Ethereum has emerged as the leader in real-world asset (RWA) tokenization despite the XRP Ledger’s (XRPL) popularity in this sector. This comes amid the rise in tokenization, with institutions bringing their products on-chain.
Ethereum Leads XRP In The RWA Sector
Token Terminal data shows that Ethereum currently leads the XRP Ledger and other networks in the RWA sector, which consists of tokenized stocks, ETFs, and Funds. The market cap of these tokenized assets currently stands at $38.3 billion, with Ethereum accounting for 67% of the market share.
Furthermore, tokenized assets on Ethereum are seeing the most transfer volume. The sUSDS Fund on the network has a transfer volume of $36.4 billion over the last 30 days, the largest among all Funds. sUSDe and syrupUSDT, which are also on Ethereum, boast the second and third-largest transfer volumes over the period, at $10.2 billion and $4.3 billion, respectively.
It is worth noting that Ethereum also specifically leads the way over the Ledger and other networks in tokenized ETFs, stocks, and Funds separately. Further data from Token Terminal shows that Ethereum has a 72.5% market share of tokenized ETFs, 40% of tokenized stocks, and 63.6% of tokenized Funds.
Ethereum also continues to see greater adoption. BlackRock recently picked the network over the XRP Ledger for the launch of two tokenized Money Market Funds. The first fund will be tokenized shares of its BlackRock Select Treasury-Based Liquidity Fund (BSTBL), which will launch solely on Ethereum. Meanwhile, the second fund is the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV), with tokenized shares of this Fund set to launch on multiple chains.
It is worth noting that BlackRock already has a tokenized U.S. Treasury Fund (BUIDL), with Ethereum accounting for $1.2 billion of the Fund’s $2.6 billion in total assets. BUIDL is the second-largest tokenized Treasury Fund after Circle’s USYC.
XRPL Seeing Increased Activity In Tokenization
The XRP Ledger is seeing increased activity despite trailing Ethereum in RWA tokenization. RWA.xyz data shows the network has recorded net flows of $1.4 billion over the last 30 days, the most among all networks, including Ethereum. These net flows are positive, signaling that more value in tokenized assets has moved into the network than has left it.
Notably, the total RWA value on the Ledger has now surpassed $4 billion, up over 50% in the last 30 days. The number of RWA holders on the network has also climbed to 69, up over 137% during this period. However, the transfer volume has dropped to $146 million, down over 27% during this period.
At the time of writing, the XRP price is trading at around $1.36, down in the last 24 hours, according to data from CoinMarketCap.
Featured image from Freepik, chart from Tradingview.com
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