Ripple’s RLUSD and XRP Ledger Data Now Available for Institutional Insights on RWA.xyz 

RWA Tokenization is Accelerating—And the XRP Ledger is at the Center

The tokenization of real-world assets (RWAs) is no longer just a concept—it’s happening now. Billions of dollars’ worth of RWAs have already been tokenized and projections estimate the value of tokenized assets could reach $16 trillion by 2030. Public blockchains like the XRP Ledger (XRPL) are central to institutions’ ability to bring traditional financial assets onchain. They not only deliver operational efficiency but also enhanced security, verifiable trust, and revenue-generating opportunities.

Tracking this growth, RWA.xyz—the leading analytics platform for RWA tokenization—has now integrated XRPL, enabling live insights into tokenized assets, stablecoins, and network performance data. Through this collaboration with RWA.xyz, institutions, developers, and investors can access real-time analytics on XRPL’s expanding role in the RWA ecosystem.

Bringing Regulated Assets Onchain with Ripple and the XRPL

As institutions recognize the limitations of traditional financial infrastructure, they are increasingly exploring blockchain technology as a faster, more transparent way to bring real-world assets onchain. The XRPL is emerging as a key blockchain in this shift thanks to:

• Efficient, low-cost transactions for tokenized financial products

• Built-in compliance features to support regulated institutional use cases

• Scalability and liquidity tools for RWAs such as stablecoins, commodities, and money market funds

Ripple is driving this evolution by developing institutional DeFi innovations for the XRPL, providing institutions with the features—such as compliance and programmability—needed to tokenize financial assets effectively. As a one-stop shop for digital asset infrastructure, Ripple also provides key services such as custody, payments, and stablecoin solutions like Ripple USD (RLUSD)—helping institutions seamlessly move real-world value onchain in the multi-trillion-dollar digital asset economy.

By integrating the XRPL’s network analytics, tokenized treasuries, and RLUSD stablecoin data into its platform, RWA.xyz now provides a single source of truth for tracking the adoption of real-world assets onchain.

What’s Live on RWA.xyz

RWA.xyz serves as a central hub for tracking, analyzing, and understanding the onchain financial landscape. The platform aggregates key metrics directly from issuers across multiple blockchains, providing institutions, investors, and developers with the data needed to assess market activity, asset performance, and adoption trends.

With the XRPL now integrated into RWA.xyz, users can explore real-time insights across multiple categories of tokenized assets and blockchain activity, including:

• Network performance & liquidity – Transaction volumes, settlement speeds, and liquidity on the XRPL compared to other blockchains.

• U.S. tokenized treasuries – Issuance trends, total value locked (TVL),  and yield metrics for tokenized government bonds and money market funds.

• Stablecoin activity – RLUSD’s market cap and the market cap for stablecoins issued on the XRPL.

RWA Tokenization Growth is Happening—And XRPL is Driving Institutional Adoption

It is still early days for the tokenized finance market, both on the XRPL, and more generally, yet adoption is accelerating.

The XRPL already powers stablecoins, tokenized treasuries, money market funds and more—and now, with live tracking on RWA.xyz. The XRPL is emerging as a prominent public blockchain for tokenizing global financial assets, with institutional-grade issuances already live and coming onchain:

• Archax (UK) – As the first FCA-regulated digital asset exchange and custodian, Archax has brought abrdn’s £3.8 billion Liquidity Fund (Lux) on the XRPL and is seeing increased tokenization demand from custody customers.

• Braza Bank (Brazil) – Braza Bank will issue BBRL, a fully regulated Brazilian real stablecoin on the XRPL, designed to support domestic and international financial transactions with enhanced efficiency.

• Meld Gold (Australia) -  Meld Gold will issue digital certificates on the XRPL, representing fully backed physical gold and silver for seamless trading and settlement.

• Ondo Finance (USA) –  A leading RWA issuer, Ondo is bringing tokenized U.S. Treasuries to the XRPL, backed by the BlackRock USD Institutional Digital Liquidity Fund (BUIDL), which can be minted and redeemed 24/7 using Ripple USD (RLUSD).

• OpenEden (Singapore) – OpenEden is expanding access to tokenized U.S. Treasury Bills on the XRPL, having surpassed $100 million in Total Value Locked (TVL), with Ripple allocating $10 million into its TBILL tokens.

• Société Générale-FORGE (France) – SG-FORGE plans to launch its regulated EURCV stablecoin on the XRPL in 2025. 

As institutional adoption expands, RWA.xyz will enhance its XRPL analytics, providing deeper insights into transaction activity, liquidity, and tokenized financial products. With more issuers and asset managers choosing the XRPL, expect an increasing variety of regulated assets, from tokenized treasuries to stablecoins and institutional-grade instruments.

