The XRP Ledger (XRPL) has overtaken the Solana blockchain in total on-chain value of tokenized real-world assets (RWAs), excluding stablecoins. According to data from RWA.xyz, XRPL now holds approximately $1.75 billion in tokenized RWA value, edging out Solana's $1.68 billion. This shift marks a notable change in network positioning within the competitive tokenization segment.
A key driver of XRPL's growth is its concentration of institutional capital. The data reveals that XRPL's RWA value is held by only 15 asset holders, a stark contrast to Solana's broader, retail-heavy participation. This indicates XRPL's expansion is being propelled by high-value institutional issuance rather than widespread retail adoption. Over the past 30 days, XRPL's RWA value surged by 276.75%, reaching roughly $1.45 billion during that acceleration phase. In comparison, Solana's 30-day growth was a more moderate 43.34%.
Asset composition also differs between the two networks. XRPL's tokenized assets are concentrated in commodities and private credit structures, such as the JMWH tokenized energy commodity and the Anita Diamonds Collection. Solana maintains stronger exposure to tokenized U.S. Treasuries and equities-based instruments. Institutions have cited XRPL's built-in compliance infrastructure, including credential verification and delegated token management tools, as a key differentiator for regulated financial workflows.
In terms of market ranking, XRPL is now the fourth-largest network by tokenized asset value (excluding stablecoins), while Solana fluctuates between fifth and sixth place. The recent momentum aligns with strategic partnerships, including an announcement on February 11, 2026, where Ripple partnered with Aviva Investors to bring traditional fund structures onto XRPL. Some projections suggest that if the current growth rate persists, XRPL's RWA value could expand into the $3 billion to $6 billion range by year-end 2026.
