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RLUSD The US$7.5 billion tokenization market has undergone drastic changes: XRPL overtakes Ethereum and leads the wave of tokenization of physical assets
Recently, the US$7.5 billion tokenization market has undergone a major turning point. XRP Ledger (XRPL), which has long been positioned as a cross-border settlement network, has successfully surpassed Ethereum and become a new leader in the growth of physical commodity tokenization in 2026.
Why did industry giants abandon Ethereum and switch to XRPL?
According to data from Token Terminal and RWA Foundation, the competitive landscape in the tokenization field has changed dramatically. Since the beginning of 2026, XRPL has recorded a net inflow of approximately US$2.2 billion in physical commodity tokenization, ahead of Ethereum, which attracted approximately US$1.6 billion in inflows over the same period.
This data pushes XRPL to the top of the commodity tokenization rankings, marking an important shift in the battle for real-world asset activity. In addition to the top two networks, the gap between other networks has also widened significantly. Avalanche ranked third with a net inflow of approximately $334.5 million, while BNB Chain ranked fourth with a net inflow of only $57.5 million.
Differences in underlying architecture determine competitive advantage
Tokenization essentially converts the ownership of real-world assets such as stocks, bonds, investment funds and even real estate into digital tokens recorded on the blockchain. Proponents believe that this process can improve market efficiency by accelerating settlements, reducing operating costs, enabling round-the-clock transactions, and dividing traditional large assets into smaller, more accessible ownership units.
This shift in the tokenization race reflects fundamental differences in the way the two networks handle asset issues. Ethereum relies on smart contracts and variable Gas fees to create and manage tokenized assets; XRPL builds asset issuance capabilities directly into its core protocol. Its native IOU (I Owe You) feature allows real-world assets to be linked at a transaction cost of less than a penny, and the transaction settlement time takes only about 3 to 5 seconds.
The energy sector becomes a key catalyst for the rise of XRPL
The energy sector is a key driving force for XRPL to surpass Ethereum in commodity tokenization. A large part of the network's liquidity comes from Justoken, a Latin American company that launched JMWH-a tokenized contract tied to electricity production.
RWA.xyz data as of October 5, 2026 highlights the rapid acceleration of XRPL activity. Monthly real-world asset transfer transaction volume surged more than 224 times to a record high of US$7.03 billion; at the same time, the value of representative assets surged 56% to US$4.52 billion in just 30 days.
In addition, the network's stablecoin market has also expanded significantly, with a market value of US$1.25 billion, with the integration of Ripple's native stablecoin RLUSD playing an important role. At the same time, monthly stablecoin trading volumes climbed to approximately US$5.01 billion, highlighting the growing flow of capital through XRPL.
XRPL attracts major RWA participants as tokenization gains momentum
The momentum surrounding XRPL is not limited to the commodity sector, as more and more major players in real-world asset markets are taking advantage of its infrastructure. Franklin Templeton injected $48.3 million into the ecosystem, while Ondo Finance contributed $187.5 million. Middle Eastern developer DAMAC has also used XRPL to tokenize relevant ownership interests in high-end real estate projects in Dubai, including Park Ridge Tower, Prive and J One.
However, Ethereum continues to lead the entire RWA market in total asset value, relying on its dominant position in tokenized U.S. government bonds. But things are changing in the physical assets and commodities space, and XRPL is gaining significant favor from institutional and industrial players.