As the RWA market matures, we expect more institutions will move regulated assets onchain, drawn by the XRPL’s scalability, compliance-ready infrastructure, and efficient settlement mechanisms. Backed by Ripple’s institutional DeFi roadmap, these advancements reinforce the XRPL as a key blockchain for real-world asset adoption. Explore live data on RLUSD and tokenized assets on the XRPL at RWA.xyz, and see why financial institutions choose the XRPL for institutional DeFi.

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In the ever-evolving world of cryptocurrency, regulations are constantly playing catch-up to innovation. A significant development is brewing in the United States that could reshape the landscape of stablecoins regulation, particularly concerning those operating outside U.S. borders. Senator Bill Hagerty’s revised Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS Act) proposal is making waves with its broadened scope, now casting a wider regulatory net over offshore stablecoins. Let’s dive into what this means for the crypto world and what changes are on the horizon.

What’s New in the Revised GENIUS Act and Why Should You Care About Stablecoins Regulation?

According to Fox Business reporter Eleanor Terrett, the updated GENIUS Act isn’t just tweaking the edges; it’s significantly expanding its reach. Originally focused on domestic stablecoin issuers, the revised proposal now extends its gaze to offshore stablecoins. But why is this important, and why now?

Stablecoins, cryptocurrencies designed to maintain a stable value (often pegged to the US dollar), have become a cornerstone of the crypto market. They facilitate trading, provide a safe haven from volatile crypto assets, and are increasingly used in cross-border transactions. However, their rapid growth and potential for systemic risk have caught the attention of regulators worldwide. The U.S., a major player in global finance, is keen to establish a robust framework for crypto regulation, and stablecoins are a key piece of this puzzle.

The revised GENIUS Act is a direct response to these concerns, aiming to bring clarity and control to the often murky waters of offshore stablecoins. Here’s a breakdown of the key updates:

• Enhanced Reserve Requirements: The bill mandates detailed requirements for the reserves backing offshore stablecoins. This is crucial to ensure that these digital currencies are truly stable and can withstand market shocks. Think of it like ensuring a bank has enough cash on hand to cover withdrawals – it’s about maintaining trust and preventing collapses.
• Robust Regulatory Oversight: Expect stricter oversight mechanisms. The act aims to define which regulatory bodies will be responsible for monitoring and enforcing compliance for offshore stablecoins interacting with the U.S. financial system. This could mean increased scrutiny and potential licensing requirements for offshore entities.
• Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) Measures: In today’s global landscape, preventing illicit financial activities is paramount. The revised act incorporates stronger AML and CTF measures to ensure offshore stablecoins aren’t used for illegal purposes. This aligns with global efforts to combat financial crime in the digital age.
• Sanctions Compliance: The bill emphasizes adherence to U.S. sanctions. Offshore stablecoins operating in or with the U.S. will need to demonstrate strict compliance with sanctions regimes, preventing their use in bypassing international law.
• Liquidity and Risk Management: Beyond reserves, the act delves into broader liquidity and risk management frameworks. This suggests a holistic approach to ensuring the financial soundness of offshore stablecoins, looking at their operational resilience and ability to manage various market risks.

Why Focus on Offshore Stablecoins? Understanding the US Stablecoin Policy Shift

The expansion of the GENIUS Act to include offshore stablecoins reflects a growing recognition that the crypto market is inherently global. Simply regulating domestic issuers isn’t enough when digital currencies can easily cross borders. This shift in US stablecoin policy is driven by several factors:

• Global Interconnectedness: The crypto market is not confined by geographical boundaries. Offshore stablecoins can and do interact with the U.S. financial system, necessitating a broader regulatory approach.
• Level Playing Field: By extending regulations to offshore stablecoins, the U.S. aims to create a more level playing field for domestic and international players. This can prevent regulatory arbitrage, where entities might seek to operate outside stricter jurisdictions to avoid compliance.
• Protecting the US Dollar: Many stablecoins are pegged to the U.S. dollar. Ensuring the stability and integrity of these dollar-linked digital assets, regardless of their issuer’s location, is crucial for maintaining confidence in the U.S. dollar’s role in the digital economy.
• Supporting Cross-Border Transactions: While tightening regulation, the GENIUS Act also aims to support legitimate cross-border transactions. The goal isn’t to stifle innovation but to create a framework that fosters safe and compliant international use of stablecoins.

What are the Potential Benefits and Challenges of Expanded Crypto Regulation?

