The tokenization of precious metals on blockchain networks has emerged as a prominent trend in 2026, part of a broader real-world asset (RWA) tokenization push that has drawn participation from major financial institutions. Ripple's XRP Ledger (XRPL) entered this space as early as 2024, when tokenization firm Meld Gold issued its first batch of tokenized gold shares. The scale of those early efforts remained modest, with roughly a thousand ounces of gold representing a few million dollars in value.

More recently, Assetiko, another tokenization company holding a larger gold reserve, adopted a similar approach. The firm deployed approximately 1,524 authentic ounces of gold to establish an XRP-based reserve valued at $3.08 million. While these figures remain small relative to the global gold market—where tokenized gold products on other blockchains such as Ethereum, including Tether Gold and Paxos Gold, have already reached hundreds of millions in combined market capitalization—they signal growing interest in XRPL as a settlement layer for commodity-backed tokens. Now, gold tokenization initiatives could expand into the billions of dollars—if the United Kingdom opts to build on the XRP Ledger.

Researcher Links UK FCA Moves to XRP Tokenization

Crypto researcher SMQKE published a detailed analysis connecting XRP's tokenization ambitions with the UK Financial Conduct Authority's (FCA) recent regulatory actions.

"Yes, the XRPL can tokenize gold and Ripple is authorized to operate in the UK as an FCA-authorized fintech company," SMQKE stated on X.

Yes, the XRPL can tokenize gold and Ripple is authorized to operate in the UK as a FCA-authorized fintech company.✅ Documented below.📝👇 pic.twitter.com/JZDjyq6Ssx — SMQKE (@SMQKEDQG) August 10, 2026

This analysis highlights a potential alignment between the XRP Ledger and the FCA's broader strategy. The UK reportedly plans to deploy more than 70% of its local gold reserves on-chain, an effort aimed at protecting the country's gold trading dominance amid increasing competition from financial hubs such as Shanghai and Hong Kong. London has historically served as the world's largest over-the-counter gold trading center, with the London Bullion Market Association (LBMA) coordinating a market that clears trillions of dollars annually. Maintaining that position through blockchain-based infrastructure would represent a significant milestone for institutional-grade asset tokenization.

Ripple's UK Regulatory Position

Ripple's standing in the United Kingdom is already well-established. Earlier in 2026, the company secured both an Electronic Money Institution (EMI) license and a Cryptoasset Registration from the FCA. These regulatory milestones have enabled Ripple to progressively scale its payments operations across the UK.

The future of regulated digital assets payments in the UK has arrived! 🇬🇧 Ripple has officially secured approval of both an EMI license and Cryptoasset Registration from the UK's FCA. Who better to explain what it means than our UK and Europe Managing Director @CraddockCJ .… pic.twitter.com/q2xyeJQXEF — Ripple (@Ripple) January 9, 2026

With these regulatory approvals in place, the development of XRPL-based infrastructure for tokenizing the UK's gold market could channel billions of dollars into the expanding tokenization sector. The extent of adoption will ultimately depend on consumer demand and the practical complexities of scaling such infrastructure.