Guggenheim Treasury Services, a subsidiary of investment giant Guggenheim Capital, is expanding its reach into the digital asset space by offering its Digital Commercial Paper (DCP) on Ripple's XRP Ledger (XRPL). This move signifies a growing trend of traditional financial institutions embracing blockchain technology and tokenization to enhance efficiency and accessibility in the market.
The DCP, a tokenized asset backed by U.S. Treasuries, provides institutional investors with exposure to short-term debt instruments through decentralized finance networks. Fintech startup Zeconomy is the issuing partner for the DCP. The digital asset aims to leverage the XRP Ledger's 24/7 trading capabilities, fast settlement times, and low-cost transactions. As part of this collaboration, Ripple is investing $10 million in Guggenheim's DCP program. Moody's has given the product a Prime-1 rating, which is its highest ranking for money market instruments.
This launch on the XRPL marks an expansion of Guggenheim's tokenized debt offerings beyond Ethereum, where the DCP initially launched in September 2024. Currently, around $20.5 million in DCP has been issued on Ethereum, held by two investors with one monthly active address, according to data from real-world asset tracker RWA.xyz.
Guggenheim's strategic move to the XRP Ledger reflects the increasing institutional interest in tokenized real-world assets (RWAs). A Binance study revealed a surge of over 260% in tokenized RWAs in the first half of 2025, climbing from approximately $8.3 billion to over $23 billion. Tokenized private credit, U.S. Treasury debt, and commodities dominate the RWA landscape, collectively accounting for approximately $22.8 billion in market value.
RippleX's Markus Infanger stated that Ripple is also considering making the product available for purchases with Ripple's stablecoin, RLUSD. Since its launch in December, RLUSD's circulating supply has surpassed $350 million and primarily operates on the Ethereum network and XRP Ledger.
The partnership between Guggenheim and Ripple underscores the convergence of traditional finance and crypto-native enterprises. By leveraging blockchain technology, Guggenheim seeks to improve the efficiency, transparency, and accessibility of trading fixed-income products. This initiative aligns with similar moves by other Wall Street giants, including BlackRock and Franklin Templeton, who are also vying for market share in the RWA sector. These firms recognize the benefits of enabling real-world assets to be traded on-chain through tokenization.
The XRP Ledger currently holds a smaller share of the crypto tokenization space, with around $117 million in tokenized assets, excluding stablecoins. In contrast, the total amount of real-world tokenized assets tracked across blockchains is $23.4 billion, primarily concentrated on Ethereum and private networks. However, Ripple is focusing on functionality and is also running pilot tests to connect real estate deeds directly to blockchain tokens, essentially turning homeownership into on-chain entries. According to Ripple and BCG, markets for tokenized assets like DCP will experience exponential growth from $600 million in 2025 to nearly $19 trillion by 2033.
