Justoken claims to be a Top 3 global RWA token issuer. Their flagship product, JMWH, represents tokenized megawatt-hours of electricity on the XRP Ledger. Total asset value on rwa.xyz: $2.23 billion. That number puts them ahead of BlackRock's BUIDL, ahead of Franklin Templeton, ahead of nearly every name in institutional tokenization.

Then I checked who actually holds these tokens. 19 wallets. Not 19,000. 19. Monthly transfer volume: $0. Active addresses in the last 30 days: 1.

I went looking for the company behind the tokens. What I found is a polo player who pivoted from esports to energy, a UK parent company that filed as a micro entity with 100 pounds in share capital, and $2.2 billion in "represented value" that nobody outside the company can trade, transfer, or independently verify.

What Justoken Actually Does

Justoken builds blockchain infrastructure for tokenizing commodities, energy, and agricultural assets. They are not a fund. They are not an exchange. They are a technology platform that helps companies put real-world assets on-chain.

Their product suite includes five platforms: Aura (digital credit guarantees for banks), T&S Explorer (commodity supply chain traceability), Enertoken (energy digitalization), RTM (institutional RWA issuance), and Justoken Labs (custom development).

The company started life as Agrotoken in 2019-2020, tokenizing grain in Argentina. Soy, corn, and wheat became SOYA, CORA, and WHEA tokens. Farmers could use tokenized grain as collateral for loans at Santander and Banco Galicia. Bunge, one of the world's largest agricultural traders, partnered on supply chain traceability. Visa integrated Agrotoken into a payment card through Pomelo.

In July 2024, they rebranded to Justoken and pivoted from agricultural tokens to "blockchain infrastructure as a service." Think of it as going from making products to selling the factory.

In January 2026, they launched JMWH, a token on the XRP Ledger where each unit represents one megawatt-hour of electricity. The token is tied to energy contracts from YPF Luz, one of Argentina's largest power generators.

That launch is what put them on the rwa.xyz leaderboard. And on my radar.

The Team

Eduardo Novillo Astrada, the CEO and co-founder, comes from one of Argentina's most famous polo dynasties. His grandfather founded the La Aguada polo estate in Cordoba in 1959. In 2003, Eduardo and his three brothers became the only four-brother team to ever win Argentina's Triple Corona, polo's most prestigious tournament series. Eduardo reached a 9-goal handicap in Argentina. His brother Javier died of a terminal illness in 2014.

After polo, Eduardo moved into esports. Furious Gaming, Easter Egg (an esports agency), Internet of Fields Company. Then he co-founded Agrotoken.

His co-founder is Ariel Scaliter, who served as an official Algorand Ambassador in 2020 and drove the company's original blockchain strategy.

The background is unusual. A polo legend and an Algorand ambassador building energy tokenization infrastructure. No prior track record in energy markets, commodities trading systems, or financial regulation. The pivot from polo and esports to tokenizing electricity contracts is one of the largest domain jumps I have seen in this space.

That does not mean they cannot do it. Seth Priebatsch (GromaCoin, Roast #8) went from restaurant payment apps to real estate tokenization, and the buildings exist. But it does mean the team's credibility rests entirely on what they have built, not on prior domain expertise.

Justoken has raised approximately $17.5 million across two rounds from 17 investors, including Bunge Ventures, BYMA Ventures, Newtopia VC, Borderless Capital, and MatterScale Ventures. No Series A has been publicly reported. Visa was involved as a strategic partner in 2022 through a payment card integration via Pomelo, though the nature of that relationship (equity investment versus commercial partnership) is not confirmed on PitchBook.

The $2.2 Billion Question

Here is the number everyone puts in the headline: $2.23 billion in total asset value for JMWH on rwa.xyz.

Here is what that number actually means.

rwa.xyz classifies JMWH as a "Represented Asset." Their own framework, published in November 2025, defines this category clearly: represented assets are tokenized assets that cannot be moved to wallets outside the issuing platform or transferred between wallets. The blockchain serves as a recordkeeping layer, not a distribution channel.

In plain language: these tokens do not trade. They cannot be sent to your wallet. They cannot be listed on an exchange. There is no secondary market. The $2.23 billion is the total notional value of the energy contracts that the tokens represent, as declared by Justoken.

JMWH has 19 holders. That is roughly $117 million per holder on average. Monthly transfer volume: $0. Trailing 30-day active addresses: 1. Monthly transfer count: 0.

