Institutions adopt tokenization on XRP Ledger in waves, not all at once. Early movers validate the infrastructure and lower risk for others. Each successful tokenization unlocks larger capital tiers, with the current $1.8 billion phase signalling the start of a bigger wave ahead.
The institutions that moved early validated the infrastructure for the ones that were still watching. Every successful tokenization on the XRP Ledger reduced the perceived risk for the next institution considering the same move. This is how institutional adoption actually works. It doesn't happen all at once. It builds in waves where early movers create the proof of concept that opens the door for the next tier of capital to come in at larger scale. The $1.8 billion is not the destination at all. It is the proof of concept phase completing itself and the next wave beginning.