The revised GENIUS Act, with its focus on offshore stablecoins and broader crypto regulation, presents both potential benefits and challenges:

Actionable Insights: What to Watch For Next in Stablecoins Regulation

For those in the crypto space, staying informed about these regulatory developments is crucial. Here’s what to keep an eye on:

• Senate Banking Committee Markup (March 13): As Terrett reported, the Senate Banking Committee is expected to conduct a markup of the bill on March 13. This will be a key event to watch for further details and potential amendments to the GENIUS Act.
• Industry Reactions: Monitor how crypto industry players, both domestic and offshore stablecoin issuers, react to the revised proposal. Their feedback and lobbying efforts could influence the final shape of the legislation.
• Global Regulatory Trends: The U.S. isn’t alone in grappling with crypto regulation. Pay attention to how other major jurisdictions are approaching stablecoins. International alignment or divergence in regulations will significantly impact the global crypto landscape.
• Technological Adaptations: As regulations evolve, expect to see technological innovations aimed at facilitating compliance and navigating the new regulatory landscape. This could include advancements in AML/CTF technologies and transparency tools for stablecoin reserves.

Conclusion: A Significant Step Towards Robust Crypto Regulation

Senator Hagerty’s revised GENIUS Act represents a crucial and expanded step towards establishing a comprehensive framework for stablecoins regulation in the U.S., particularly concerning offshore stablecoins. By addressing key areas like reserves, oversight, AML/CTF, and sanctions compliance, the bill aims to create a safer and more stable environment for digital currencies while supporting cross-border innovation. While challenges remain in implementation and global coordination, this legislative push signals a clear direction: crypto regulation is maturing, and stablecoins are at the forefront of this evolution. Keeping a close watch on its progress is essential for anyone involved or interested in the future of digital finance.

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It has been two weeks since Bybit was hacked to the tune of $1.4 billion by North Korea’s TraderTraitor. Five days later, it was confirmed that the hackers compromised a SAFE Wallet developer, allowing them to alter the wallet’s user interface source code. Now SAFE has released its own preliminary investigation, reconfirming that the wallet smart contract was never compromised, but the user interface was.

SAFE hired Mandiant, the security firm acquired three years ago by Google Cloud for $5.4 billion. The wallet organization also outlined a number of steps it’s taking to shore up security, with Mandiant’s help.

As previously noted, the hackers injected code into the user interface, which only impacted Bybit. While other users would have accessed their wallets with the same compromised code, it did not target them.

SAFE reiterated the need for people with the authority to sign transactions to fully understand what they sign, as highlighted by custody tech firm GK8 in a recent webinar. In the transaction at the root of the hack, one obscure parameter was switched from zero to one, with dire consequences.

Step 1: Hack the developer’s machine

The report is slightly vague about the initial hack of the developer’s machine, partly because the malware was removed. However, Mandiant believes it involved a specific docker project (an executable software container) related to stocks that the developer may have downloaded as a result of social engineering. (Couldn’t the developer confirm this?)

Mandiant cites another recent hack by the same group where they lured a developer into providing technical assistance. To do so, they shared a docker container which was downloaded by the engineer, with the software enabling the hacker to have ongoing access to the workstation.

Step 2: Access the AWS code repository

The hacker compromised the hacker’s machine on Feb 4 and first accessed the Amazon Web Services (AWS) code repository on Feb 5. However, they wanted to have sufficient access to the repository to be able to manipulate it without being noticed. AWS generally advocates multiple authentication methods, so the hackers attempted to add their own Multi-factor authentication (MFA) device, but failed.

They spent the next 12 days monitoring the AWS environment and planning next steps. For accessing a web server including committing code to a repository, AWS provides temporary session tokens which expire after 12 hours by default. The hackers hijacked these tokens in order to insert their own code. They used a virtual private network to do so.

Step 3: Inject the malicious code

The malicious code was injected into the AWS repository for the user interface on February 17. So people were using the hacked code for four days. However, the code was only targeted at Bybit’s wallet address, so it would not have impacted anyone else.

Step 4: Wait to hack. Remove the malware post hack

We already published an article about the specific transaction that was hacked on February 21, which was not part of yesterday’s SAFE report. The hacked code switched a parameter called “Operation” from zero to one, allowing the hackers to do as they wished with the funds.

According to Mandiant, shortly after the hack, the hacker removed the malware. Unix machines keep a log of every command performed, which would have helped to monitor the hacker’s activities, but that log was also wiped clean. Hence, we’re guessing Mandiant mainly used network logs and AWS activity logs. By covering its tracks, the hackers likely hope to re-use some of the same methodology in future breaches.

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