XRP Ledger, 134x surge in RWA market..."The market that only trusted Ethereum has been shattered"

▲ XRP

The XRP Ledger has grown 134-fold in 20 months in the Real World Asset (RWA) tokenization market, challenging Ethereum's (ETH) long-held dominance in institutional infrastructure.

According to crypto media outlet BeInCrypto on May 31 (local time), Evernorth presented five trends driving the growth of real-world asset tokenization on the XRP Ledger in its latest report. Real-world asset tokenization is a structure where traditional financial assets such as government bonds, money market funds, and corporate bonds are directly issued on the blockchain. BeInCrypto reported that the XRP Ledger has emerged as a strong contender challenging Ethereum's long-term dominance in this sector.

The first trend is growth speed. It took the XRP Ledger 15 months to reach $400 million in tokenized asset value, while Ethereum took 36 months to reach the same level from a similar starting point. BeInCrypto explained that the XRP Ledger showed a similar speed to Solana (SOL), Arbitrum, and zkSync Era. BNB Chain and Plume grew faster, but each had specific circumstances, such as a single concentrated asset and an already established tokenization market environment, respectively.

The second trend is cumulative growth this year. Among the 14 networks with over $200 million in tokenized assets, the XRP Ledger is growing more than twice as fast as Ethereum this year. Ethereum's growth rate was cited as approximately 35%. While SEI, Plume, and zkSync expanded faster than the XRP Ledger, BeInCrypto pointed out that all three networks had a much smaller starting base, making high growth rates relatively easier to achieve.

The third trend is the concentration of growth. 96% of new tokenization activities on the XRP Ledger over the past year were concentrated within just 20 days. BeInCrypto analyzed this trend as being closer to large-scale capital deployment rather than a steady inflow of individual investors. Conversely, on Ethereum, the share of the top 20 days in annual growth was only about one-third, showing a structure where multiple participants accumulate activity on a smaller scale each week.

The fourth trend is the restructuring of the competitive landscape. The XRP Ledger was previously grouped with Algorand, Mantle, and Aptos as networks targeting institutional and corporate tokenization demand. A year ago, Algorand's tokenized asset volume was 2.6 times larger than the XRP Ledger's, but now all three networks have fallen behind the XRP Ledger. Evernorth stated that while data alone cannot prove that specific assets moved directly between chains, it assessed that the XRP Ledger's relative attractiveness has clearly increased in terms of new issuance.

The fifth trend is the overall growth trajectory. The XRP Ledger's first measurable tokenization metric was $3 million in September 2024, which grew to approximately $404 million 20 months later. This represents a 134-fold increase. BeInCrypto explained that while the XRP Ledger's current scale is still small compared to Ethereum's $18.7 billion, the speed at which it grew from $3 million to $404 million is a key indicator of institutional adoption. The XRP Ledger was designed as a financial market-type infrastructure with 24-hour settlement, 3-5 second finality, costs at a fraction of a cent, native asset issuance, and compliance features, and this structure is aligning with the demand for regulated real-world asset tokenization.

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