Evernorth’s latest report identifies five trends fueling the rise of $XRP Ledger as a serious contender for real-world tokenized assets, challenging Ethereum’s long-standing dominance in the sector.
This article breaks down each trend, what the data actually shows, and why institutions are quietly choosing $XRP Today.
Speed and momentum behind the $XRP General ledger increase
Real-world asset tokenization is the process of issuing traditional financial assets, such as treasuries, money market funds, and corporate bonds, directly on blockchains. Evernorth analyzed how each network expanded this activity over time.
The first trend is raw scaling speed. THE $XRP Ledger reached $400 million in token value in 15 months, while Ethereum took 36 months to reach the same level from a similar starting point.
This puts the $XRP Ledger is roughly tied to Solana, Arbitrum, and zkSync Era, the chains that many builders still consider to be the current frontier of tokenization. Only $BNB Chain and Plume evolved more quickly, but both found themselves in unusual circumstances.
$BNB Chain’s growth has been driven almost entirely by a single concentrated asset. Plume entered a market where the tokenization playbook was already well established, giving it a clear structural advantage from the start.
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THE $XRP Ledger had neither shortcut. It has grown at record speed from a standing start, suggesting real demand rather than just a distortionary catalyst fueling the growth curve.
The second trend concerns the momentum since the beginning of the year. Among the 14 networks whose tokenized assets exceed $200 million, the $XRP Ledger is growing more than 2x faster than Ethereum, which itself is growing around 35%.
Networks are expanding faster than $XRP Ledger this year includes SEI, Plume and zkSync. All three are based on much smaller bases, where percentage gains are mathematically easier to achieve and more difficult to sustain over time.
Concentrated growth and the peer reorganization effect
The third trend reveals the real shape of this growth. In just 20 days, 96% of all new tokenization activity in the market was generated. $XRP Ledger over the past year, indicating concentrated treasury-wide commitments rather than a steady retail flow.
Ethereum shows the opposite pattern. Its 20 biggest days represent only about a third of annual growth, as activity is spread each week across hundreds of small contributions from a much broader participant base.
Each of the $XRP Ledger’s three largest entry days correspond to when a single large issuer brings significant capital on-chain. This profile corresponds much more to an institutional adoption curve than to a retail accumulation model.
The fourth trend examines the reorganization of peer groups. THE $XRP Ledger has historically sat alongside Algorand, Mantle, and Aptos as enterprise-focused chains targeting institutional and enterprise tokenization use cases in financial markets.
A year ago, the three peers had a higher symbolic value. Algorand was 2.6 times larger than the $XRP Ledger according to the same metric, making it the natural reference point for corporate issuance activity at the time.
Today, the situation has been completely reversed. The three peer networks are now behind the $XRP Ledger, signaling a clear shift in how issues see long-term mindshare moving into the enterprise tokenization category.
Evernorth notes that the data cannot prove that specific assets migrated between chains. Yet the relative appeal of these networks to the tokenization industry has visibly changed, and new issues now routinely choose $XRP on his former peers.
A 134x trajectory and institutional design
The fifth trend zooms out on the full trajectory. THE $XRP Ledger’s first measurable tokenization data point was $3 million in September 2024. Twenty months later, it stands at almost $404 million, a 134-fold increase.
Compared to chains that started scaling in roughly the same window, Evernorth describes this curve as the strongest absolute growth from a comparable starting base among all Layer 1 infrastructures in the analyzed dataset.
Framing matters. Alongside Ethereum’s $18.7 billion, the $404 million figure seems modest. Reading it as “from $3 million to $404 million in 20 months” gives a much better idea of where the network is headed.
Why is this happening now? THE $XRP Ledger was designed around the demands of the financial market: 24/7 settlement, finality in three to five seconds, costs in fractions of a cent, issuance and compliance of native assets.
These characteristics match exactly the requirements for a regulated activity to operate on public infrastructure, which explains why institutional drivers and partnerships are increasingly choosing this network for serious tokenization work.
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