• Ripple is launching Multi-Purpose Tokens (MPT) on the XRP Ledger in Q3 2024, enhancing tokenization capabilities.
• MPTs will offer real-time data access, adaptability, and advanced features like freezing and clawbacks.

Ripple’s XRP developer community is preparing to introduce a major upgrade to the XRP Ledger (XRPL) in the third quarter of 2024 with the launch of Multi-Purpose Tokens (MPTs). According to the announcement, this development will enhance the functionality of tokenized assets on the XRPL.

The Multi-Purpose Token will provide several important features to enhance the effectiveness and versatility of tokenized assets. One key benefit is that users get access to real-time on-chain data so they can track and confirm transactions in real-time. This makes it easy, efficient, and convenient for users to get the information they need to make decisions quickly. 

MPTs will also be highly flexible and will be capable of modifying their operation in response to shifting circumstances. This flexibility minimizes the role of human interference and increases the effectiveness of asset management on the blockchain. 

Additionally, MPTs will enable features like freezing, clawbacks, and non-transferable tokens. These features are crucial in order to have control over digital assets, especially in the environments where there are certain regulations or restrictions. 

Expanding Use Cases on the XRP Ledger

The introduction of MPTs is expected to significantly expand the XRP Ledger’s use cases. One primary use case is the tokenization of treasury bonds, which enhances transaction effectiveness, settlement speed, and liquidity of financial assets.

Other applications may involve tokenized airline credits, which can help in the proper management of customer reward programs. Additionally, the tokenization of art and collectibles provides better security and authenticity of the assets. Furthermore, universities can use MPTs to provide secure certificates that cannot be forged, making it easier for graduates and employers to verify their authenticity. 

Ripple describes the MPT as a “best of both worlds” solution, offering the flexibility of fungible tokens with the added capabilities of non-fungible tokens. This hybrid approach allows for a more versatile tokenization process, enabling institutions to create tokens representing a broad spectrum of assets and rights.

XRPL Holds Over 60 Billion XRP in User Accounts

The XRP Ledger (XRPL) has revealed substantial metrics that highlight its position as a leading layer-1 network. As reported by XRP Ledger Services, there are currently 60,878,621,751 XRP held in user wallets on the platform. This is quite remarkable, especially considering the total supply of XRP is 99,987,181,197 XRP, which means that a large number of individuals hold this cryptocurrency.

The XRP ledger has continued to grow in the number of users, with 5,294,740 users on the network. This growth suggests that the platform is expanding its reach beyond the primary Ripple Labs ecosystem. Also, the network has successfully validated 90,337,507 ledgers, which demonstrates the stability and effectiveness of the protocol since its launch. 

Another crucial factor concerning the XRP Ledger is the number of XRP held in escrow. At present, 39,108,559,446 XRP are locked in escrow to enhance the flow of funds in on-chain transactions. These escrow funds increase confidence in the XRP Ledger’s smart contracts, enabling innovations such as the Automated Market Maker (AMM).