For comparison: Reental (Roast #9) has $71 million in value across 10,982 holders with $5.36 million monthly volume. GromaCoin (Roast #8) has $68 million across 218 holders. Both were criticized for limited liquidity. JMWH has roughly 31 times the "value" of Reental and 1/575th the holders.

DefiLlama tells a similar story from a different angle, though with a caveat: their Justoken platform page shows no data for Active Market Cap, Onchain Market Cap, or DeFi TVL. All fields are empty. This does not necessarily mean the values are zero. It means DefiLlama has no data to track. For a token classified as a "Represented Asset" that cannot move between wallets, there may simply be nothing for DefiLlama to measure. The JMWH asset page lists the RWA Classification as "Programmable Finance" and the Access Model as "Permissioned." Attestations: "Not publicly disclosed" for both date and frequency. No independent attestation has ever been recorded.

Now look at the trajectory. In mid-January 2026, JMWH launched at roughly $861 million. In late February, it jumped to $1.76 billion. That is a $900 million increase that appeared to happen overnight. Multiple crypto news outlets reported the surge. Justoken's own website still showed $860 million when rwa.xyz displayed $1.76 billion. No public statement was issued to explain the discrepancy.

By late April, the number reached $2.23 billion. The mechanism: Justoken mints new tokens representing additional energy contracts and allocates them to the 19 wallets. The April 23 on-chain data shows six separate minting events in a single day, totaling approximately 15 million tokens worth roughly $903 million. One mint on May 13 added another 7.76 million tokens worth $466 million to a single wallet.

Nobody bought these tokens. They were minted and distributed. The "value" grew because Justoken decided to tokenize more contracts and assign a $60 price per MWh. The market did not set that price. An exchange did not set that price. Justoken set that price.

What Does JMWH Actually Represent?

Each token is supposed to represent one megawatt-hour of contracted energy capacity from Argentine power generators, primarily YPF Luz. The total amount of tokens represents the "contractual commitment backed by the generation capacity of the generators, assigned to clients."

This distinction matters. The token represents the contractual capacity to generate energy. The actual kilowatt-hours flowing through the grid right now are a separate thing. JMWH captures the future commitment, the Power Purchase Agreement between a generator and a corporate buyer, digitized as a token on the XRP Ledger.

YPF Luz is a legitimate company. It is a subsidiary of YPF S.A., Argentina's national oil company. The Argentine government controls 51% of YPF (26% federal, 25% provincial). YPF Luz has 3,497 megawatts of installed capacity across 18 assets in 8 provinces and generates roughly 10.8% of Argentina's electricity. They have been pushing toward 1 gigawatt of renewable capacity.

YPF Luz generates real electricity from real turbines. Nobody disputes that. But tokenizing an existing power purchase agreement does not create new energy, new revenue, or new assets. The electricity was being generated and sold before the tokens existed. JMWH adds a digital layer to contracts that were already functioning.

One additional concern about YPF itself: in June 2025, a US judge ruled that Argentina must relinquish its 51% controlling stake in YPF as part of a judgment related to the 2012 nationalization of Repsol's shares. Argentina is appealing, but the ownership of YPF and its subsidiaries is currently under legal uncertainty. The outcome could affect every commercial arrangement YPF Luz has, including the contracts that JMWH tokens represent.

CAMMESA: Custodian and Auditor at the Same Time

CAMMESA (Compania Administradora del Mercado Mayorista Electrico S.A.) operates Argentina's wholesale electricity market. They dispatch energy into the national grid, set wholesale prices, manage cross-border energy exchange, and administer all commercial transactions in the wholesale system. The entity is 80% privately owned by power generators, transporters, and large energy users, and 20% government-owned.

On rwa.xyz, CAMMESA is listed as both the Legal Identifier (custodian) and the Auditor for JMWH.

In any proper tokenization framework, the entity that holds or verifies the underlying asset and the entity that audits whether the tokens accurately reflect reality should be separate. The same entity provides the data about how many megawatt-hours have been generated and consumed, then turns around and verifies that the tokens accurately reflect that data. One organization validates its own records.

For context: Chainlink (Roast #6) has a SOC 2 Type 2 audit plus ISO 27001 certification from independent third parties. GromaCoin has a private placement memorandum filed with the SEC. Reental operated under Spain's Law 6/2023 with independent financial reporting. JMWH's verification loop runs through a single entity that is itself a participant in the Argentine energy market.

