XRP Ledger Tokenized U.S. Treasuries Surge 8x Amid RWA Growth

XRP is gaining increasing institutional attention, particularly in the field of real-world asset tokenization, as recent data demonstrates.

This is crucial for the XRP ecosystem, especially given the potential of RWA tokenization. BlackRock CEO Larry Fink believes that one day everything will be tokenized, and another industry leader, Bitwise CIO Matt Hougan, shares the same view.The market size is projected to reach $200 trillion..

Therefore, XRP's growing appeal in this field signals a promising future, enhancing both its practicality and relevance while promoting wider adoption.

• Evernorth's data shows that tokenized U.S. Treasuries on the XRP Ledger increased eightfold year-over-year, from $50 million to $418 million.
• The shared chart shows that Justoken leads the XRP Ledger rankings with a total value of $1.8 billion, while Ripple's RLUSD ranks second at $397 million.
• Since 2026, U.S. Treasury trading activity has reached approximately $352 million, a fivefold increase compared to the $70 million recorded for the entire year of 2025.
• As this trend continues, the XRP Ledger appears to be positioning itself as a viable channel for the large-scale distribution and settlement of tokenized assets.

DataSharedEvernorth’s data shows this sector is growing rapidly. A year ago, the tokenized U.S. Treasury bond volume on the XRP Ledger was approximately $50 million. Today, that figure has surged to around $418 million, an eightfold increase in just twelve months.

Data from RWA.xyz shows that Ondo Finance, Open Eden Digitals, and Zeconomy are the platforms responsible for tokenizing U.S. Treasuries on the XRP Ledger.

It is worth noting that RWA tokenization involves converting tangible assets such as bonds, gold, government securities, and stocks into digital tokens. This growth on Ledger indicates that institutions are increasingly favoring this network for on-chain asset transfers.

The XRP Ledger dUNL validator confirmed this. He emphasized the issuance of RWA.XRPDriven by recent ongoing integrations, all aspects have seen significant growth, making XRPL a stronger distribution platform for RWA issuers.

Meanwhile, a shared chart shows that Justoken leads the XRP Ledger rankings with a total market capitalization of $1.8 billion. Ripple’s RLUSD ranks second with a market cap of $397 million, while VERT Capital and Ondo rank third and fourth with market caps of $382 million and $323 million, respectively.

Overall, RWA issuance on the XRP ledger has increased significantly.

As new XRP integrations are added each week, the network is becoming a more powerful distribution platform for asset issuers.

Then distribute these RWA more broadly through the current XRPL. https://t.co/EDD3ClRAHBpic.twitter.com/dpExHk7KCO

— Vet (@Vet_X0)April 28, 2026

Interestingly, this growth is not limited to supply— the movement of these assets across the network has also accelerated. Throughout 2025, the total trading volume of tokenized Treasury bills amounted to approximately $70 million. In contrast, during the first few months of 2026, trading volume for tokenized Treasury bills reached approximately $352 million, a fivefold increase.

This significant growth indicates that existing assets are not sitting idle. Instead, they are being used more frequently, suggesting growing confidence in the network’s ability to handle real-world financial instruments.

As more treasuries are tokenized and actively transferred, the XRP Ledger is evolving from an experimental platform into an operational financial backbone.

Most notably, the type of capital flowing into this space is striking. U.S. Treasuries have long been considered one of the most conservative instruments in global finance. Their growing share on the XRP Ledger signals a shift in how institutions are transferring and managing value.

Evernorth noted that when issuance and transfer activity rise simultaneously, it reflects more than just short-term interest—it indicates that institutions are testing and using the underlying infrastructure in real-world scenarios.

Notably, as this trend continues, the XRP Ledger appears to be positioning itself as a viable channel for the large-scale distribution and settlement of tokenized assets. The company notes that the tokenization of U.S. Treasuries has grown eightfold over the past year, suggesting that more institutions may choose this platform for asset tokenization.

“The venue selection is data-driven,” Evanos added.