David Schwartz, Ripple’s CTO emeritus, said the XRP Ledger is moving past its early payments identity as enterprises put the network to work for tokenized real-world assets. He said future products on XRPL could extend to tokenized securities, stocks, money market funds, repos, and loans.
Schwartz made the remarks during a recent “XRP in One Minute” session. In his view, Bitcoin showed that users could hold and transfer value on a public blockchain without a central operator, while XRPL built on that model by supporting both a native asset and issued assets. That structure lets the ledger handle more than XRP alone. Stablecoins, tokenized funds, and other blockchain-based versions of traditional assets fit into the same framework.
RLUSD expansion adds liquidity for tokenized products
The timing matters because Ripple’s RLUSD stablecoin is widening its reach across blockchains. According to the report, RLUSD is now available on more than 40 chains through Wormhole’s Native Token Transfers framework. The rollout covers Ethereum layer-2 networks including Base, Optimism, Ink, and Unichain, and also extends to the XRPL EVM sidechain, where developers can access RLUSD with Ethereum-compatible tooling.
That gives XRPL more context as a tokenized finance venue. Payments, lending, asset trading, and on-chain settlement usually need a dependable dollar-denominated asset, and stablecoin liquidity often sits at the center of that activity. The same report said RLUSD has grown to more than $1.7 billion in market capitalization since its late-2024 launch, giving Ripple a larger stablecoin base as it pushes deeper into institutional blockchain finance.
Ledger activity rises even as XRP price weakens
Recent network figures point in the same direction. Citing Messari data, the report said XRPL daily transactions in Q1 2026 rose 35.3% quarter over quarter. Over the same period, the market capitalization of real-world assets on XRPL climbed 124.1% to $2.25 billion. RLUSD on XRPL reached $340.3 million by the end of the quarter, making it the network’s largest stablecoin.
The split is notable. XRP fell during the quarter, but ledger activity, stablecoin adoption, and tokenized asset value all moved higher. That suggests growth in tokenization on XRPL is showing up in on-chain usage data even when the token itself posts weaker market performance.
From pilot programs to live financial products
The next question is whether enterprise experiments can turn into products with real usage. Tokenized securities, repos, and loans are established financial markets, but bringing them on-chain still depends on compliance, custody, liquidity, and trusted issuers.
The report also referenced an earlier test involving JPMorgan, Mastercard, Ripple, and Ondo, which used XRPL and banking rails for a cross-border tokenized Treasury redemption. That pilot showed XRPL can support asset movement on-chain while traditional banks handle cash settlement. The next test is straightforward: whether more pilots make the jump into live products with actual demand.