90% of Real-World Assets on XRP Ledger Remain Non-Circulating, Evernorth Analysis Finds

Evernorth, a treasury company that holds and manages XRP, published its "Tokenization Report 2026" on October 27, examining real-world assets recorded on blockchains, including the XRP Ledger. According to the report, total RWA value across blockchains stands at roughly $400 billion, but only about $39 billion is in circulating form that can be transferred between holders and used for trading, settlement, and collateral. The remaining roughly $361 billion, about 90% of the total, is classified as "registered" assets, where only ownership records sit on the ledger and actual delivery occurs off-chain. Evernorth summarized the finding as "records on a ledger are not yet a market."

RWA on the XRP Ledger reached $5.05 billion as of October 20, roughly 2.9 times the February level. Across all public chains, the XRP Ledger ranks fourth by total RWA value, behind Ethereum, Avalanche, and BNB Chain. When measured by circulating assets alone, however, its ranking drops to 10th. The report attributes the bulk of tokenized value on the network to regulated investment funds, which account for roughly 90%, with blockchain primarily used to record ownership for qualified investors. Of 539 active multi-purpose tokens (MPTs), 501 have two or fewer holders, indicating that most are issued to a small number of investors.

Trading structure is shifting. The share of XRP transactions on the XRP Ledger's decentralized exchange denominated in stablecoins and fiat-pegged tokens rose from about 10% in 2024 to an average of 50% in 2025, and reached 86% in 2026. Evernorth argues this positions the network to support settlement for tokenized investment products, which require markets where investors can exchange assets for digital representations of conventional currencies, and could expand settlement activity by institutional investors.

The report also notes limits to the network's financial development. The lending function XLS-66 is still awaiting validator approval, so on-chain financial functionality is only partially built out. The report distinguishes existing trading infrastructure from the liquidity actually supplied to tokenized products, and concludes that while the XRP Ledger is strengthening its role as settlement infrastructure, its development as an RWA market depends on whether regulated issuers begin issuing circulating assets.