According to joint data from Token Terminal and RWA Foundation for October 2026, XRP Ledger has officially overtaken Ethereum in the growth of tokenized commodity market capitalization. Since the start of the year, net capital inflows into tokenized commodities on XRPL totaled $2.2 billion, while Ethereum attracted $1.6 billion over the same period, moving into second place. Other major L1 networks fell well behind the market leaders, with Avalanche ranked third at $334.5 million and BNB Chain at $57.5 million. This leadership change represents a fundamental shift in the real-world asset tokenization market, where XRPL's architecture advantages have enabled it to capture the largest share of liquidity in the commodities sector.
The main driver enabling XRPL to overtake Ethereum was the energy sector, with the largest share of liquidity coming from tokenized electricity-generation contracts, JMWH, by Latin American company Justoken. According to reports from RWA.xyz, JMWH represents $2.23 billion in total value with 37.15 million tokens held by 165 participants and is valued at $2.229 billion on the RWA.xyz dashboard. This energy-linked product significantly outpaces other commodity listings, with the largest diamond collection DIA-AD-COL1 valued at only $105.2 million. Other Ctrl Alt collections range from $13.7 million to $46 million, leaving JMWH substantially larger than any individual XRPL commodity listing. However, when counting gold by value, Ethereum's commodity pile remains larger than XRPL's energy-focused portfolio.
The rise to the top triggered a sharp increase in activity across the XRPL network, with monthly RWA transfer volume increasing more than 224-fold to reach a record $7.03 billion and total value of represented assets (Represented Asset Value) rising 56% in 30 days to $4.52 billion as of October 5, 2026. XRPL's stablecoin market capitalization reached $1.25 billion, largely thanks to the integration of the new native token RLUSD, with monthly stablecoin turnover totaling $5.01 billion. The network's built-in IOU mechanism reduces transaction costs to fractions of a cent, while settlement takes just 3-5 seconds, providing significant advantages over Ethereum's complex smart contract requirements and unpredictable gas costs.
Beyond the commodities market, major players from adjacent RWA sectors are beginning to adopt XRPL infrastructure. The ecosystem now includes investment fund Franklin Templeton ($48.3 million), platform Ondo Finance ($187.5 million), and Middle Eastern developer DAMAC, which tokenized pools of ownership stakes in premium Dubai real estate projects including Park Ridge Tower, Prive, and J One. While Ethereum retains global dominance in the total value of RWA assets locked, primarily thanks to U.S. government bonds, industrial capital has shown a clear preference for Ripple-backed technology in the physical goods and commodities segment. This shift is driven by XRPL's efficient protocol-level tokenization, lower transaction costs, and faster settlement times, especially benefiting the energy sector with tokenized electricity contracts.
