XRP Ledger’s (XRPL) tokenized real-world asset (RWA) value has reportedly hit a new record, with Ripple-backed company Ctrl Alt wrapping up a major tokenization deal on the network.
To be specific, the tokenization infrastructure provider has completed a $280 million (AED 1 billion) diamond tokenization deal with Dubai-based Billiton Diamond, marking one of the largest initiatives of its kind.
Ripple executive Reece Merrick, managing director for the Middle East and Africa, confirmed on Friday, February 27, that the assets are now live on the Ledger, whose tokenized asset value has now reached approximately $1.96 billion.
“The tokenization of 1 Billion+ AED in diamonds by CtrlAltCo and Billiton Diamond isn’t just a win for the UAE, it’s a masterclass in how the XRP Ledger handles high-value RWA at scale. As part of the Ripple team, I’m particularly proud of how we’re solving the “Trust Gap” in digital commodities,” Merrick wrote on X.
$280 million in tokenized diamonds now XRPL
As mentioned, the deal has brought more than $280 million worth of certified polished diamonds to XRPL. As such, the initiative connects physical commodities with blockchain infrastructure, using Ripple’s enterprise-grade custody solutions to secure the assets.
Merrick further emphasized that Ripple’s infrastructure also provides bank-grade vaulting and compliant token issuance. This effectively transforms traditionally illiquid luxury goods such as diamonds into blockchain-based tradable assets.
Likewise, he highlighted collaboration within the regulatory and innovation ecosystem in the United Arab Emirates, including engagement with Dubai Multi Commodities Centre (DMCC) and Virtual Assets Regulatory Authority (VARA). This way, he said, the project helps set new global benchmarks for regulated asset tokenization.
Naturally, the deal could also help promote a wider trend of luxury and physical assets migrating on-chain. This, in turn, could enhance XRPL’s utility and strengthen demand within the ecosystem, perhaps even for XRP. For now, though, the cryprocurrency has shown no meaningful reaction to the news.
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