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XRP New analysis questions the claim that "half of the tokenized asset market has stalled"
A new analysis questions the widely circulated claim that "half of the tokenized asset market has stalled." The controversy centered on a token that the vast majority of XRP followers had never mentioned.
A US$2.2 billion token with 19 holders
The token is called JMWH and will be issued on the XRP ledger on January 13, 2026, by a company called Justoken. It represents the megawatt hours of Argentina's energy output. JMWH was worth $861 million when it went public, but had grown to $2.2 billion by the end of May, making it the largest single asset on the XRP ledger and more than all treasury products on the network combined. It has only 19 holders and has recorded zero transfers since its issuance.
According to one analyst, this is not a flaw. JMWH is cast when energy contracts are signed and destroyed when power is delivered. Blockchain serves as a settlement and audit record rather than a trading venue. Justoken chose the XRP ledger because of its settlement design and its compatibility with the Argentine Securities Regulatory Authority (CNV) under the 2025 framework. The company has secured $17.5 million in venture capital and said it currently intermediates nearly $3 billion in the value of tokenized goods through six tokens on two chains. Investors include Bunge, the Buenos Aires Stock Exchange, Visa and Banco Brasil.
Data report behind the report
The broader controversy stems from a research report released in early July based on data from RWA.xyz. The report found that among more than 7000 products, the total value of tokenized real-world assets is US$60 billion. Among them, 56% of products had no transfer activity during the week-a number that spawned news headlines saying "Tokenization stalled." The same report also distinguishes a concept that has been ignored by many reports: It divides tokenized assets into two categories-distributable tokens (traded on public blockchain tracks and transferred between wallets) and representative tokens (used as internal accounting records for assets held off-chain). Approximately US$33 billion in the market belongs to distributable tokens and approximately US$27 billion belongs to representative tokens. For representative categories, the report noted that the lack of transfers reflected the design characteristics of the asset rather than weak demand.
Solana's data presents a different story
In the same week that the myth that "half of the market is dead" spread, Solana reported that trading volume in tokenized stocks reached US$3.47 billion that month, accounting for 96% of all global chain stock transactions. Daily trading volume hit a record high of $683 million. Analysts said both data points-one describing dormant assets and one describing record transaction volumes-were from reliable sources and both described the tokenized market. Differences stem from the design purpose of each asset, rather than flaws in the underlying data.
