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5 Ways XRP Ledger Is Changing the RWA Tokenization Map

The latest report from Evernorth identifies five trends driving XRP Ledger as a serious competitor for tokenized real-world assets, challenging Ethereum's long-standing dominance in this sector.

This article will discuss each trend, what the data actually shows, and why institutions are now quietly choosing XRP.

Speed and Momentum Behind the XRP Ledger Surge

Tokenization of real-world assets is the process of issuing traditional financial assets, such as Treasuries, money market funds, and corporate bonds, directly on the blockchain. Evernorth analyzes how each network has successfully scaled this activity over time.

The first trend discusses pure scaling speed. XRP Ledger achieved US$400 million in tokenized value in 15 months, while Ethereum took 36 months to reach the same level from a similar starting point.

This makes XRP Ledger nearly on par with Solana, Arbitrum, and zkSync Era, chains still considered by many builders as the latest frontier of tokenization. Only BNB Chain and Plume can scale faster, but both are in special situations.

BNB Chain's growth was almost entirely driven by a single centralized asset. Plume entered the market when tokenization strategies were already established, giving it a structural advantage from the start.

XRP Ledger did not enjoy such ease. This network has grown at a frontier pace from the beginning, indicating genuine demand rather than a single distortion catalyst in the growth curve.

The second trend observes momentum over the past year. Of 14 networks with more than US$200 million in tokenized assets, XRP Ledger grew more than twice as fast as Ethereum, which itself grew about 35%.

Networks that grew faster than XRP Ledger this year include SEI, Plume, and zkSync. All three are still at much smaller bases, making percentage growth easier to achieve but difficult to sustain long-term.

Concentrated Growth and Peer Reordering Effects

The third trend reveals the actual growth pattern. In just 20 days, XRP Ledger recorded 96% of the total new tokenization activity over the past year, indicating a commitment on a treasury scale rather than stable retail flows.

Meanwhile, Ethereum shows the opposite pattern. Its top 20 days contributed only about a third of annual growth, as activity spread through hundreds of small contributions each week from a much broader participant base.

Each of the three largest days on XRP Ledger consistently shows a major issuer bringing significant capital into the chain. This pattern aligns with institutional adoption curves compared to retail accumulation.

The fourth trend highlights changes in peer-group structure. Previously, XRP Ledger was on par with Algorand, Mantle, and Aptos as enterprise-focused chains targeting institutional and corporate tokenization segments in the financial market.

A year ago, these three peers held higher tokenization values. For example, Algorand was 2.6 times larger than XRP Ledger in the same metrics, making it a natural reference for corporate issuance activity at that time.

Now, the situation has completely reversed. All peers are now below XRP Ledger, indicating a shift in issuer interest toward enterprise tokenization for the long term.

Evernorth emphasizes that the data does not prove specific assets have moved chains. However, the relative appeal of these networks for tokenization businesses has genuinely changed, and new projects are now more often choosing XRP over their older peers.

Trajectory of 134x and Design for Institutions

The fifth trend looks at the broader journey. The first measurable XRP Ledger tokenization point was US$3 million in September 2024. Twenty months later, it approached US$404 million, a 134-fold increase.

Compared to chains that started scaling in a similar period, Evernorth states that XRP Ledger’s growth curve is the steepest among all analyzed layer-1 infrastructures in the dataset.

The delivery method matters. When compared to Ethereum’s US$18.7 billion, US$404 million may seem small. But viewing it as “from US$3 million to US$404 million in 20 months” better illustrates the network’s development trajectory.

Why is this happening now? XRP Ledger is designed to meet the needs of the financial markets: 24/7 transaction settlement, finality within three to five seconds, costs just a fraction of a cent, and native asset issuance and compliance features.

All these features are highly compatible with regulatory activities on public infrastructure, which could explain why more institutional pilots and partnerships are choosing this network for serious tokenization work.