The XRP Ledger ($XRP) has broken into the top four on @RWA_xyz's global rankings, carrying $4.1 billion across 302 tokenized real-world assets. The move is a significant one for a network that sat outside the top 10 just a year ago. Among permissioned chains, XRPL now sits third, trailing only Canton and Provenance.

A landmark cross-bank pilot

The ranking shift coincides with a high-profile institutional milestone. Ondo Finance announced the successful completion of the first near real-time cross-border, cross-bank redemption of a tokenized U.S. Treasury fund, conducted in collaboration with Kinexys by J.P. Morgan, Mastercard, and @Ripple. The pilot ran on XRPL as the execution layer.

As part of the pilot, Ripple redeemed a portion of its Ondo Short-Term U.S. Government Treasuries (OUSG) holdings on XRPL. Ondo processed the redemption and initiated a fiat payout instruction via the Mastercard Multi-Token Network, which routed the instruction to Kinexys by J.P. Morgan. Kinexys then debited Ondo's Blockchain Deposit Account and settled U.S. dollar proceeds to Ripple's bank account in Singapore via its correspondent banking network.

Completed in under five seconds, rather than the usual one to three business days, the pilot highlighted a hybrid model in which XRPL handled the asset token movement while traditional banking rails facilitated fiat settlement. The result establishes a framework for 24/7, near real-time cross-border settlement across global banks for tokenized asset redemption.

Energy-backed tokens and network activity

The biggest single asset on the ledger is Justoken's JMWH, a $1.76 billion energy-backed token, while Ondo Finance's tokenized U.S. Treasuries and Ripple's RLUSD stablecoin account for a combined $705 million on XRPL. The network recorded a two-month high in activity alongside the growth in energy-backed tokenization projects, and Ondo's OUSG printed its largest single mint on the chain.

The CFTC and SEC jointly classified XRP as a digital commodity in March, removing the last major regulatory barrier for U.S. institutions considering the network. The August 2025 settlement removed the litigation overhang, and the March classification gave asset managers' legal teams the green light to commit capital. That regulatory backdrop has accelerated a string of institutional partnerships. Societe Generale launched its euro stablecoin on XRPL, Aviva Investors announced a tokenization partnership with Ripple, and Deutsche Bank integrated Ripple's technology for cross-border payments.

Whether @Ripple's institutional thesis is finally getting priced into ripple:native remains an open question. The market has yet to price in the infrastructure growth, with XRP trading well below its 2025 high. The key test for XRPL is converting its growing position as a dominant tokenization warehouse into sustained, active on-chain financial flows.

Sources:
Ondo, Kinexys by J.P. Morgan, Mastercard, and Ripple official press release (PR Newswire)
Ripple's XRPL Linked to Interbank System in Major Pilot With JPMorgan, Mastercard, Ondo (CryptoPotato)
XRP Ledger Tokenized $3 Billion in Real-World Assets (24/7 Wall St.)