According to a report published by digital asset management company Evernorth on May 28, 2026, the XRP Ledger network is exhibiting strong dynamism in the realm of real-world asset (RWA) tokenization.
The company, which holds the world’s largest corporate treasury based on XRP (totaling 388 million XRP, worth approximately $500 million), analyzed the capital dynamics of the sector.
While the Ethereum network maintains its current dominance by hosting around 55% of the total RWA market, Evernorth highlights that the XRP ledger is outpacing it in growth rate.
From the evaluation Four quantitative trends emerge that are redefining competition in the ecosystem. The company claims that when considering growth rather than current size, “XRP Ledger ranks among the elite in nearly every metric.”
XRP Ledger will grow faster than Ethereum
One of the core findings of the report is the XRP Ledger’s advantage in expansion speed. evernorth Compare the time it took for each network to go from $10 million to $400 million in cost with tokenized assets.
“The XRP Ledger covered the same territory in 15 months that it took Ethereum 36 months to cover,” the document states. XRP Ledger reached that level between January 2025 and April 2026, surpassing even Avalanche and Polygon and becoming virtually on par with Solana, Arbitrum, and zkSync Era.
Evernorth revealed that only two networks (BNB Chain and Plume) grew faster under special circumstances. The BNB chain is almost entirely powered by a single, centralized asset, and Plume was launched in a market where the tokenization model is already well-established. “XRP had none of these advantages; it scaled from zero at breakneck speed,” the report added.
This same speed advantage is observed in 2026 growth. The report shows: XRP Ledger is growing more than twice as fast as Ethereum (+78%).
“Ethereum hosts over half of all tokenized assets on the planet and is growing at a rate of +35% this year,” Evernorth shows.
Evernorth explains that the three networks that are growing faster than XRP (SEI, Plume, and zkSync) started with much smaller capital bases. “The most useful comparison is with the established networks Stellar, Avalanche, BNB Chain, and Solana, where XRP is right in that range,” since growth rates are mathematically easier to calculate upwards when there is little fixed total value in the ecosystem.
The company’s analysts emphasize that “XRP is growing on the same timeline as networks currently considered the frontier of tokenization.”
XRP Ledger receives major capital infusion from institutional investors
As a second finding, the report notes that unlike Ethereum, where tokenization growth is based on a continuous flow of relatively small donations, XRP Ledger advances primarily address large-scale one-time injections of institutional capital.
The report highlights that out of the past 365 days, only 20 days generated 96% of all new tokenization activity on the XRP Ledger, with the other 345 days contributing only to the remaining 4%. To graph this difference, Evernorth uses the following analogy: Two restaurants can charge the same $1 million, but one serves thousands of customers each day and the other only has a few catering contracts from large corporations. Although the total is the same, the model and future prospects are very different.
Ethereum exhibits the first pattern: decentralized and constant growth. The XRP Ledger shows the second one. “The pattern of capital inflows into XRP exhibits episodic behavior rather than continuous retail flows,” the report states.
This concentration is “consistent with a primarily institutional issuer base,” Evernorth said. In other words, A large entity that decides to add a large amount of volume to the network at a particular time.
XRP Ledger replaces traditional enterprise competitors
The third finding reveals how the XRP Ledger is positioned relative to its peer group. Historically, the network has been grouped with other networks aimed at tokenizing companies and institutions, such as Algorand, Mantle, and Aptos, which began their rise around the same time, Evernorth explains.
A year ago, these three networks clearly outperformed the XRP Ledger, with Algorand 2.6 times larger. All three of us are late today.
report XRP Ledger in this segment recorded 246% year-over-year growth. However, Evernorth avoids hasty conclusions and clarifies that it is not possible for an issuer to claim that they pulled assets from one network to the XRP Ledger, as shrinkage on other chains could be due to redemptions, liquidations, or valuation effects.
“What we can tell from the data is that while the type of issuer activity that once made Algorand a prominent tokenization platform has declined significantly, the same type of activity on the XRP Ledger has increased significantly,” the report notes.
Evernorth concludes that regardless of whether there has been a direct capital transfer, “the relative attractiveness of these networks for tokenization businesses has clearly changed.” When new issues begin to systematically select one network over another within the same category, it is often one of the first signs of where long-term institutional attention is heading.
XRP Ledger on track for faster growth than other networks
The fourth discovery shows that the first quantifiable RWA data on the XRP Ledger was recorded on September 10, 2024 for just $3 million. Twenty months later, in May 2026, its value reached $404 million. This represents a 134x increase over this period.
Evernorth points out that comparisons with networks that have been running much longer are unfair. While Ethereum began tokenization activity in 2018 and Stellar in 2022, the XRP Ledger should be measured against networks where institutional tokenization began to properly scale during a similar period (2023 and beyond).
Among the group that surpassed $10 million in 2023 and beyond, including Solana, Avalanche, Arbitrum, and zkSync Era, XRP Ledger has the steepest absolute growth curve from a comparable starting point.
The report highlights the importance of how the numbers are put into context. $404 million may seem modest compared to Ethereum’s $18.7 billion. But “it went from $3 million to $404 million in 20 months.” tells a very different story, and Evernorth says its trajectory best reflects where the network is headed..
Sector evaluates ideal infrastructure
This dynamism of the XRP Ledger is part of a strong overall expansion of the real-world asset sector. As CriptoNoticias reported at the time, the market cap of tokenized RWA exceeded $17 billion for the first time on April 1, 2026. Today, about two months later, This market is worth $26 billion, representing a 52% increase in this short period of time..
The speed of this expansion has led to different visions of the optimal technology architecture for the international financial sector. Evanorth’s conclusions about the massive growth of public infrastructure like XRP coexist with other perspectives on system design suitable for institutional capital.
Evernorth demonstrates that many large issuers are opting for public infrastructure, but compared to publicly accessible platforms, institutional networks are “better aligned with the current functioning of the financial system and may facilitate a smoother transition for users and intermediaries. Additionally, institutional use cases often require privacy, which is something Canton provides by default,” the research organization explains.
Nevertheless, This nascent preference for closed, controlled environments has been met with the strong quantitative growth we are currently experiencing. Open chain options listed in the manager’s report. In this regard, public networks such as Ethereum, Solana, and the XRP Ledger itself face different technical challenges. These open network platforms “while still developing privacy and identity tools, offer a broader vision for reinventing capital markets that, if realized, could lead to even greater long-term adoption.”
This argument justifies Evernorth’s prediction regarding XRP’s place among the sector’s elite in the long run. Despite the immediate regulatory benefits of private systems, Grayscale Research predicts that trading in tokenized assets will “move to decentralized and completely permissionless public networks over time.”
These findings serve as a useful guide for assessing portfolio risk and diversification in real-world asset sectors. Velocity data favors the XRP Ledger infrastructure for large enterprise issuances, but Given the concentration among a small number of institutional issuers, it is prudent to remain cautious.. This reliance on temporary events and large injections means that networks can experience long periods of stagnation followed by sudden spikes in activity, which is an important factor to consider when managing liquidity tools.
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