YPF Luz, the electricity subsidiary of Argentina’s largest energy company, has partnered with Buenos Aires-based blockchain infrastructure company Justoken to launch an energy tokenization platform built on XRP Ledger (XRPL), the firms announced earlier this month. The platform, dubbed Enertoken, tokenizes, commercializes, and manages electricity contracts via XRPL, the public blockchain originally developed by Ripple Labs, which remains a core contributor. Justoken’s JMWH represents real megawatt-hours (MWh) of energy backed by energy producers in Latin America and became the largest tokenized asset on XRPL by total value when it launched in mid-January with over $861 million on-chain.
Ariel Scaliter, co-founder and CTO of Justoken, told The Defiant that the choice of XRPL was deliberate on multiple fronts, citing speed and scalability for teams building on the blockchain network: “XRPL was selected for several strategic reasons. First, its institutional quality stands out. Many companies in the energy ecosystem are publicly listed, which aligns with the profile of counterparties involved in this type of business.” Scaliter also cited the ability to build quickly on the XRPL EVM Sidechain before migrating to the mainnet, and flagged Ripple’s institutional legitimacy, as well as custody as a critical infrastructure consideration. RippleX’s Judges elaborated on the architecture: “Justoken was looking for a way to bring renewable energy credits onchain that could support both traceability and automated compliance for corporate clients, while still fitting within existing custodial structures.”
YPF Luz is the power generation subsidiary of YPF (Yacimientos Petrolíferos Fiscales), Argentina’s majority state-owned oil and gas company. XRPL has been steadily building its RWA credentials, and now has $1.5 billion in represented asset value on chain. In the initial phase, Enertoken launched with over $800 million in tokenized energy assets on XRPL.
As of today, March 26, JMWH’s total asset value stands at $861 million — representing nearly 57% of all represented asset value on XRPL, and a nearly 45% market share of all tokenized RWA platforms on the network. Per RWAxyz, represented asset value refers to tokenized assets that exist on a blockchain but cannot be distributed or transferred on-chain — they represent a real-world commitment recorded on-chain, not freely tradable tokens. The tokens operate under Argentina’s capital markets regulator Comisión Nacional de Valores (CNV)’s regime for Virtual Asset Service Providers (PSAVs), with issuance, allocation, delivery, and retirement all tied to contractual obligations.
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