CoinDesk
XRP Ledger order-book trading averaged 3.57 million XRP per day in the second quarter, up 79% from a year earlier, according to a quarterly report from Evernorth, the XRP treasury company preparing to list on Nasdaq. The volume jump came even as the accounts initiating trades fell 41% to about 1,100 a day, concentrating activity among fewer and bigger players. Average trades per account roughly tripled to 3,200 XRP daily from 1,070 XRP a year earlier.
Why it matters
Tokenized assets held on the network averaged $3.72 billion during the quarter, more than double the first quarter and over 30 times the level a year earlier. Add RLUSD balances of $539 million and the total value on the ledger reached about $4.26 billion, up from $99 million six quarters earlier. RLUSD supply on XRPL itself climbed more than 600% year over year, and the network's share of all RLUSD in circulation rose to 34% from 20%. The mix shift matters more than the headline retail exit: bigger institutions are parking real balance-sheet value on-chain through Ripple's stablecoin, tokenized U.S. Treasury settlement and an expanding permissioned-domain toolkit.
Market impact
The decline in retail activity is not unique to XRPL. Onchain exchange volume across the broader crypto market fell 46% year over year in the same quarter, and transaction fees across seven of the largest programmable blockchains dropped 38%. U.S. spot XRP ETFs took in $273 million across Q2 with net inflows in all three months, giving institutions a regulated venue that does not require self-custody of the token. The CLARITY Act, which would settle whether XRP falls under the SEC or the CFTC, cleared the Senate Banking Committee on May 14. If it lands, the regulatory clarity would unlock the next tier of institutional capital currently sitting on the sideline.
Frequently asked questions
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Why is XRP Ledger trading volume up while active accounts fell?
Order-book volume averaged 3.57M XRP per day in Q2, up 79% YoY, while the number of accounts initiating trades fell 41% to about 1,100. The remaining accounts roughly tripled their per-account volume to 3,200 XRP daily, indicating bigger players concentrated activity among fewer users.
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What is RLUSD and how much of it sits on XRPL?
RLUSD is Ripple's dollar-backed stablecoin. Average supply on XRP Ledger rose to $539M in Q2 from $73M a year earlier, a 600% gain. XRPL's share of all RLUSD in circulation climbed to 34% from 20%, lifting total value held on the network to about $4.26B.
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How much value is held on XRP Ledger now?
Tokenized assets averaged $3.72B during Q2, more than double Q1 and over 30x the level a year earlier. Combined with $539M in RLUSD balances, total value on the network reached about $4.26B, up from $99M just six quarters ago.
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What institutional infrastructure was built on XRPL this quarter?
A tokenized U.S. Treasury fund was redeemed with the asset leg settling on XRPL in under five seconds. Permissioned domains and multi-purpose tokens were upgraded, the network's Ethereum-compatible sidechain moved to actively maintained software, and proposed changes to add selective-disclosure confidentiality to…
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Are spot XRP ETFs and the CLARITY Act relevant to this data?
U.S. spot XRP ETFs took in $273M across Q2 with net inflows every month, giving institutions a regulated way to gain XRP exposure. The CLARITY Act, which would settle whether XRP falls under the SEC or CFTC, cleared the Senate Banking Committee on May 14.
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