The XRP Ledger (XRPL) recorded an exceptional third quarter, with tokenized real-world assets (RWA) on the network surging 215.3% quarter-over-quarter to reach $364.2 million, according to the latest Messari report.
The update highlights XRPL’s accelerating institutional adoption and technical evolution as a compliant, high-performance layer for asset tokenization and decentralized finance (DeFi).
Messari’s data shows that XRP’s price rose 27.2% during the quarter, while average daily transactions increased 8.9%, underscoring renewed on-chain activity.
State of XRP Ledger Q3
Key Update: XRP Ledger implements institutional-grade features, paving the way for widespread adoption of tokenized real-world assets and compliant DeFi.
QoQ Metrics 📊
• XRP price ⬆️ 27.2%
• RWA market cap on XRPL ⬆️ 215.3%
• Average daily… pic.twitter.com/BemmsRxvud— Messari (@MessariCrypto) October 28, 2025
The platform’s RWA ecosystem, fueled by assets such as T-Bills, tokenized gold, and corporate debt instruments, has become one of the fastest-growing segments in the XRPL network.
The report attributes the growth to XRPL’s rollout of institutional-grade features, which streamline compliance and interoperability for financial institutions. These upgrades allow banks, fintechs, and asset managers to issue and settle real-world assets directly on-chain with regulatory assurance.
As of September 30, tokenized U.S. Treasury bills (T-BILL) led the category at $33.7 million, followed by assets issued under VERTRCRA468 and MGL, each surpassing $50 million. Messari notes that XRPL’s growth trajectory positions it as a key player in the expanding tokenization market, one increasingly driven by regulatory clarity and demand for on-chain, yield-bearing assets.
With the ongoing convergence of traditional finance and blockchain infrastructure, the XRP Ledger’s Q3 performance underscores its growing role in powering institutional DeFi and real-world asset settlement at scale.