David Schwartz (데이비드 슈워츠), former chief technology officer of Ripple, said the role of the XRP Ledger (XRPL) is expanding from a payment-focused blockchain into tokenised financial infrastructure.

On June 8 (local time), blockchain outlet The Crypto Basic reported that Schwartz said XRPL is evolving into a platform that holds real-world assets (RWA), stablecoins and institutional financial products.

Schwartz said in a recent “XRP in a Minute” segment that bitcoin proved value can be safely stored and transferred on a public blockchain without centralised intermediaries. He added that XRPL has gone further and now supports not only its own digital assets but also issued assets representing stablecoins, tokenised real-world assets and other financial products.

Corporate use is also widening. Schwartz said companies are already using XRPL to tokenise real-world assets, and he saw a broader range of tokenised financial products such as securities, money market funds (MMF), stocks, repos, and loans being handled on the network. He also pointed out that decentralised finance (DeFi) services can use these tokenised assets to provide services previously handled by banks and financial institutions.

The market is focusing on rising indicators of actual use. BankXRP, an XRP community figure, presented data showing XRPL’s RWA market capitalisation in the first quarter of 2026 was $2.25 billion, up 124 percent from the previous quarter. Even as XRP prices were weak in the first quarter, XRPL’s daily transaction volume rose 35.3 percent from the previous quarter to 2.48 million. The claim is that network usage is expanding regardless of market weakness.

Stablecoins have also emerged as a key pillar of XRPL’s expansion. BankXRP assessed that RippleUSD (RLUSD) is growing its role as the ecosystem’s liquidity layer. Through integration with Wormhole, RLUSD is currently operating on more than 40 blockchains, with a market capitalisation of about $1.7 billion. BankXRP claimed about $340 million of that is on XRPL.

BankXRP cited a recent pilot project involving Ripple, JP Morgan Chase, Ondo Finance and Mastercard. The project showed a structure in which banks handled cash settlement while XRPL processed tokenised assets during cross-border tokenised U.S. Treasury redemptions. BankXRP emphasised that this showed XRPL has moved beyond theory into real-world implementation.

He said the timing of current businesses and corporate projects converting into fully operational products would be a variable in future expansion. BankXRP judged that institutional adoption needs to accelerate for retail participation to broaden further.

Meanwhile, indicators for the past 30 days also showed the trend of XRPL’s expanding tokenised assets. Based on rwa.xyz data, the value of XRPL’s representative assets rose 13.68 percent over the past 30 days to $3.57 billion, while the number of RWA holders increased 96.43 percent to 110. The number of tokenised real-world assets in the XRPL ecosystem rose to 302.

Details were mixed. The value of distributed assets fell 11.31 percent over a month to $384.6 million, but RWA transfer volume over the past 30 days totalled $50.13 million. Stablecoin market capitalisation was tallied at $888.5 million, up 78.36 percent from the previous month, and 30-day transfer volume jumped 119.74 percent to $4.67 billion. The number of stablecoin holders rose slightly to 59,000.

In this trend, XRPL is growing tokenised assets and stablecoins as core pillars beyond its existing payment-focused uses. The pace at which pilot projects lead to actual institutional products is expected to be the next turning point for XRPL’s expansion.

@Ripple CTO Emeritus @JoelKatz on where XRP is headed: "Tokenized securities. Money market funds. Stocks. Repos. Loans." Enterprise adoption is already here. Mass retail is next. XRP in a Minute ⬇️ https://t.co/DljGy2Hp9S pic.twitter.com/7DpmNbMPAP