Link Between Ripple (XRP) and BlackRock Unveiled

Crypto researcher SMQKE has drawn attention to a significant development in the digital asset landscape, stating: “Ripple + ONDO = Ripple BlackRock. Full Circle. Documented.” This assertion follows the January 28, 2025, announcement from RippleX, Ripple’s developer-focused division, confirming a partnership with Ondo Finance.

The agreement brings Ondo’s tokenized U.S. Treasuries (OUSD) onto the XRP Ledger (XRPL), representing a critical intersection between traditional financial assets and blockchain-based infrastructure.

SMQKE’s framing of the event emphasizes the perceived connection between Ripple and BlackRock, given Ondo’s direct involvement with tokenized funds associated with the world’s largest asset manager.

RippleX Announces Tokenized Treasuries on XRP Ledger

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Ripple highlighted the integration’s benefits, including unmatched liquidity and strong security standards, describing the move as a major advancement for on-chain real-world assets (RWAs). The tokenization of U.S. Treasuries on the XRPL broadens the utility of the network beyond payments, extending its capabilities into capital markets.

Ondo Finance’s Role in BlackRock’s Tokenization Ecosystem

Ondo Finance, a firm that has advanced its footprint in the tokenization of traditional financial assets, is closely tied to BlackRock’s digital asset expansion strategy. According to coverage included in the material shared by SMQKE, Ondo has already joined BlackRock’s tokenized fund ecosystem, with inflows surpassing $160 million.

The data provided in the report shows that Ondo’s tokenized U.S. Treasuries have gained consistent adoption and now form a notable segment of the growing tokenized asset market.

This linkage suggests that Ripple, through Ondo, is participating in the same broader ecosystem as BlackRock, lending weight to SMQKE’s statement that the partnership completes a strategic circle of integration.

Craig Phillips’ Background Strengthens Ripple’s Institutional Position

The documentation also includes a profile of Craig Phillips, who currently serves as Director at Ripple. Phillips brings more than 35 years of industry experience, having previously held executive positions at both Morgan Stanley and BlackRock.

Additionally, he was a senior official at the U.S. Treasury Department, where he worked on regulatory framework development and cybersecurity under Executive Order 13772. His deep connections in both finance and public policy strengthen Ripple’s positioning as it works with firms like Ondo to advance the adoption of tokenized financial instruments on XRPL.

Community Response and Utility Considerations

This view reflects a distinction between XRP as a digital asset and the XRP Ledger as a utility-focused blockchain. While the introduction of tokenized treasuries may not immediately alter XRP’s price, the increased activity on XRPL could foster broader institutional use and enhance the adoption of Ripple’s On-Demand Liquidity (ODL) solution.

SMQKE’s assertion of a full-circle moment linking Ripple to BlackRock through Ondo Finance is reinforced by recent developments in the tokenized asset space. With Ondo’s OUSD now operating on the XRP Ledger and supported by Ripple’s stablecoin infrastructure, Ripple continues to deepen its involvement in the tokenization of traditional financial products.

The background of key personnel, such as Craig Phillips, adds further institutional credibility, while the underlying infrastructure gains potential for broader adoption. As the XRP Ledger continues to evolve, partnerships like this suggest a deliberate alignment with major financial institutions and their blockchain strategies.

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