The XRP Ledger (XRPL) currently holds about 63% of the tokenized US Treasury bill (TBILL) supply, surpassing Ethereum in issuance volume. According to NS3.AI, despite this dominance, actual trading and transfer activity for these tokens on XRPL is minimal, with most trading volume occurring on Ethereum and layer-2 networks. Institutional adoption signals, particularly from Aviva Investors in collaboration with Ripple, underscore XRPL's potential as a regulated distribution platform. However, practical usage and liquidity remain significant challenges to monitor in the coming months.