The XRP Ledger added about $2.6 billion in tokenized real-world asset value over the past six months, excluding stablecoins, according to data from RWA.xyz.

The increase placed XRP Ledger, or XRPL, second among tracked blockchain networks for net real-world asset inflows during the period. BNB Chain ranked first with about $3 billion in additions, while Stellar followed XRPL with roughly $2.1 billion.

The gain lifted XRPL’s combined distributed and represented RWA value to about $4.38 billion on July 26. The RWA.xyz dashboard showed $323.21 million in distributed assets and $4.06 billion in represented assets. The network also held $995.12 million in stablecoins, bringing its broader total above $5.37 billion when those tokens are included.

Tokenized real-world assets cover blockchain-based records or issued tokens tied to offchain instruments such as commodities, credit, Treasuries or payment assets. On XRPL, the latest growth is heavily shaped by how RWA.xyz separates represented assets from distributed assets, a distinction that affects comparisons with networks where more value is issued and transferred directly onchain.

JMWH alone represents $2.23 billion, making tokenized energy the largest real-world asset category on XRPL by value. Most of the ledger’s RWA value is represented rather than distributed, while distributed assets currently total only about $323 million.

XRPL rises in tokenized asset rankings

The six-month figures put XRPL ahead of several larger smart-contract networks for newly added tokenized asset value. Solana added about $1.6 billion over the period, while Avalanche drew roughly $972 million. Ethereum remained the largest venue for distributed tokenized assets, but its net increase during the same measured period was lower, at about $424 million.

The latest rise extends a trend that appeared earlier in 2026. XRPL moved into sixth place in the tokenized RWA rankings in February after adding $354 million in one month. A crypto.news report in July found that tokenized assets on the ledger had exceeded $3 billion as developers added compliance tools, permissioned trading and proposed lending features.

Those compliance and access-control features are relevant because many RWA issuers need to restrict who can hold or trade certain assets. Public blockchains can record settlement and ownership data, but regulated financial products often require identity checks, transfer limits or permissioned markets before institutions can use them at scale.

Tokenized energy accounts for most XRPL RWA value

Justoken’s JMWH product represents the largest share of XRPL’s RWA value. RWA.xyz valued the represented commodity asset at $2.229 billion on July 26. Each JMWH token represents one megawatt-hour of contracted energy output. The issuer mints tokens against energy agreements and burns them after the electricity is delivered and consumed.

The asset also illustrates why represented value and active onchain liquidity are different measures. RWA.xyz recorded only 19 JMWH holders, one active address over 30 days, no monthly transfers and no monthly transfer volume. As a result, the token functions mainly as a blockchain record for energy contracts rather than as a widely traded asset. JMWH alone accounts for about 51% of XRPL’s total RWA value.

Justoken said it had tokenized more than $2.84 billion in total value across its products. In March, the company announced an energy tokenization project with Argentina-based power producer YPF Luz using the XRP Ledger. The broader product connects blockchain records with contracts for electricity generation and consumption.

Distributed assets and stablecoins expand on XRPL

XRPL’s distributed asset segment remains much smaller than its represented asset segment, but several financial products now operate on the network. RWA.xyz listed about $323 million in distributed assets. Ondo Finance, Braza Crypto, OpenEden Digital, Société Générale-FORGE and other issuers contribute to this category through tokenized Treasuries, credit products and regulated digital money.

Ripple’s RLUSD remains the largest stablecoin on XRPL. RWA.xyz showed about $894.7 million in RLUSD on the network, while all XRPL stablecoins totaled about $995.12 million. Braza Crypto ranked behind RLUSD with products worth about $83.4 million. Stablecoin transfer volume reached $4 billion over 30 days.

Stablecoins matter to tokenized asset markets because they can provide the cash leg for subscriptions, redemptions and settlement without requiring users to leave blockchain rails. On XRPL, the stablecoin total is separate from the non-stablecoin RWA figure, but the activity around RLUSD and other payment tokens shows how cash-equivalent instruments sit alongside tokenized funds and represented commodities.

A May pilot also tested how tokenized funds can connect XRPL with bank payment rails. As crypto.news reported, Ripple redeemed part of its holdings in Ondo Finance’s OUSG Treasury product on XRPL. Mastercard sent settlement instructions to Kinexys by J.P. Morgan, which moved U.S. dollars to Ripple’s Singapore bank account.

Ondo said the asset leg settled in under five seconds. Ondo Finance President Ian De Bode called it the “first time tokenized U.S. Treasuries have settled across borders and banks in near real time.” The transaction combined a public blockchain asset transfer with traditional bank settlement.

RWA growth does not mean direct XRP demand

RWA growth measures the value of assets recorded or issued on the ledger. It does not show how much XRP investors purchased or how often they used the native token. Most institutional products can use XRPL for issuance and settlement while paying only small network fees in XRP. Stablecoins such as RLUSD can also handle the cash side of transactions without using XRP as a bridge asset.

The asset mix is also important when comparing networks. Represented assets refer to offchain holdings or contracts recorded on a blockchain, while distributed assets are issued and held more directly onchain. XRPL’s represented value accounts for more than 92% of its non-stablecoin RWA total. JMWH alone drives more than half of that figure.

Even so, XRPL has added more issuers and asset types during 2026. Its RWA count reached 373, while the number of tracked holders rose 14.29% over 30 days to 176. The ledger’s stablecoin holders reached about 60,080. Those figures indicate a broader tokenization base, although ownership remains concentrated in several products.

Ripple and XRPL developers are also building infrastructure for regulated markets. Crypto.news reported that permissioned domains, credentials and a permissioned exchange layer now support identity-based access rules on the public ledger. Proposed lending standards could add fixed-term credit products if validators approve them. The next stage will depend on whether issuers turn the growing asset base into regular transfers, trading and settlement activity.