For nearly a decade, XRP has been the underdog of the digital asset world, overshadowed by the narrative dominance of Bitcoin, the developer power of Ethereum, and the speed headlines of Solana.
But while most of the market debated ETFs and stock exchange listings, XRP’s core network, the XRP Ledger (XRPL), continued to develop quietly in the background.
It is now re-emerging as an infrastructure layer blockchain network that powers real-world payments, stablecoins, and the early wave of tokenized assets.
From litigation to licensing
Ripple’s long regulatory standoff ended in August 2025, closing a chapter that defined much of XRP’s past decade.
A US court confirmed that retail sales of XRP are not securities, while Ripple paid a $125 million civil penalty to settle institutional violations. Because both parties dropped the appeals, the decision gave Ripple the legal certainty it had lacked for years.
That clarity has allowed Ripple to secure more than 40 U.S. money transmitter licenses, including New York, Texas and California, giving it a nationwide footprint for crypto-fiat settlement.
The effect was immediate, as XRP was finally able to integrate with regulated payment partners, something few US-linked blockchains can do.
Behind these regulatory victories, the XRP Ledger itself began to show new life. Transactions related to payments and treasury activities have risen sharply, reflecting renewed interest from once hands-off financial institutions.
In regions like Africa and Southeast Asia, where stablecoins have become the standard track for fund transfers, XRPL is now positioning itself as a compliance-ready alternative to Tron and other permissionless networks.
Institutional adoption
A clear example of this comeback in the real world is the level of institutional acceptance that the blockchain enjoys worldwide.
In September, SBI Group and Tobu Top Tours reportedly unveiled plans to issue prepaid travel tokens on the XRPL in Japan.
Speaking about the significance of the move, Ripple’s Tatsuya Kohrogi noted:
“This is important because Japan’s market for prepaid payment instruments is worth $200 billion annually. The tokens will circulate in regional economic zones, from tourism hotspots to sports communities, driving local spending and digital innovation.”
According to the Nikkei report, each token functions as a digital prepaid card, redeemable at local stores and tourist centers. Users can top up their yen, spend and cash out directly without intermediaries.
For a market where prepaid instruments already handle about $200 billion a year, moving those flows to XRPL represents one of the largest blockchain integrations attempted in a major economy.
Essentially, the goal is not crypto speculation; it is the modernization of infrastructure. Building on XRPL’s low-fee, high-throughput ledger, Japan is testing how digital tokens can boost cashless tourism and local commerce while fully complying with financial regulations.
Another project, from Webus International, extends the usefulness of XRP even further.
The Singapore-based company is developing a tokenized travel rewards exchange using XRPL’s stablecoin framework to link airline miles, hotel points and retail loyalty credits. This market is worth almost $100 billion worldwide.
Webus plans to convert these siled reward systems into transferable digital assets. Tokenizing balances allows consumers to trade or redeem them between brands in real time, unlocking liquidity that loyalty programs have historically held captive.
This is also a subtle example of XRP’s newfound role in connecting previously closed financial systems without breaching compliance.
Stablecoin and RWA border
Another clear testament to XRPL’s growth is its growing footprint in the stablecoin and real-world asset (RWA) tokenization markets.
Ripple competes directly in the over $300 billion stablecoin market through its RLUSD stablecoin.
While the RLUSD’s $898 million market cap pales in comparison to the billions of Tether’s USDT and Circle’s USDC, the digital asset has gained significant institutional use.
For context, crypto exchange Bullish recently disclosed that it used its stablecoin assets and others to settle $1.15 billion in IPO proceeds.
This can be coupled with RLUSD’s unique design, which prioritizes strict KYC and AML standards. Additionally, Ripple’s recent acquisition of companies like Hidden Road and Rail gives RLUSD an advantage over others, keeping reserves and distribution within licensed channels.
The compliance angle also differentiates XRPL from competing blockchain networks like Tron and Solana by embedding regulations into the network.
Earlier this month, XRPL introduced the Multi-Purpose Token (MPT) Standard, which allows digital asset issuers to restrict transfers to verified holders via decentralized identifiers and verifiable credentials.
That means any stable coin or tokenized asset can enforce regulatory controls directly at the protocol level, and no third-party filter is needed.
Martin Hiesboeck, head of research at Uphold, said:
“The MPT standard strategically positions the XRPL as the leading secure and compliant institutional blockchain for the future of tokenized finance.”
This architecture is now attracting a mix of stablecoin issuers and financial institutions. Stablecoins like Circle’s USDC, EURØP, USDB, and XSGD all added XRPL support in 2025, signaling confidence in the network’s scalability and compliance-ready tools.
Meanwhile, that vision extends far beyond stablecoins.
Ripple’s roadmap positions XRPL as a base layer for RWA tokenization, involving everything from US Treasury bonds to commercial credit products. This has already seen significant adoption by global authorities such as Dubai and major financial institutions such as Guggenheim and BlackRock.
As a result, the blockchain network is now among the top 10 chains for RWA tokenization, handling over $360 million in assets.
Given this level of adoption, crypto researcher Rob Cunningham concluded:
“In a conservative ‘base scenario’ [XRPL is] a serious corridor player and RWA registration/settlement layer; On the plus side, it is a GO-TO ledger for Stablecoin-settled cross-border government bonds and high-quality RWA settlement with MULTILLION ANNUAL TRANSIT by 2030.”