TL;DR
- Guggenheim has started issuing its Digital Commercial Paper (DCP) on the XRP Ledger, backed by Zeconomy and with initial liquidity provided by Ripple.
- Until now, DCP had only been available on Ethereum, with $20.5 million issued. Its move to XRPL aims to cut costs and enable uninterrupted trading.
- The RWA market surpassed $23 billion in 2025, with private debt, U.S. Treasury bonds, and commodities accounting for nearly $22.8 billion.
Guggenheim Treasury Services expanded its tokenized debt offering by launching its Digital Commercial Paper (DCP) on the XRP Ledger. This gives institutional investors access to short-term debt instruments backed by U.S. Treasuries, with round-the-clock trading and fast settlement. The initiative is supported by Zeconomy, the fintech responsible for tokenizing and managing the issuance of these assets.
Why XRP Ledger?
Until now, DCP had been issued exclusively on Ethereum, where it launched in September 2024. Since then, $20.5 million worth of this product has been issued, currently held by just two institutional investors and with a single active wallet per month. The move to the XRP Ledger aims to take advantage of its lower transaction fees and ability to run uninterrupted — two essential features for institutional financial products.
The agreement includes a $10 million investment from Ripple in Guggenheim’s debt program, ensuring initial liquidity and operational backing. Asset issuance is managed through Great Bridge Capital Co., a special-purpose vehicle designed to shield assets from potential legal or financial risks. Moody’s has rated the DCP Prime-1, its highest rating for money market instruments.
The Rapid Growth of the RWA Market
This launch comes amid a sharp surge in tokenized real-world assets (RWAs). According to RWA.xyz data, the market has grown over 260% so far in 2025, rising from $8.3 billion to over $23 billion. Private credit, U.S. Treasuries, and commodities lead the segment, with a combined market value close to $22.8 billion.
Traditional firms like BlackRock and Franklin Templeton have also moved into this emerging market. BlackRock currently manages the largest RWA product in the DeFi space with its USD Institutional Digital Liquidity Fund, tokenized via Securitize, with a market cap above $2.8 billion. Guggenheim aims to compete in this space through a multi-chain strategy, combining Ethereum and the XRP Ledger to attract institutional demand
