still limited.
Distribution vs. Utility
The TBILL data shows that XRPL has a concentration of token supply but very low utility. This raises questions about the ledger’s role as a venue for tokenized treasuries.
If XRPL can increase transfer volumes and attract additional regulated issuers, it may develop a functional venue. Currently, Ethereum and layer 2s retain the majority of trading and collateral activity, benefiting from established liquidity infrastructure.
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