XRP Ledger just flipped Solana in RWA tokenization value and the holder count reveals why
XRP Ledger surpassed Solana in tokenized real-world asset value due to concentrated, institutionally-focused 'represented assets.'Summary
The XRP Ledger (XRPL) has overtaken Solana in on-chain real-world asset (RWA) tokenization value, excluding stablecoins, reaching approximately $1.756 billion compared to Solana's $1.682 billion. This shift is driven by XRPL's focus on 'represented assets'—tokenized assets that are recorded on-chain but are not freely transferable, functioning more like controlled recordkeeping ledgers favored by institutions. In contrast, Solana leads in 'distributed assets,' which are freely transferable and show high transfer volumes and a large holder count (285,007 holders vs. XRPL's 22). XRPL's rapid growth (276.75% in 30 days) in represented value reflects early institutional adoption prioritizing control mechanisms like PermissionedDomains and PermissionedDEX, aligning with existing market infrastructure. Recent activity, such as Aviva Investors partnering with Ripple, supports this institutional sequence. The future trajectory depends on whether this concentrated value evolves into active, controlled trading markets or remains primarily an accounting dominance.
(Source：CryptoSlate)