Tokenized real-world assets on the XRP Ledger continue to expand, with tokenized U.S. Treasuries showing the most significant growth. Data from Trensik, a platform tracking verified RWA on the XRPL, shows that the value of these assets has grown from $50 million in April 2025 to $418.5 million in April 2026, an approximately eightfold increase over one year.
This growth is evident not only on the issuance side but also in on-chain usage. Over the past four months, transfer volume of tokenized U.S. Treasuries on XRPL reached $352.3 million, nearing its current on-chain market capitalization. In comparison, total related transfer volume for all of 2025 was only $70.1 million, indicating that these assets are being actively used for on-chain transactions rather than merely held passively.
Transfer volume has significantly increased over the past four months.
The article notes that institutional demand for compliant on-chain financial products is rising. Tokenized U.S. Treasuries are being used for collateralization, liquidity management, and 24/7 settlement, transforming their role from a digital representation of traditional securities into practical tools within on-chain financial infrastructure.
- In April 2025, the size was approximately $50 million.
- In April 2026, the size increased to $418.5 million.
- Transfer volume over the past four months reached $352.3 million.
Multiple institutions have already positioned themselves on the XRPL.
Institutional participation continues to grow. Ondo Finance, OpenEden, Guggenheim, and Archax have either launched or committed to launching tokenized U.S. Treasury products on XRPL. These developments indicate that traditional finance and digital asset institutions are increasingly viewing XRPL as infrastructure for hosting regulated financial products.
Among them, Archax, a digital asset trading and custody platform regulated by the UK Financial Conduct Authority, plans to tokenize up to $1 billion in real-world assets on the XRPL by mid-2026. This single commitment alone exceeds twice the current size of the XRPL tokenized U.S. Treasury market, indicating significant potential for further growth.
Expanding business to include assets such as gold
In addition to U.S. Treasuries, the tokenized gold XAUa on the XRPL has recently surpassed $1 million in trading volume. Meanwhile, the number of network accounts has increased to over 8 million.
The article also noted that large addresses have recently accumulated over 70 million XRP, indicating growing interest from major investors and institutional participants in the network.
Overall, the XRPL is evolving from a public blockchain known for payments into a network for tokenized financial assets. As U.S. Treasury issuance grows, on-chain circulation accelerates, and more institutions bring products to market, XRPL’s presence in the RWA space is increasing.