The XRP Ledger (XRPL) holds approximately 63% of the tokenized US Treasury bill (TBILL) supply, surpassing Ethereum in issuance volume. However, actual trading and transfer activity for these tokens on XRPL is negligible, with most trading volume concentrated on Ethereum and layer-2 networks. Institutional adoption signals, notably from Aviva Investors in partnership with Ripple, highlight XRPL's potential as a regulated distribution venue, though practical usage and liquidity remain key challenges to watch in the coming months.