RippleX President and Ripple Senior Vice President Markus Infanger said that the XRP Ledger (XRPL) is ready for the next phase of tokenization of real-world assets (RWA). Infanger said the SPV (Special Purpose Vehicle)-dominated model in the current market is only a temporary bridge on the way to “local export”. In his blog post, Infanger compared the transformation Euroclear and DTCC implemented in the 1970s, when they stored physical securities certificates in vaults and moved ownership records electronically, to today's tokenization architecture. According to Infanger, just as in those days, the transition in today's financial markets is gradual. The SPV model offers a structure that legally represents tokenized Treasury bonds, real estate, or credit instruments and issues tokenized versions of them on-chain. Despite criticism, Infanger notes that SPVs provide legal clarity, regulatory compliance, and operational convenience for institutional participation. According to Infanger, SPVs serve as a “skeleton” that tests infrastructure, onboards institutions, and adapts the legal framework for programmable finance, just as DTCC and Euroclear have done in the past. But in the long run, SPVs are an interim phase, not the ultimate goal. Infanger argues that the real transformation will come with the digital issuance of assets directly on-chain. In this model: The token will be the legal instrument itself Compliance will be achieved through code at the protocol level Liquidity will be integrated without fragmentation Storage, reconciliation and compliance processes will become fully programmable Infanger stated that XRPL is specifically designed for this vision, enabling scalable asset issuance and management with a built-in DEX, low-cost and fast settlement, and standards such as XLS-30 (AMM) and XLS-65 (Lending Vaults). As an example of this vision, Ctrl Alt's pilot project with the Dubai Land Department demonstrated the mining of real estate ownership records on XRPL. According to Ripple executives, this accelerates ownership transfer, simplifies auditing, and establishes on-chain regulatory oversight. The project will also integrate Ripple Custody, ensuring the secure storage of tokenized title deeds. *This is not investment advice.