What’s Driving RWA Growth on BNB Chain and XRPL?

BNB Chain and the XRP Ledger (XRPL) have emerged as the fastest-growing networks in the Real World Asset (RWA) race, reporting outsized gains even as the broader RWA sector cools. According to RWA.xyz data, RWAs on BNB Chain surged 1,540% over the past 30 days — the largest increase of any network — while XRPL rose 52.2%. Those moves stand in sharp contrast to major protocols by value, including Ethereum, Aptos, Solana and Stellar, which all lost RWA value over the same period.

BNB Chain’s jump has pushed it to roughly 0.33% market share in RWA listings, with the primary catalyst identified as VanEck’s VBILL — the asset manager’s first tokenized fund. VBILL provides on-chain access to short-term US Treasury bills and is available across multiple chains, including BNB Chain, Avalanche, Ethereum and Solana, widening exposure to tokenized T-bills for crypto and DeFi users.

XRPL’s gains were led by OpenEden’s TBILL Vault. Analysts note that OpenEden_X runs a smart-contract vault managed by a regulated entity, offering 24/7 on-chain access to U.S. Treasury bills. The OpenEden TBILL Vault creates a liquid pool where stablecoin holders can earn yield by investing in T-bills backed 1:1 by T-bills, USDC and USD reserves. Phil Kwok, co-founder of EasyA, also cited Ripple’s RLUSD stablecoin as a key factor — RLUSD has been reported among the fastest-growing assets in the market.

While the headline numbers for BNB Chain and XRPL are impressive, the RWA category overall still trails other blockchain sectors and faces headwinds from wider market weakness. That said, tokenized funds, on-chain T-bill vaults and expanding stablecoin infrastructure are clearly reshaping where institutional and retail capital flows within crypto and DeFi.