Tokenization Boom Trumps XRP ETF Growth as Institutional Adoption Accelerates

XRP's tokenization boom is outshining its spot exchange-traded funds (ETFs) in terms of growth, according to leading XRP treasury firm Evernorth. While ETF inflows have attracted billions of dollars in investor capital and strengthened XRP's foothold in traditional finance, the real story lies in the rapid expansion of tokenized real-world assets (RWAs) on the XRP Ledger.

Data from RWA.xyz shows that tokenized assets on the XRP Ledger stood at just $73 million in January 2025. By December 2025, this figure had climbed to roughly $900 million. Today, it has reached approximately $4.3 billion, an almost 59-fold increase in just over 18 months.

This surge underscores growing institutional adoption as banks, asset managers, and financial firms increasingly use XRPL to tokenize treasury products, investment funds, bonds, private credit, and other real-world assets. Attracted by its fast settlement, low fees, and enterprise-focused infrastructure, they are using the XRP Ledger to issue, manage, trade, and settle these assets on-chain.

Evernorth argues that tokenization is the metric that truly reflects XRPL's long-term growth and institutional adoption. By comparison, spot XRP ETFs have attracted about $1.5 billion in cumulative net inflows since their November 2025 debut.