On-chain data shows that tokenized real-world assets (RWA) on the XRP Ledger (XRPL) experienced explosive growth in 2025, with an annual increase of up to 2200%. The total value jumped from approximately $24.68 million at the beginning of the year to currently $568 million, making it one of the most notable RWA growth examples in the crypto market.
According to rwa.xyz data, as of January 1, 2025, XRPL’s contribution to the global RWA market was still limited, with Ripple’s stablecoin RLUSD accounting for the majority, about $19.6 million, and OpenEden’s TBILL Vault contributing around $5 million. Over time, the RWA ecosystem on XRPL gradually expanded. In February, Montis Group Limited under Archax launched on XRPL, once reaching an asset scale of over $55 million, pushing the total RWA value past $100 million. By April, RLUSD on XRPL grew to approximately $94 million, driving the overall RWA value past $200 million.
In the second half of the year, XRPL’s RWA growth was mainly driven by the expansion of RLUSD, increased scale of OpenEden TBILL Vault, and the launch of new products such as Ondo’s short-term US Treasury fund and Aberdeen Investments’ USD fund. Currently, the total tokenized RWA value on XRPL is about $568 million, with RLUSD accounting for over 50%, approximately $293 million; OpenEden TBILL Vault around $61.46 million, followed by USDB stablecoins from Montis Group Limited and Banza Group. Circle’s USDC launched on XRPL in June, but its current scale remains below $10 million.
Although XRPL saw significant RWA growth in 2025, its overall RWA volume still ranks mid-tier compared to mainstream public chains like Ethereum, BNB Chain, and Solana. However, it is noteworthy that in the past 60 days, XRPL experienced a net capital inflow of about $72 million, while Ethereum and Polygon saw significant capital outflows during the same period. This trend indicates that the long-term potential of XRP Ledger, RWA tokenization, and stablecoin applications continues to attract market attention.
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