Specifically, on Sept. 22, investors transferred $7,021,672,530 worth of Justoken’s JMWH product. Other RWA assets recorded another $1.39 million in transfer volume that day.
Combined, the activity brought the $XRP Ledger’s RWA transfer volume to $7.022 billion on September 22, setting a new intraday record.
JMWH Accounts for Most of the Volume
The size of the September 22 activity is noteworthy because, while JMWH is the largest individual real-world asset on the $XRP Ledger, its total value stands at $2.229 billion. This is more than three times lower than the $7.021 billion in JMWH transfer volume recorded on that single day.
This means the same JMWH tokens moved several times during the period. Despite the huge transfer volume, JMWH had only 165 holders. However, that number represents a 768% increase from the figure recorded 30 days earlier.
The massive rise in transfer volume to over $7 billion while holders remain lower than 170 raises questions about whether actual investors, including institutions, drove the recent JMWH activity or whether the asset manager itself carried out a large share of the transfers.
XRPL RWA Activity Was Previously Very Low
The latest surge is a major change from the $XRP Ledger‘s earlier RWA activity. Before this increase, daily RWA transfer volume generally stayed between $900 and $3,000, although the network occasionally recorded spikes into the low millions of dollars.
For instance, RWA transfer volume reached $16.224 million on Aug. 31, following $4 million on Aug. 28 and $10.7 million on Aug. 27. While these figures showed occasional increases in RWA activity, they remained way below the $7.022 billion recorded on Sept. 22.
However, transfer volume does not necessarily confirm greater on-chain value. Higher transfer volume indicates more movement of tokenized assets, while lower volume can suggest that investors are choosing to hold their assets on the $XRP Ledger.
In this sense, lower transfer activity can also be a positive sign because it may show that investors are keeping their tokenized assets on-chain rather than moving them frequently.
Other XRPL Asset Metrics Also Improve
Other XRPL metrics have also moved higher during the same period. Distributed asset value, excluding stablecoins, increased 5.14% over the past 30 days to $498.7 million. Represented asset value also rose 1.97% over the same period to $4.10 billion.
The $XRP Ledger’s stablecoin market has also expanded. Stablecoin market cap rose to $1.19 billion, representing an 8.19% increase over the period. At the same time, the number of RWA holders increased 12.24% to 275, pointing to further growth in participation across tokenized real-world assets.
However, some stablecoin metrics moved in the opposite direction. Stablecoin holders fell 1.86% to 81,040, while stablecoin transfer volume dropped 18.15% to $4.39 billion.
