[Digital Today reporter Jinju Hong (홍진주)] The XRP-based blockchain network XRP Ledger (XRPL) is rapidly expanding its presence in the global tokenised commodities market. Its market share has risen to 26 percent, making it the second-largest tokenised commodities network after Ethereum (ETH).

On May 9 (local time), blockchain outlet The Crypto Basic reported that tokenised commodities registered on XRP Ledger currently total $2.043 billion. The overall tokenised commodities market is about $7.7 billion, with XRP Ledger accounting for about 26 percent.

The tokenised commodities market itself is also showing steep growth so far this year. The market, which stood at about $1 billion at the start of the year, expanded to about $4.2 billion at the end of last year and has taken in an additional about $3.5 billion this year alone, growing to $7.7 billion in just 5 months. The report said rising interest in the real-world asset (RWA) market is also pushing commodities rapidly toward blockchain-based financial products.

A key driver of XRP Ledger’s growth is JusToken’s tokenised energy product, JMWH. JMWH tokenises watt units of real-world electricity usage and is issued only on XRP Ledger. About $895.6 million surged in a single day last month, lifting its total value to $1.76 billion.

Backed by JMWH’s rapid growth, XRP Ledger’s market share also jumped sharply in a short period. Just 30 days ago, XRP Ledger’s share of the tokenised commodities market was around 15 percent, but it has now expanded to 26 percent. That translates into an increase of about 69.67 percent. Over the same period, tokenised commodities on XRP Ledger rose by about 79 percent, the highest growth rate among major blockchain ecosystems.

The market is also paying attention to XRP Ledger’s growth structure being overly dependent on a specific product. JMWH currently accounts for more than 86 percent of total tokenised commodity value on XRP Ledger. In effect, a single product is driving XRP Ledger’s commodities ecosystem.

Ctrl Alt’s diamond-based products, "Diamonds: AD Collection 1" and "Diamonds: SD Collection 1", are also listed on XRP Ledger at $105 million and $46 million, respectively. But they lag far behind JMWH in market size.

The industry views whether XRP Ledger can further expand its share as depending on whether JMWH’s growth continues and whether new commodities products flow in. If a range of real-world assets such as energy, precious metals and carbon credits are additionally tokenised, the possibility has also been raised that XRP Ledger could establish itself as a core network in the global RWA market.