XRP Ledger's tokenized real-world assets reached a market capitalization of $364.2 million at the end of Q3 2025, marking a 215% increase from the previous quarter, according to Messari's State of XRP Ledger Report. Growth was driven by institutional tokenization projects launched in Q2, including Ondo's OUSG U.S. Treasury fund, Guggenheim's Digital Commercial Paper, and Ctrl Alt's real estate tokens.