XRPL surpasses Ethereum in tokenized commodity market cap with $2.2 billion inflow

XRPL leads in tokenized commodities

Data compiled by analytics platforms Token Terminal and RWA Foundation for October 2026 showed that XRPL recorded net capital inflows of $2.2 billion into tokenized commodities since the beginning of the year. During the same period, Ethereum attracted $1.6 billion, placing it second in the ranking.

Other prominent layer-1 blockchain networks lagged significantly behind the two leaders. Avalanche registered $334.5 million in capital inflows, and BNB Chain remained further down the list with $57.5 million.

XRPL’s emergence as the new front-runner marks a notable shift in the rapidly evolving RWA tokenization space. This segment, which involves bringing real-world commodities and financial contracts onto blockchain platforms as digital tokens, has become a focal point for both traditional industry players and blockchain innovators.

Why industrial businesses are choosing XRPL

Industry experts attribute XRPL’s edge over Ethereum to architectural differences between the platforms. While Ethereum requires asset issuers to handle variable gas fees and develop intricate smart contracts, XRPL enables native tokenization of real-world assets through its built-in IOU mechanism. This approach reduces transaction fees to fractions of a cent and accelerates settlement times to between 3 and 5 seconds.

The decisive factor in XRPL’s recent growth was surging activity from industrial players, particularly in the energy sector. Latin American company Justoken contributed a large share of liquidity by launching tokenized electricity-generation contracts, known as JMWH, on XRPL’s platform.

On-chain data from RWA.xyz as of early October 2026 revealed sharp increases in XRPL activity. Monthly RWA transfer volume grew more than 224 times, reaching a peak of $7.03 billion. The total represented asset value rose 56% within 30 days to $4.52 billion. XRPL’s stablecoin market capitalization climbed to $1.25 billion, mainly due to the addition of the new RLUSD token, with monthly stablecoin turnover reaching $5.01 billion.

XRPL enables users to issue and transfer real-world assets at the protocol level, reducing costs and simplifying the process for businesses compared to networks like Ethereum.

Mini dictionary: IOU mechanism — An IOU (I Owe You) is a protocol-level feature on XRPL that allows users to issue tokens representing real-world assets, such as commodities or currencies, directly on the blockchain without the need for complex smart contracts.

Growth beyond commodities

XRPL’s influence extends beyond commodities. Well-known traditional institutions and blockchain projects have integrated with its infrastructure. These include Franklin Templeton, a leading global investment management firm with $48.3 million in tokenized assets on XRPL; Ondo Finance, which has placed $187.5 million on the network; and Middle Eastern real estate company DAMAC, responsible for tokenizing ownership stakes in Dubai properties like Park Ridge Tower, Prive, and J One.

Despite XRPL’s success in commodity and physical asset tokenization, Ethereum maintains a strong global lead in overall RWA value locked, thanks primarily to tokenized U.S. government bonds. However, in the realm of physical goods and commodities, industrial capital is visibly shifting toward XRPL’s Ripple-backed technology.

While Ethereum holds the advantage in tokenized government bonds, XRPL has established itself as the network of choice for tokenizing industrial commodities and physical assets.