• RLUSD market cap on XRPL surged 154.4% QoQ to $65.9 million, becoming the largest stablecoin on the network.
• XRP’s circulating market cap grew 8.5% QoQ to $132.0 billion, while network activity metrics showed mixed performance.
• Regulatory clarity and institutional adoption continued to drive XRP and XRPL stablecoin growth.

Messari just published a report of “State of XRP Ledger Q2 2025,” its market cap on the XRPL rose 154.4% QoQ to $65.9 million, which ranked it the network’s largest stablecoin. Most striking was that Ripple’s USD-pegged stablecoin RLUSD entered Q2’25 with robust momentum. RLUSD, along with its Ethereum-based issuance, closed Q2 with a total market cap of $455.2 million.

Other significant XRPL stablecoins were Gatehub Fifth (ETH) at $8.7 million, Ripple Fox CNY at $5.6 million, and USDC at $3.8 million. RLUSD’s increase is another indicator of increasing adoption of regulatorily compliant assets on the XRPL.

Also Read: XRP Price Prediction 2025: $7.14 in Sight as Ripple Expands Globally

XRP Market and Regulatory Updates

At Q2 close, XRP was still the fourth-largest crypto asset by market capitalization at $132.0 billion, an increase of 8.5% from Q1. Price appreciation was 7.1% QoQ, a little behind the increase in market cap due to an increase of 1.4% in circulating supply. During July, new SEC listing guidelines for crypto ETPs were released and required more than six months of futures tracking prior to approval.

Inclusion of XRP in Coinbase Derivatives Exchange and CME paved the way for U.S. spot XRP ETFs in fall 2025. There are eight S-1 filings in progress for U.S. spot ETFs, and three XRP ETFs from Canada were launched in June, and Hashdex introduced the first XRP spot ETF in Brazil in April.

Institutional Adoption and Escrow Activity

Institutional demand for XRP increased substantially after the Digital Asset Treasury strategy. Inspired by the policy of Michael Saylor, various other companies such as Trident Digital Tech Holdings ($500 million), Webus International ($300 million), Wellgistics ($50 million), and Vivopower ($100 million) purchased XRP.

In the meantime, the XRPL has continued monthly releases of 1 billion XRP from escrow, with unused tokens going back to new contracts of escrow. Fees are still burned and not distributed, which amounts to $31.7 million since network activation. This mechanism offers consistent deflationary pressure and maintains the network’s Proof-of-Association validators motivated by decentralization and not rewards.

Network Metrics and NFT Activity

Q2 network activity was mixed. Overall addresses rose 4.0% QoQ to 6.5 million, but daily active addresses declined 41.2% to 75,200. New account additions declined 46.2% QoQ but annual growth was robust. NFT activity was strong, with daily average NFT transactions increasing 226.9% QoQ and minting increasing 10x to 37,800.

XRPL’s CLOB trading volumes continue to lead NFT trading volumes with $740.7 million to $5.8 million. Compliance aspects like Clawback and AMM integration continue to fuel institutional interest while backing cross-border settlements and stablecoin usage. RLUSD implementations involving Kraken, Gemini, AEON, and BNY further solidified its status on XRPL.

Also Read: Ripple’s XRP Whale Accumulates 120 Million XRP as Price Approaches $10.47 Target