XRP Ledger Sees Rapid Growth Despite Weaker Trading Activity

The XRP Ledger saw rapid growth in native stablecoin supply and tokenized real-world assets during Q2, but it did not translate to a higher price for the token. The XRPL native stablecoin supply rose by 195.4% quarterly to $825.5 million, led by the expansion of RLUSD.

RLUSD supply on XRPL rose 256.7% during Q2 to $676.9 million and represented approximately 82% of the network's $825.5 million stablecoin total. Stablecoin transfer volume increased 207.5% to roughly $10 billion, with RLUSD generating about $9 billion, or 90%, compared with approximately $2.6 billion during Q1.

The reported tokenized real-world asset value reached a record $4.46 billion, but this figure requires context. Approximately $2.23 billion came from Justoken's energy-backed JMWH token, which was held by the issuer and not broadly distributed among outside wallets. Distributed RWA value declined 5% during Q2 to $386.1 million.

Global XRP exchange-traded products attracted $253.6 million during Q2, up from $174.8 million in Q1, but quarter-end assets under management fell 17.1% to $1.99 billion due to XRP's price decline. Ledger activity weakened, with total transactions falling 6.5%, average daily active addresses declining 10.7%, and native decentralized exchange volume dropping 35.9%.

The proposed XLS-65 and XLS-66 amendments would add single-asset vaults and fixed-term lending directly to XRPL but require an 80% validator supermajority maintained for two weeks. Ripple has voted in support of both proposals, but their current status remains below activation requirements.