Institutions Favor XRP Ledger for Tokenized Real-World Assets

Evernorth’s analysis shows institutions are increasingly issuing tokenized real‑world assets on the XRP Ledger. The report tracks on‑chain tokenizations such as Treasuries, money market funds and corporate bonds and compares growth across networks.

The XRP Ledger’s tokenized supply rose from an early measurable $3 million in September 2024 to about $404 million in roughly 20 months. Evernorth found the ledger reached $400 million in 15 months from a comparable starting point, while Ethereum required 36 months to hit the same level.

Evernorth placed the XRP Ledger alongside Solana, Arbitrum and zkSync Era for early tokenization growth. Only BNB Chain and Plume scaled faster in the report’s comparison; BNB Chain’s expansion was driven mainly by a single large asset, and Plume launched into a market with an established tokenization model.

Year‑to‑date data in the report show the XRP Ledger expanding at more than twice the rate of Ethereum among 14 networks with more than $200 million in tokenized assets. Evernorth estimates Ethereum’s growth rate at about 35 percent this year. Smaller networks such as SEI, Plume and zkSync recorded higher percentage gains but operate from smaller bases.

The report documents concentrated issuance on the XRP Ledger. Roughly 96 percent of new tokenization activity on the ledger in the past year occurred on 20 days, a pattern consistent with large, treasury‑scale issuances. Each of the three largest inflow days on XRP aligns with a single large issuer bringing significant capital on‑chain. By contrast, Ethereum’s 20 largest inflow days accounted for about one third of its annual growth, reflecting a wider spread of smaller contributions.

Evernorth notes a peer‑group reordering over the past year. Networks previously ahead of the XRP Ledger for enterprise tokenization-Algorand, Mantle and Aptos-now sit behind XRP on the tokenization metric used in the report. A year earlier Algorand was about 2.6 times larger than XRP on the same measure. The report does not trace specific assets moving between chains, only that recent new issuance has favored XRP.

Across the full trajectory analyzed, Evernorth counts roughly a 134‑fold increase for XRP Ledger tokenized supply from the $3 million starting point to approximately $404 million after 20 months. The report describes this as the steepest absolute growth from a comparable starting base among Layer 1 networks in its dataset.

Evernorth attributes several technical features of the XRP Ledger to its appeal for regulated issuers: continuous settlement, transaction finality in three to five seconds, transaction costs measured in fractions of a cent, and native tools for asset issuance and compliance. The report states these characteristics align with requirements for regulated activity on public infrastructure and are consistent with institutional pilots and partnerships now using the network.

The report cautions that on‑chain totals and timing do not capture all contractual or off‑chain arrangements behind issuances, and it does not identify individual institutional participants.