90% of RWA on XRP Ledger Remain Uncirculated, Evernorth Analysis Shows 86% Dollar-denominated Transactions, Lending Function Awaiting Approval

Key Points of This Article

• 86% of XRP transactions on DEX are denominated in stablecoins
• Lending function XLS-66 awaiting validator approval

90% of RWA Not Moving On-Chain

Evernorth, a treasury company holding and managing XRP, published a research report on tokenized assets on the XRP Ledger on the 27th. As of October 20, the real-world assets (RWA) on the XRP Ledger amounted to $5.05 billion, with approximately 90% of them unable to be traded or used as collateral on-chain.

The report categorizes RWA into two types: "circulating type," which can be transferred among holders on-chain, and "registered type," which is only recorded on the ledger with transfers occurring off-chain. Of the global RWA totaling around $400 billion, the circulating type accounts for only about $39 billion. The company described this situation as "the ledger's records are not yet a market."

The RWA on the XRP Ledger has increased approximately 2.9 times since February. It ranks fourth among public chains, following Ethereum (ETH), Avalanche, and BNB Chain, but drops to tenth when considering only the circulating type. Out of 539 active MPTs (multi-purpose tokens), 501 have two or fewer holders, indicating that regulated issuers often issue to a small number of investors.

86% of DEX Transactions Are Dollar-denominated

The cash side of the infrastructure is progressing ahead. On the decentralized exchange (DEX) of the XRP Ledger, the proportion of dollar-denominated transactions, including those in stablecoins, has increased. It was 10.5% in 2024 but is expected to reach 86% by 2026. Ripple's stablecoin RLUSD was used for a total of $34.5 billion in remittances in 2026.

There is also an increase in issuances incorporating regulatory compliance features. 52% of MPTs issued since July have the "clawback" rights, allowing issuers to reclaim tokens based on legal orders, compared to 23% in the first half of the year. A feature limiting the trading venue to verified participants was activated in February, but most orders are still concentrated in two accounts.

Lending Function Awaiting Approval, Approximately 470 Million XRP to Be Utilized

Utilization for collateral and lending is being led by Ethereum and Solana. The XRP Ledger is currently voting on proposals for a deposit pool (XLS-65) and a lending function (XLS-66). As of October 21, 20 out of 32 validators supported the proposals, falling short of the 25 needed for activation, and no schedule has been set. Of the 970 million RLUSD on the XRP Ledger, only 0.27% is in liquidity pools for automated market makers (AMM).

Evernorth holds approximately 473 million XRP and has indicated plans to utilize it in line with the development of the on-chain market. The company has stated that it does not include price data in its report. It also disclosed that it stands to benefit from the expansion of XRP usage.