In Q2 2025, the XRP Ledger (XRPL) showcased significant successes, including growth in tokenized real-world assets and stable capitalization of the XRP token.
New Heights for Tokenized Assets
According to the research firm Messari, by the end of Q2 2025, the market capitalization of tokenized real-world assets (RWAs) issued on XRPL reached a record $131.6 million. The increase was driven by multiple issuances announced at the XRPL Apex event in Singapore in June, including:
* Tokenized real estate from Ctrl Alt; * Digital commercial paper from Guggenheim; * The tokenized Treasury fund OUSG from Ondo.
These offerings expanded the possibilities for representation and transactions on XRPL. Additionally, infrastructure improvements were noted, with RWA.XYZ integrating XRPL for monitoring RWA performance and activity.
XRP Capitalization Reaches Fourth Place
By the end of Q2 2025, XRP, the native token of the ledger, was ranked as the fourth largest cryptocurrency by market capitalization at $132 billion. This marked an 8.5% increase from the previous quarter, with the price of XRP rising by 7.1% during the same period. At the time of writing, XRP's market capitalization had further increased to $166.8 billion, reinforcing its position among leading digital assets.
Decline in XRPL Fees
Despite the growth in asset value, fee revenues declined. Messari emphasized that the XRPL's fee structure is unique, as it permanently removes transaction fees from circulation rather than rewarding validators or stakers. During the second quarter of this year, fee revenue in U.S. dollars fell by 38.7%, from approximately $1.1 million to $680,900, while fees measured in XRP decreased by 27.4%, from 425,300 XRP to 308,700 XRP.
XRPL ended Q2 2025 on a strong note, underpinned by growth in tokenized assets and steady XRP market capitalization. These achievements lay a solid foundation for the network's future development amid rising asset demand.
