XRP Ledger Tops Ethereum in Tokenizing Commodities
XRP Ledger (XRPL) has surpassed Ethereum as the leading network for tokenizing commodities, marking a significant shift in the real-world asset (RWA) market. According to data from Token Terminal and RWA Foundation, XRPL saw $2.2 billion in net capital inflows for tokenized commodities in October 2026, compared to Ethereum's $1.6 billion. Other major networks like Avalanche and BNB Chain trailed far behind, with $334.5 million and $57.5 million respectively.
The shift is attributed to XRPL's architecture, which simplifies asset tokenization through built-in IOU mechanisms, reducing transaction costs to fractions of a cent and settling transactions in just 3-5 seconds. Ethereum, by contrast, involves higher gas costs and complex smart contracts. The energy sector, particularly the tokenized electricity-generation contracts JMWH by Latin American company Justoken, was a key driver of XRPL's growth.
On-chain data from RWA.xyz as of October 5, 2026, shows a surge in XRPL activity. Monthly RWA transfer volume increased 224-fold to $7.03 billion, while the total value of represented assets rose 56% to $4.52 billion. XRPL's stablecoin market capitalization also hit $1.25 billion, boosted by the integration of the native token RLUSD, with monthly stablecoin turnover reaching $5.01 billion.
Beyond commodities, major players like investment fund Franklin Templeton, platform Ondo Finance, and real estate developer DAMAC have adopted XRPL for tokenizing assets. Despite this, Ethereum remains dominant in the overall RWA market, particularly with U.S. government bonds. However, industrial capital has shown a clear preference for Ripple-backed technology in the physical goods and commodities sector.