BNB Chain and XRP Ledger (XRPL) have positioned themselves as leaders in the Real World Assets (RWA) field. Both reported a significant increase in RWA value, leading growth in August.
However, this growth occurred in the context of a general industry decline, with RWA still lagging behind other blockchain sectors.
BNB Chain and XRPL Lead RWA Growth Amid Broad Industry Decline
According to data from RWA.xyz, in the past 30 days, RWA value on BNB Chain increased by 1,540%, becoming the network with the highest growth. XRPL followed, with a 52.2% increase.
In contrast, top protocols, including Ethereum, Aptos, Solana, Stellar, and others, lost value during the same period.
Top RWA networks by growth. Source: RWA.xyzBNB Chain currently holds 0.33% market share. Moreover, the main driver of its growth is the VanEck Treasury Fund (VBILL).
VBILL is VanEck's first tokenized fund. It is available on multiple blockchains, including BNB Chain, Avalanche, Ethereum, and Solana. It provides on-chain access to short-term US Treasury bills.
Similarly, XRPL's RWA growth is led by the OpenEden TBILL Vault.
"@OpenEden_X provides a smart contract vault managed by a regulated entity, offering 24/7 access to US Treasury Bills (T-Bills) through the OpenEden TBILL Vault. This on-chain liquidity pool allows stablecoin investors to earn sustainable profits by investing in T-Bills, backed 1:1 by T-Bills, USD Coin (USDC), and US dollar reserves," an analyst explained.
Meanwhile, Phil Kwok, co-founder of EasyA, also attributed this growth to Ripple's RLUSD stablecoin. BeInCrypto had previously reported that this stablecoin is one of the fastest-growing assets in the market.
"Very impressive growth of XRP ledger. Fastest growth in real-world assets compared to any other blockchain," Kwok posted.
Notably, XRPL has made significant progress in tokenization recently. Previously, Ripple collaborated with Ctrl Alt to support the Dubai Land Department's Real Estate Tokenization Project on XRPL. Moreover, in June, Circle's USDC stablecoin became operational on this network.
Notably, Ripple itself is quite optimistic about the industry's development. In a report, the company predicted that the real-world assets sector could reach $18.9 trillion by 2033.
However, not everyone shares this positive outlook. Recently, JP Morgan financial group stated that the overall market for tokenized assets remains 'quite insignificant'.
"This quite disappointing picture of tokenization reflects that traditional investors have not yet seen a necessity for it so far. There is also little evidence that banks or customers are moving from traditional bank deposits to tokenized bank deposits on blockchain," wrote Nikolaos Panigirtzoglou, a JPMorgan strategist.
Moreover, this sector is primarily dominated by crypto-native companies, with a total market capitalization of around $25.7 billion. In fact, its growth has been quite slow.
Crypto industry performance. Source: ArtemisData from Artemis reveals that RWA only increased by 14.8% in the past month. This figure is quite low, especially when compared to the strong growth seen in Non-Fungible Tokens (NFTs), Ethereum, Decentralized Finance (DeFi), and other sectors.