The Blockchain Musical Chairs

Agrotoken started on Ethereum as a proof of concept. Moved to Polygon for testing. Then chose Algorand as their primary blockchain. The Algorand Foundation published case studies calling them a flagship project. Scaliter, the co-founder, declared publicly that Algorand was "the blockchain of the present and the future." He became an official Algorand Ambassador.

Then the biggest product in company history launched on XRP Ledger.

No public explanation was offered for the switch. JMWH, which represents 67% of Justoken's total tokenized value, runs on a different blockchain than everything the company built before it. Their original grain tokens (SOYA, CORA, WHEA) remain on Polygon. A quick look at Etherscan tells the rest of the story: CORA has 715 total transactions ever. WHEA has 241 total transactions ever. Both show $0 in balance. The grain tokens that launched the company appear effectively dead.

Meanwhile, JMWH is responsible for roughly 70% of all RWA value on the entire XRP Ledger. Remove Justoken, and XRPL's RWA story collapses. Both sides benefit from the arrangement: Justoken gets the credibility of a major blockchain, and XRPL gets a $2.2 billion number for the leaderboard. Neither party has an incentive to question the other's claims.

No documented Ripple grant, XRPL Accelerator participation, or formal partnership between the two has been found publicly.

The UK Shell Company

Justoken operates under Universal Demeter Limited, incorporated in the United Kingdom on September 14, 2021. Company number 13619598.

UK Companies House records show:

The parent entity of a company claiming $2.63 billion in total tokenized assets filed as a micro company through 2023 and was dormant in its first year. The share capital is 100 pounds. Both controlling shareholders live in Argentina. The UK incorporation appears to be a jurisdictional choice, not an operational reality.

The rwa.xyz listing shows the JMWH domicile as "United Kingdom" while the regulatory framework is "Argentina CNV PSAV Regime." The custodian is an Argentine energy authority. The energy assets are in Argentina. The team is in Argentina. The UK is a legal wrapper.

The Regulatory Framework

Justoken operates under Argentina's CNV (Comision Nacional de Valores) PSAV Regime, established by Resolution 1058/2025. This means they are a registered Virtual Asset Service Provider under Argentine securities law. Requirements include minimum capital, information security policies, custody standards, and reporting obligations.

There are related but separate resolutions. Resolution 1069/2025 created Argentina's first tokenization sandbox for financial trusts and closed-end mutual funds. Resolution 1081/2025 extended tokenization to marketable securities.

Important detail: the tokenization sandbox established by Resolution 1069 has a built-in expiration date of August 21, 2026. That is less than three months from now. If the sandbox is not extended or made permanent, the regulatory foundation for tokenized products like Landtoken (the "first tokenized financial trust approved by CNV" that Justoken promotes on its website) could lapse.

Being a registered PSAV does not mean your token valuations are verified, your energy contracts are audited, or that the CNV guarantees anything. Registration means you met the requirements to operate. What you do after registration is on you.

What Justoken Gets Right

The YPF Luz partnership is real. A subsidiary of Argentina's national oil company does not lend its name to a project without internal due diligence. YPF Luz has 3.5 gigawatts of installed capacity and serves approximately 90 corporate energy clients. The CEO of YPF Luz, Martin Mandarano, has made public statements endorsing the Enertoken platform by name. That is not a logo on a slide deck. That is a C-level executive of a state-backed energy company publicly endorsing a blockchain product.

The Bunge partnership is also real. Bunge is one of the four largest agricultural commodity traders on the planet (the "ABCD" group: Archer-Daniels-Midland, Bunge, Cargill, Louis Dreyfus). A Bunge-Justoken traceability project for deforestation-free soy was publicly announced and covered by Bunge's own press office. Bunge Ventures participated in the $12.5 million funding round.

The operational history matters. Agrotoken/Justoken has been operating since 2020. Six years. Partnerships with Santander, Visa, Banco Galicia, Bunge, Accenture, and YPF Luz. Nobody disappeared with the money. In this space, that sentence still has weight.

And the concept of tokenizing energy contracts for commercial management is sound. If the platform helps 90 corporate clients track, simulate, and manage their energy costs through a transparent blockchain interface, that has real utility regardless of what the token "value" reads on a leaderboard.

One question the platform still has not answered publicly: how does Justoken make money? The rwa.xyz listing shows 0% management fees, 0% performance fees, 0% subscription fees, and 0% redemption fees. DefiLlama tracks no protocol revenue data. Either the fees exist outside the on-chain structure, or the company is currently operating on venture capital without a visible revenue mechanism. For a six-year-old company, that is worth asking about.

