Ripple’s XRP Ledger is expanding beyond payments to become a settlement and issuance platform for tokenized stocks, money market funds, and on-chain loans, its CTO Emeritus David Schwartz said. Tokenized real-world assets on XRPL grew from $24.7 million to $567.9 million during 2025, then hit $2.325 billion by early 2026. That growth now accounts for 1.53% of the global tokenized real-world asset market.
Asset Value Jumps 95-Fold in Two Years
The ledger saw explosive growth in tokenized real-world assets. It started 2025 at just $24.7 million. By year-end, it surged to $567.9 million. Three months into 2026, the total hit $2.325 billion. That rapid climb makes XRPL a significant player in the tokenized asset space. The market didn’t just grow—it transformed the ledger’s purpose.
Stablecoin Stakes Its Claim
Ripple’s RLUSD stablecoin holds a $1.3 billion market cap as of mid-2025. That ranked it third among U.S.-regulated stablecoins. It’s not just a payment tool. It anchors the ledger’s move into institutional finance. The stablecoin’s size shows real money is flowing into XRPL’s ecosystem.
Protocol Shifts Enable Complex Deals
New technical standards are making sophisticated deals possible. The Multi-Purpose Token standard lets issuers represent bonds and other assets on-chain without custom smart contracts. Each token carries built-in attributes. Meanwhile, XRPL Version 3.0.0 introduced XLS-66, a native lending protocol for institutional fixed-term loans. It uses isolated vaults and automated repayments. But it won’t fully activate without 80% validator approval—a threshold still pending.
Top Issuers Dominate Activity
Three names control most of the action. VERT Capital, RLUSD, and OpenEden accounted for 85.5% of tokenized value on XRPL as of mid-2025. Their deals set the pace for the rest of the network. Now Archax, a U.K.-regulated digital securities exchange, plans to bring $1 billion in tokenized equities and fund units onto XRPL. The pipeline alone could reshape the ledger’s asset mix.
The XLS-66 protocol’s full activation now waits on 80% of XRPL validators to signal approval. Until then, institutional loans remain on hold.
