XRPL Tops $1 Billion in Tokenized Assets: Still a Minnow Next to Ether?

An on-chain milestone for the XRP Ledger (XRPL) is drawing mixed reactions, as crypto analyst Wendy O argues that the network’s recent breakthrough in tokenization still leaves it far behind Ethereum and major stablecoin issuers.

In a recent video, the popular market watcher dissects fresh data on real-world assets (RWA) and stablecoins on XRPL, warning viewers not to confuse rapid percentage growth with real market dominance.

XRPL’s $1 Billion Milestone: What’s Powering It?

According to Wendy, XRPL has now surpassed $1 billion in on-chain tokenized assets and stablecoins. A large share of that growth is being driven by RLUSD, a stablecoin issued on both XRPL and Ethereum — a dual-chain design the host describes as a “strategic” move.

Drawing from data on rwa.xyz, Crypto Wendy notes that tokenized U.S. Treasuries on XRPL have climbed to more than $150 million, a surge of about 2,900% year-on-year. XRPL is estimated to capture roughly 1.4% of the global tokenized Treasury market, a sliver but a notable one for a network that only recently cleared its major legal overhang in the U.S.

Stacking XRPL ‘s Figures Against Ether & Tether

The core of the video is comparative: how XRPL’s numbers look next to Ethereum’s. On XRPL, distributed asset value is around $205 million and stablecoin market cap roughly $393 million, based on the rwa.xyz snapshots cited. Ethereum, by contrast, shows close to $14 billion in distributed asset value and about $167 billion in stablecoin market cap.

The host also references a BlackRock graphic indicating that Ethereum accounts for about 65% of all tokenized assets, underscoring just how concentrated the sector remains.

“Even though XRPL just hit a massive milestone of $1 billion, this doesn’t mean anything significant at this time,” explains Wendy O, emphasizing that growth rates alone don’t change the current hierarchy.

Regulatory history is presented as a key reason for the gap. While Ethereum and the Ethereum Foundation were not targeted by U.S. securities regulators in the same way, Ripple — closely associated with XRPL’s development — faced a prolonged lawsuit, which the host says slowed the ecosystem’s expansion & partner appetite.

What This Means for Investors and the Tokenization Race

The analyst’s main takeaway is pragmatic rather than dismissive: XRPL is “just getting started” but it has “a lot of catching up to do.” The network’s recent growth in tokenized Treasuries and the rollout of RLUSD show momentum, yet the dominant flows of tokenized assets and stablecoins still sit on Ethereum and in Tether-linked instruments.

For investors, the host frames this as a diversification question, not a tribal one. They personally allocate to both Ethereum and XRP, along with other assets, arguing that no one can reliably predict which chain will lead the next phase of RWA and stablecoin adoption.

The numbers, she says, are a reality check: XRPL’s story is more “early-stage challenger” than “immediate Ethereum rival” at least for now.

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People Also Ask:

How large is XRPL’s tokenized asset market now? The video cites over $1 billion in total tokenized assets and stablecoins on XRPL, with about $205 million in distributed asset value and roughly $393 million in stablecoin market cap.

How does Ethereum compare? Based on rwa.xyz data referenced in the video, Ethereum has close to $14 billion in distributed asset value and around $167 billion in stablecoin market cap, plus roughly 65% of all tokenized assets according to a BlackRock graphic.

Why is RLUSD deployed on both XRPL and Ethereum? The analyst calls this a strategic decision, suggesting that issuing RLUSD on Ethereum as well as XRPL helps tap into Ethereum’s dominant liquidity while still driving growth on XRPL.

Did regulation slow XRPL’s growth? The host argues that Ripple’s legal battle in the U.S. created a significant drag on XRPL’s ecosystem growth, while Ethereum did not face the same direct litigation, contributing to today’s disparity in scale.

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