Why XRP Is Gaining Ground in the Tokenized RWA Market Ahead of Ethereum

• The XRP Ledger now boasts $1.44 billion in represented asset value, recording a 266% surge in the past 30 days to rank fourth on the charts.
• XRPL has overtaken most of the major networks, holding over six times more in RAV than Ethereum and twice as much as Avalanche.

The XRP Ledger has continued to gain ground in tokenization and is now one of the world’s largest networks by represented asset value (RAV), overtaking incumbents like Ethereum, Polygon, and Avalanche. According to data from RWA.xyz, XRPL holds $144 billion in RAV, noting a 266% surge in January. It counts 15 real-world asset (RWA) holders, a 15% rise in 30 days, although its 30-day transfer volume has dipped 90% to $10.12 million. Canton ranks first for RWA at a staggering $357.7 billion. As we reported, Canton has emerged as the quiet catalyst for tokenization on Wall Street. In December, DTCC selected Canton to tokenize its custodied US Treasuries, and earlier this month, it emerged that Canton processes $6 trillion in monthly volume. Provenance and ZKSync Era rank second and third at $14.9 billion and $2.3 billion, respectively. Polygon ranks just behind XRPL at fifth with $840 million, while Avalanche’s $715 million place it sixth. Ethereum is ninth with $197 million after recording a 31% dip in January. However, Ethereum’s RWA holders sit at 163,000 while its 30-day transfer volume shot up 92% to $20.45 billion.

Image courtesy of rwa.xyz.

However, it’s important to note that XRP ranks fourth in represented asset value (RAV), not distributed asset value (DAV). On rwa-xyz, RAV is a measure of assets tokenized on a blockchain network but not transferable outside the network. Essentially, these are on-chain records of off-chain assets and can’t be traded peer-to-peer; they are more like digital representations. DAV, on the other hand, is a measure of tokens represented and tradable on-chain. These can be traded P2P and transferred to any supported wallet, and mainly use the underlying blockchain as a distribution layer. Ethereum remains dominant in DAV, where it holds $15.5 billion, seven times more than second-placed BNB Chain. Liquid Network, Solana, and Stellar are the only other networks that have hit $1 billion. On DAV, XRP ranks 10th at $235 million. XRP Ledger Gains Ground in Tokenization XRP Ledger’s sharp rise in RAV indicates that an increasing number of enterprise users view it as more efficient than its peers in representing value on-chain. Justoken is the largest manager on the network at over $860 million, with VERT Capital the other major player. In terms of asset classes, commodities account for $1.1 billion, with private credit at $270 million, while real estate is still a relatively small asset class. Stablecoins are also an important part of XRPL’s tokenization sector. Individually, stablecoins hold the highest total RWA value at $260 million. Data shows that the network has over 34,000 stablecoin holders who transacted $1.13 billion in January. The stablecoin market cap stands at $335 million. As we have previously reported, Ripple has been pushing the adoption of XRPL in tokenization, which it views as an $18.9 trillion opportunity. In her predictions for 2026, Ripple President Monica Long said that this will be the year when the financial industry will adopt tokenization to modernize settlement, as CNF reported. XRP trades at $1.7, dipping 2.8% in the past 24 hours as volume dropped** 23%**.