The Scorecard

CategoryScoreNotes
Asset Quality6/10YPF Luz is a legitimate state-backed energy generator with 3,497 MW installed capacity across 8 provinces. Energy contracts are real. But tokens represent contractual capacity, not generated or delivered energy. YPF ownership under legal uncertainty after June 2025 US court ruling.
Token Structure2/10"Represented Asset" per rwa.xyz: tokens cannot be moved outside the platform or transferred between wallets. No secondary market. No price discovery. $0 monthly volume. DefiLlama tracks no data for Active Market Cap, Onchain Market Cap, or DeFi TVL. Value is entirely self-reported by the issuer. 19 holders. No public attestation on record.
Team4/10Six years of operation. Major corporate partnerships (YPF Luz, Bunge, Visa, Santander). But CEO background is polo/esports with zero energy or finance domain experience. $17.5M total raised for a $2.63B "represented value" platform.
Yield / ReturnsN/AJMWH does not generate yield for token holders. Tokens represent energy contracts used for commercial management, not investment returns. This is not a yield product.
Transparency2/10$900M value surge with no public explanation. Website numbers contradicted rwa.xyz data. UK parent entity filed micro company accounts. No independent audit visible. CAMMESA serves as both custodian and auditor. Announced Brazil/US expansions (2022) never materialized.
Liquidity1/10Zero. Literally zero. $0 monthly transfer volume. 1 active address in 30 days. 0 monthly transfers. Cannot be traded, cannot be transferred between wallets. By definition, a "Represented Asset" has no liquidity.
Innovation7/10Tokenizing energy PPAs for commercial management is a novel application. The Enertoken platform concept (simulate, contract, track, bill, report, all on-chain) has real utility for energy companies. Multi-sector infrastructure (agriculture, energy, mining) shows platform ambition.
Regulatory4/10Registered as PSAV under Argentina's CNV Resolution 1058/2025. But tokenization sandbox expires August 2026. UK domicile appears to be a shell. Dual CAMMESA role undermines independent verification. No SEC or UK FCA registration found.
Overall3.7/10

My Verdict: The Same Four Questions

Does the yield survive real math?

Not applicable. This is not a yield product. JMWH tokens do not pay dividends, generate income, or provide returns to holders. They represent energy contracts for commercial and operational purposes. There is nothing to calculate.

What do you actually own?

You do not own energy. You do not own shares in YPF Luz. You do not own a claim on future electricity production. You hold a digital representation of a contractual commitment between energy generators and their clients, recorded on the XRP Ledger. The tokens are classified as "Represented Assets," meaning they cannot leave the issuing platform or be transferred peer-to-peer. You hold a ledger entry on a platform you cannot exit.

Can you actually exit?

No. There is no secondary market. There is no marketplace. There is no OTC desk. There are 19 wallets, $0 in monthly volume, and a token design that by definition does not allow transfers between wallets. This is the lowest liquidity score I have given in the series.

Skin in the game?

Unclear. Justoken raised $17.5 million from investors including Visa and Bunge Ventures. Eduardo Novillo Astrada and Ariel Scaliter each own 25-50% of Universal Demeter Limited. But the UK entity was dormant in 2021 and filed micro accounts through 2023. The founders' financial commitment to the entity is not publicly disclosed beyond the GBP 100 share capital.

The Bottom Line

Justoken has real partnerships. YPF Luz is a real energy company. Bunge is a real commodity trader. Six years of operation with no exit scams puts them ahead of most crypto projects.

But $2.23 billion in "represented value" across 19 wallets with zero trading volume is a database with a blockchain layer. The tokens are frozen by design. The value is whatever Justoken declares when they mint new tokens at $60 each.

rwa.xyz built the "Represented Asset" category for exactly this situation: tokens that cannot be moved to wallets outside the issuing platform or transferred between wallets. The distinction exists because lumping everything together created misleading headlines.

When crypto media reports "$2.2 billion in tokenized electricity on XRPL," that number was chosen by the issuer. The market had no say. No auditor signed off. Nineteen corporate wallets received minting events, and that total became a headline.

For an energy company using Enertoken to manage its electricity contracts, this might be a useful internal tool. For anyone reading headlines about multi-billion-dollar tokenized assets, the 19-holder count is the number that matters.

Frequently Asked Questions

What is Justoken?
Justoken (formerly Agrotoken) is an Argentine blockchain infrastructure company that tokenizes commodities, energy, and agricultural assets. Their largest product is JMWH, a token on the XRP Ledger representing one megawatt-hour of electricity backed by YPF Luz energy contracts. Total "represented value" on rwa.xyz: $2.23 billion across 19 holders.

