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SOL 
XRP Dr. Dana Love notes the tokenization trend that is often ignored in mainstream reports.
In a recent video, Love carefully analyzed an asset worth US$2.2 billion on the XRP ledger that has only 19 holders and no transfer activity has been recorded. The asset was not frozen, but was designed as a settlement record rather than a tradable token.
The distinction between settlement tokens and transfer activity
is crucial to understanding the report that "more than half of the assets in the estimated US$60 billion tokenized real-world asset market did not have any transfer activity recorded in a week." Love explained that this apparent inactivity is often misunderstood because the data confuses two fundamentally different types of assets: assets that flow freely on the public chain, and assets whose tokens are used mainly as internal records.
According to Love, JustToken's JMWH token was first issued on the XRP ledger in January 2026, with an initial value of approximately US$861 million, and its value rose to US$2.2 billion by the end of May. The token represents megawatt hours derived from Argentina's energy contract, part of which was allocated to YPF Luz, the power generation electronics company of Argentina's largest energy company.
JMWH tokens are issued when the energy contract is signed; the tokens are destroyed when the agreed electricity is delivered. As Love clarified, these tokens are not used for transactions. Instead, blockchain serves as an auditable settlement record.
"Blockchain is an audit trail in settlement records, not a trading venue."
The latest data cited by the research team showed that of 1289 tokenized assets worth more than $100,000, 910 had no transfers during the observation week. The total value of these sleepy assets is US$32.9 billion. However,$27 billion of that amount is "representative" tokenization, which refers to products designed to remain only within the issuer's platform and not be actively traded.
(Note: YPF Luz is a major energy generation company in Argentina, operating as a subsidiary of YPF, focusing on power generation, transmission and renewable energy projects.)
Asset type, quantity, value and weekly transfer activity
Tokenized assets (value> US$100,000): 1,289, valued at US$60 billion, of which 56% are inactive.
Representative tokenization: -, valued at US$27 billion, is an internal record.
Active trading tokens: -, valued at approximately US$33 billion, are public transfers.
Institutional tokenization and public tokenization
Love's analysis also focuses on financial technology company Figure Technologies and its Providence blockchain. According to reports, the blockchain tracks a $18.3 billion portfolio of U.S. home equity credit lines. These loan products are initiated, securitized and sold to institutional investors, while blockchain is mainly used to provide transaction settlement and record keeping. Providence has no public retail tokens, and they are not as visible as blockchains such as Ethereum, Solana or XRP.
The $18.3 billion figure cited by Providence represents approximately 31% of the entire tokenization market discussed in Love's video. At the same time, Solana reported that its monthly tokenized stock trading volume was US$3.47 billion, accounting for 96% of global chain stock transactions that month.
Despite the staggering volume of tokenization transactions, the report notes that the majority of such products on Solana are synthetic products. Buyers typically receive price exposure rather than legal share ownership.
These findings highlight that high-value settlement systems and internal record-keeping constitute a major part of tokenized assets, while highly active publicly traded tokens represent only a narrow segment of the market.
