XRP Ledger outpaces Ethereum in tokenized real-world assets

Evernorth reports the XRP Ledger’s recorded tokenized real-world assets rose from $3 million in September 2024 to about $404 million roughly 20 months later. The ledger hit $400 million in 15 months, the report finds.

Evernorth compared networks by time to scale and found Ethereum took 36 months to reach $400 million from a similar starting point. The XRP Ledger’s early scaling rate aligns with Solana, Arbitrum and zkSync Era. BNB Chain and Plume reached the milestone faster, but Evernorth notes those cases involved atypical factors: BNB’s growth was driven largely by a single concentrated asset, and Plume launched into a market with an established tokenization playbook.

On year-to-date momentum, Evernorth estimates the XRP Ledger is expanding at more than twice the rate of Ethereum, which it places at about 35% year to date. SEI, Plume and zkSync show higher percentage growth but are starting from smaller bases, the report says.

The report describes concentrated inflows on the XRP Ledger. Over the past year, 20 days accounted for 96% of new tokenization activity on the ledger, according to the data. That pattern contrasts with Ethereum, where the largest 20 days contributed about one-third of annual growth.

Evernorth documents a change in peer positions. A year earlier, Algorand held roughly 2.6 times the tokenized value of the XRP Ledger. The report finds that XRP now sits ahead of Algorand, Mantle and Aptos. The firm’s data do not establish that specific assets moved between chains, only that relative issuance flows and issuer preferences have shifted.

Measured from the initial $3 million datapoint in September 2024, the ledger’s tokenized value rose about 134-fold to roughly $404 million. Evernorth contrasts that growth curve with larger absolute figures such as Ethereum’s $18.7 billion, noting the difference between scale and growth rate among Layer 1 networks that began scaling in the same period.

The report lists technical features of the XRP Ledger that align with regulated financial activity: continuous settlement, transaction finality in three to five seconds, transaction costs measured in fractions of a cent, and native asset issuance and compliance features. Evernorth notes institutional pilots and partnerships have increasingly used the network for tokenization work.

Evernorth’s analysis finds no single shortcut behind the ledger’s early scaling. Each of the three largest inflow days is consistent with a single large issuer bringing substantial capital on-chain, the report states.