The latest report by Messari titled 'The State of the XRP Ledger in Q2 2025' presents significant updates on the progress of the Ripple (XRP) network.
New ETF Standards and Trading on Coinbase
In July, the SEC announced new standards for crypto ETFs, requiring futures to be tracked for a minimum of six months before listing. XRP began trading on Coinbase's Derivatives Exchange in April, paving the way for US approval of an XRP spot ETF and its listing in the fall.
Growth of RLUSD Stablecoin Capital
Ripple's stablecoin, RLUSD, closed Q2 with a market capitalization of $65.9 million (+49.4% QoQ), making it the largest stablecoin on XRPL. Several stablecoins were launched on XRPL during the quarter, including Circle's USDC, Braza Group's USDB, Schuman Financial's EURØP, and StratsX's XSGD.
Infrastructure Developments and Transactions
The XRPL ended Q2 with an all-time high of $131.6 million in real-world assets (RWA) market capitalization. Several new RWAs, announced at the XRPL Apex event in Singapore in June, were issued during this period. This includes Ondo's OUSG tokenized treasury fund, Guggenheim's Digital Commercial Paper, and tokenized real estate issued by Ctrl Alt. On June 30, the XRPL EVM Sidechain went live, providing the ecosystem with access to EVM developers and functionality. The Rippled V2.5.0 version released in June also introduced innovations such as Permissioned DEX and TokenEscrow. According to the report, the average daily transaction count decreased by 20% quarter-over-quarter to 1.6 million in Q2.
In conclusion, the Messari report highlights significant developments in the Ripple network, including new ETF standards, the growth of RLUSD stablecoin capital, and innovations in network functionalities.