Is JMWH a good investment?
JMWH is not an investment product. It does not pay yield, cannot be traded on any exchange, and cannot be transferred between wallets. The tokens are classified as "Represented Assets," meaning they function as a digital recordkeeping layer for energy contracts. There is no secondary market, no liquidity, and no price discovery. The $60 per token NAV is set by Justoken, not by a market.

What does a JMWH token actually represent?
Each token represents one megawatt-hour of contractual energy capacity from Argentine power generators, primarily YPF Luz. The token does not represent energy that has been generated or delivered. It represents the capacity commitment under a power purchase agreement.

How is Justoken regulated?
Justoken is registered as a Virtual Asset Service Provider (PSAV) under Argentina's CNV Resolution 1058/2025. The parent entity, Universal Demeter Limited, is incorporated in the United Kingdom. There is no SEC or UK FCA registration. Argentina's tokenization sandbox (Resolution 1069/2025) expires August 21, 2026.

Who is behind Justoken?
CEO Eduardo Novillo Astrada is a member of one of Argentina's most prominent polo dynasties and a former 9-goal handicap player. Co-founder Ariel Scaliter was an official Algorand Ambassador. The company has raised $17.5 million from investors including Bunge Ventures, Visa, and Borderless Capital.

Why did Justoken switch from Algorand to XRP Ledger?
No public explanation has been given. Agrotoken was a flagship Algorand project with published case studies. Co-founder Scaliter was an Algorand Ambassador. JMWH, which represents 67% of Justoken's total tokenized value, launched exclusively on XRPL. The original grain tokens (SOYA, CORA, WHEA) remain on Polygon with minimal activity.

What is the relationship between Justoken and YPF Luz?
YPF Luz, a subsidiary of state-controlled YPF S.A., partnered with Justoken to build the Enertoken platform. YPF Luz has 3.5 GW of installed capacity and generates roughly 10% of Argentina's electricity. The platform tokenizes existing power purchase agreements between YPF Luz and its corporate clients. CEO Martin Mandarano has publicly endorsed the project.

Why does rwa.xyz show $2.2 billion for JMWH?
The $2.23 billion is "represented asset value," a metric rwa.xyz uses for tokens that cannot be moved or traded outside the issuing platform. It reflects the total notional value of the energy contracts that Justoken claims the tokens represent. This is not market cap, not trading volume, not TVL. It is a number declared by the issuer.

Is Universal Demeter Limited a real company?
It is a registered UK company (No. 13619598), incorporated September 2021. Share capital: GBP 100. Filed dormant accounts in its first year and micro company accounts (turnover under GBP 632,000) through 2023. Both shareholders reside in Argentina. The UK incorporation appears to be a jurisdictional wrapper, not an operational headquarters.

Is Justoken the same as Agrotoken?
Yes. Agrotoken rebranded to Justoken in July 2024. The original Agrotoken product (grain tokenization with SOYA, CORA, and WHEA tokens) became one client of the broader Justoken infrastructure platform. The founders, investors, and UK parent entity (Universal Demeter Limited) remained the same.

How does Justoken compare to other RWA platforms?
On rwa.xyz, JMWH shows $2.23 billion in "represented value." But this number is not comparable to platforms like Ondo Finance ($600M+ in distributed, tradable assets) or BlackRock's BUIDL ($500M+ with daily NAV and secondary market access). JMWH tokens cannot trade, cannot transfer, and have zero liquidity. DefiLlama tracks no activity data for JMWH. The comparison is between a tradable financial product and a corporate accounting ledger.

Can I buy JMWH tokens?
No. JMWH is not available on any exchange, DEX, or retail platform. The tokens are classified as "Represented Assets" and exist only within the Enertoken platform for corporate energy management. They are issued to corporate clients of YPF Luz, and the access model is "Permissioned" with KYC requirements for minting and holding. There is no retail access.

Daniil Kozin structures tokenized real-asset deals in Europe and writes the RWA Roast series to cut through the conference slides. Previous roasts: Reental, GromaCoin, Centrifuge, Chainlink, Figure, Stellar, Kelp DAO, Syrup, Ondo, Canton. Full archive at daniilkozin.com/blog.

Disclaimer: I do not hold JMWH tokens or any Justoken-related tokens. This is not investment advice. Do your own research.

Sources:

Data as of June 8, 2026. RWA space moves fast. Always verify live metrics and do your own due diligence on tokenized energy offerings.