XRP: XRPL Overtakes Ethereum With $2.2 Billion in Tokenized Commodities

XRPL Passes Ethereum on Commodity Flows

The most tangible corner of the real-world asset (RWA) market has a new leader, and it is not the network most issuers expected to keep the crown. Joint data from analytics platform Token Terminal and the RWA Foundation shows net inflows into tokenized commodities on the XRP Ledger have reached $2.2 billion since the start of the year, ahead of Ethereum's $1.6 billion over the same window. The RWA Foundation posted the comparison in a year-to-date flow update, dated to October 2026. Until this month, Ethereum had been the default venue for commodity tokenization, its tooling and liquidity making it the first choice since industrial buyers entered the segment, while XRPL was widely filed away as a cross-border interbank settlement rail. The gap between first and second place now stands at $600 million, and it belongs to XRPL. The rest of the field trails badly: Avalanche ranks third with $334.5 million and BNB Chain fourth with $57.5 million. The energy sector supplied most of the new liquidity. Justoken, a Latin American company, launched JMWH, a token representing electricity-generation contracts, and that launch carried the largest single share of inflows. Architecture did the rest. XRPL lets users issue assets at the protocol level through its built-in IOU mechanism, cutting transaction costs to fractions of a cent with settlement in 3 to 5 seconds; on Ethereum (ETH), issuers face unpredictable gas costs and must write smart contracts of their own. Whatever the XRP price does on any given day, the October figures point to infrastructure preference rather than speculation, and the ledger's market cap growth in tokenized commodities now leads the industry.

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A year-to-date flow update.

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On-chain records suggest the inflows are turning into real usage rather than sitting idle. Data from RWA.xyz as of Monday, October 5, 2026, shows monthly RWA transfer volume on XRPL rose more than 224-fold to a record $7.03 billion. Transfer volume measures the actual movement of tokenized assets between addresses, a stricter test of adoption than issuance alone. The total value of represented assets, which tracks what the ledger represents off-chain, rose 56% in 30 days to $4.52 billion. Stablecoin activity moved in step: XRPL's stablecoin market capitalization reached $1.25 billion, helped by the integration of RLUSD, the network's native dollar token, and monthly stablecoin turnover totaled $5.01 billion. The RWA Foundation charted the crossover in its commodity growth data, with XRPL's curve passing Ethereum's during the month. Adoption is broadening past commodities into adjacent RWA sectors. The ecosystem now includes investment fund Franklin Templeton with $48.3 million on the network, platform Ondo Finance with $187.5 million, and Dubai-based developer DAMAC, which tokenized pools of ownership stakes in three premium projects, Park Ridge Tower, Prive, and J One. Positions in pools of that kind sit in a standard crypto wallet, much like a tokenized stock. Ethereum (ETH) retains global dominance in total RWA value locked, primarily through tokenized U.S. government bonds. In physical goods and commodities, however, the October data shows industrial capital has settled on Ripple-backed technology, a shift that XRP holders have tracked across the year. Rails throughput deserves its own lens; our recent XRP Ledger payment volume review covers that series, and Evernorth's Nasdaq-listed XRP treasury marks the institutional accumulation channel running alongside these flows.

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Its commodity growth data.

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Where the Commodity Lead Goes Next

The load-bearing record here is the RWA Foundation's dated post itself: $2.2 billion year-to-date into XRPL against $1.6 billion for Ethereum (ETH), cross-checked with Token Terminal, and an activity print from RWA.xyz showing $7.03 billion in monthly transfers as of Monday. That pairing sets the baseline the next monthly update will be judged against. Three developments could move it: further energy-sector issuance on the Justoken pattern, new real estate pools on the DAMAC model, or Ethereum redirecting its bond-heavy machine toward commodities. On the price side, our XRP technical analysis page tracks the levels, and Peter Brandt's conditional $2.16 target remains the most cited reference on the weekly chart. As of this update, the series starts at $2.2 billion, and fourth-quarter inflows will decide whether the crossover holds.