Ripple is building more than another crypto custody product.
Its new partnership with SettleMint connects Ripple Custody with infrastructure for issuing, managing and servicing tokenized assets across their lifecycle. Ripple already positions its institutional custody platform as the foundation for tokenization, trading and other digital-asset services.
The size of the market Ripple is positioning around is striking. Boston Consulting Group estimates digital real-world assets could reach roughly $88 trillion by 2035 in its progressive scenario, representing about 16% of the relevant asset base.
Ripple Is Connecting the Full Tokenization Chain
The bigger angle becomes clearer when Ripple’s recent deals are viewed together.
In August, Ripple invested in ZILO and Licuido, adding regulated transfer agency, issuance and collateral-mobility capabilities to its infrastructure on the XRP Ledger. Ripple said the investments extend its push into digital capital markets rather than functioning as isolated partnerships.
There is already a live institutional example. Aviva Investors launched a tokenized share class of its U.S. Dollar Liquidity Fund on XRPL in July, with Komainu providing regulated custody and Licuido supplying tokenization infrastructure.
That builds on the broader XRP Ledger tokenization infrastructure Ripple is developing for institutions, including custody, tokenized assets and RLUSD-based settlement. Ripple says XRPL is designed to support the issuance, transfer and exchange of real-world assets.
Why the $88 Trillion Figure Matters
The $88 trillion figure does not mean Ripple or XRP will capture $88 trillion.
It represents a scenario for the entire tokenized real-world asset market. What makes Ripple interesting is that it is positioning itself across multiple layers institutions may need if tokenization moves from billions into trillions.
Where XRP Fits
For XRP holders, the connection is more nuanced.
Tokenized assets on XRPL do not automatically create equivalent demand for XRP. RLUSD can serve as the cash settlement leg in institutional workflows, while XRP remains the native asset used within the XRP Ledger.
The stronger argument is ecosystem growth. More institutional custody, tokenized funds, collateral and settlement activity could make XRPL increasingly relevant to regulated capital markets.
That is what makes BankXRP’s “$88 trillion bet” framing powerful: Ripple is building the plumbing today for a market that BCG believes could eventually approach $88 trillion.