XRP Ledger adds $2.6B as RWA inflows rank second

The XRP Ledger (XRPL) has seen a major surge in tokenized real-world assets (RWAs), adding around $2.6 billion in value over the past six months, according to data from RWA.xyz. Excluding stablecoins, this growth places XRPL as the second-fastest-growing blockchain for RWA inflows during the period, behind only BNB Chain.

The increase pushed the total value of RWAs on XRPL to approximately $4.38 billion as of July 26. Of that amount, about $4.06 billion is classified as represented assets, while $323 million consists of distributed on-chain assets. When stablecoins are included, the network’s total tokenized asset value exceeds $5.37 billion.

A large portion of XRPL’s growth comes from JMWH, a tokenized energy product issued by Justoken. Valued at roughly $2.23 billion, JMWH represents contracted electricity output and accounts for more than half of XRPL’s total RWA value. Each token represents one megawatt-hour of energy and is tied to real-world energy agreements.

While JMWH contributes significant value to the ledger, it is not actively traded. The token functions mainly as a blockchain-based record of energy contracts rather than a liquid investment product, highlighting the difference between assets recorded on-chain and assets that are regularly bought and sold.

XRPL has also expanded its range of financial products. The network now hosts tokenized Treasury products, credit instruments, and regulated digital money issued by firms such as Ondo Finance, Braza Crypto, OpenEden Digital, and Société Générale-FORGE.

Stablecoins continue to play an important role as well. Ripple’s RLUSD remains the largest stablecoin on XRPL, with nearly $895 million in circulation on the network. Total stablecoin value on the ledger has reached about $995 million, while stablecoin transfer volume over the last 30 days totaled around $4 billion.

Recent developments have also demonstrated how tokenized assets can work alongside traditional banking systems. Earlier this year, a pilot project involving Ripple, Ondo Finance, Mastercard, and Kinexys by J.P. Morgan successfully settled tokenized U.S. Treasury transactions across borders in near real time, showcasing the growing practical use of blockchain-based financial products.

Despite the strong growth in RWAs, analysts note that increasing asset value on XRPL does not automatically translate into higher demand for XRP itself. Many institutional products use the ledger for issuance and settlement while paying only minimal transaction fees in XRP. In addition, stablecoins such as RLUSD can facilitate payments without requiring XRP as a bridge asset.

Still, XRPL’s tokenization ecosystem continues to expand. The network now supports hundreds of tokenized assets, a growing number of holders, and new compliance-focused features designed for regulated financial markets. As more issuers join the platform, the next challenge will be turning this growing asset base into higher levels of trading, transfers, and real-world settlement activity.