RWA & DeFi
XRP Ledger’s $2.2B Tokenized Commodity Boom Outpaces Ethereum
XRP Ledger added $2.2B in tokenized commodities, outpacing Ethereum while holder growth tells a very different story
BLOCKINSIDERLoadingXRP Ledger added $2.2B in tokenized commodities, outpacing Ethereum while holder growth tells a very different story
XRP Ledger added about $2.2 billion to its tokenized commodity market capitalization in 2026, according to data shared by BankXRP on X on October 6.
This puts the network ahead of Ethereum and makes the two chains responsible for roughly 90% of commodity market-cap growth across the networks shown in the post.
The number stands out for its scale. It also says something about where real-world asset activity is concentrating.
Yet the same dataset shows a less obvious picture: XRP Ledger did not make the top 10 networks for growth in commodity holder addresses.
The data, attributed to the RWA Foundation and Token Terminal, put Ethereum’s year-to-date tokenized commodity market-cap growth at roughly $1.6 billion. That leaves a gap of about $600 million between the two largest networks.
Avalanche ranked a distant third with $334.5 million in additional commodity market capitalization.
BNB Chain followed at $57.5 million. Base added $14.2 million, while Robinhood Chain, Solana and HyperEVM recorded smaller gains of $13.3 million, $12.6 million and $6.4 million, respectively.
The gap is difficult to miss. Outside the top three, every listed network added less than $60 million in tokenized commodity market cap.
For XRPL, the result is part of a wider RWA expansion. The network added $2.4 billion in overall RWA market capitalization excluding stablecoins during the reporting period, ranking third among the chains tracked.
It also added $182.1 million in tokenized funds and $949.5 million in stablecoin market capitalization.
That makes the commodity figure more significant within the network’s broader tokenization footprint, without suggesting that every dollar of growth represents new users.
That distinction becomes clearer when market capitalization is placed beside holder growth.
BNB Chain added 90,800 commodity holder addresses, the highest figure in the dataset. Celo followed with 74,600, while Ethereum added 68,000. Robinhood Chain and Solana recorded 62,100 and 59,300, respectively.
XRPL did not appear in the top 10 for commodity holder growth.
The holder metric itself needs context. The underlying report counts addresses with nonzero balances and sums them across assets without removing duplicates. In other words, the figures are address counts, not a clean measure of unique investors.
That makes the split between capital and distribution particularly useful. XRP Ledger led commodity market-cap growth, while BNB Chain led holder-address growth. The same pattern appeared elsewhere across the RWA market.
In tokenized funds, for example, Stellar led market-cap growth while Ethereum added the most holder addresses. Tokenized stocks were the notable exception, with BNB Chain leading both measures.
The RWA market has also been growing quickly. In September, Block Insider reported that the number of RWA holders had nearly doubled in 30 days to about 3.5 million.
During the same week, Token Terminal recorded 636 newly tokenized assets. Excluding stablecoins, the total value of distributed RWA assets reached $39.2 billion.
But growth in listings has not necessarily meant deep liquidity. Block Insider noted that most of the newly listed assets had market caps below $1 million, with some holding only single-digit numbers of holders.
That creates a useful backdrop for the XRPL numbers: large capital growth can occur alongside a very different pattern of user distribution.
A separate Block Insider report published October 6 showed tokenized stocks reaching a record $3.8 billion market capitalization.
BNB Chain held $1.2 billion, Ethereum $841.4 million and Solana $753.4 million, with those three networks accounting for about 74% of the market.
The commodity data therefore fit into a bigger trend in which tokenization is spreading to several asset classes while blockchain leadership shifts by category.
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