Argentina’s YPF Luz, the power subsidiary of state-controlled YPF, has teamed with Justoken to launch Enertoken on the XRP Ledger (XRPL). The platform tokenizes energy contracts from usage tracking to billing and contract execution, creating tokenized energy assets for corporate clients and large energy users. The initiative aims to boost transparency and traceability through a regulated, blockchain-based process. The represented asset JMWH ties to Latin American electricity production and adheres to contracting and regulatory requirements.
At launch, tokenized assets valued around $800 million anchored Justoken’s JMWH fund; the asset later valued at about $861 million, making it XRPL’s largest tokenized asset and accounting for roughly 57% of XRPL’s represented asset value. XRPL’s RWA platform share stood at around 45%. JMWH is a represented asset, recorded on-chain but not freely tradable, reflecting on-chain ownership and fulfillment while maintaining compliance.
RippleX’s Luke Judges described represented assets as operating in a controlled environment that enforces regulatory and contractual obligations. Ariel Scaliter, cofounder of Justoken, cited XRPL’s institutional focus as a key reason for selection, with energy firms demanding reliability given their publicly listed status. YPF Luz’s use of XRPL signals a broader move to institutional-grade energy and infrastructure asset tokenization, hinting at scalable expansion in regulatory-compliant markets.
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