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The growth of $XRP Ledger (XRPL) on the real-world asset (RWA) tokenization market is in the spotlight as the network has overtaken Solana. According to data from RWA.xyz, $XRP Ledger is now the sixth largest blockchain for tokenized assets.
$XRP Ledger RWA tokenization leverage
As showcased by the data platform, the Canton Network is the biggest represented RWA platform in the world, boasting a total of $340.9 billion in tokenized value. This is followed by Provenance, with $15.1 billion, and Ethereum with $14.9 billion.
The top five list is completed by the zkSync Era, with over $2.5 billion in tokenized assets, and BNB Chain with a value of $2.1 billion.
$XRP Ledger has an RWA count of 100, a figure that is even higher than Provenance and zkSync Era, at 1 and 51, respectively. This outlook is a sign that XRPL has grown in its tokenization narrative in the past year.
With its 0.48% market share, $XRP Ledger has the best 30-day growth rate of 268%. This growth comes as a result of its leverage as a product stack in the Ripple Labs ecosystem.
With the firm helping to form the right alliances, it has attracted some of the top traditional financial institutions to adopt its RWA potential. Earlier this week, Ripple partnered with Aviva Investors to drive tokenization on $XRP Ledger.
Biggest $XRP Ledger tokenized product
While traditional financial institutions are adopting XRPL for tokenization, the most visible tokenized product is the Ripple USD ($RLUSD) stablecoin.
The token, backed 1:1 by the U.S. Dollar, is growing as Ripple mints new $RLUSD regularly to push the market cap above $1.5 billion. $RLUSD has even entered the top 50 crypto list, a sign that aligns with $XRP Ledger's tokenization recognition.
Despite being primarily a blockchain payments firm, Ripple has consistently unveiled its plans to take a sizable share of the RWA market in the near future. Beyond $RLUSD, analysts believe $XRP will benefit in the long term as the liquidity flow will have a net benefit.