The XRP Ledger has overtaken Solana in total on-chain real-world asset (RWA) tokenization value excluding stablecoins, reaching $1.756 billion compared to Solana's $1.682 billion, driven primarily by represented assets. XRP Ledger's growth is marked by a surge in high-value, institutionally controlled asset issuances with limited transferability, contrasting with Solana’s broader retail participation and higher transfer volume. Institutional features like PermissionedDomains and PermissionedDEX facilitate controlled issuance and trading, aligning XRPL's network design closely with regulated market infrastructure and attracting regulated asset managers.

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