This analysis examines the state of the XRP Ledger (XRPL) during the second quarter of 2025, based on information provided by Messari. The quarter was marked by significant developments in both regulatory and ecosystem growth aspects, particularly concerning XRP’s market accessibility and the expansion of Real-World Assets (RWAs) on the ledger.

The listing of XRP on Coinbase’s Derivatives Exchange in April is presented as a pivotal event, potentially paving the way for future US spot ETF approval and listing in the fall. This development suggests an increasing integration of XRP into traditional financial market infrastructure. The XRPL also experienced substantial growth in its Real-World Asset (RWA) market cap, reaching an all-time high of $131.6 million by the close of Q2 2025. This growth was fueled by the issuance of multiple new RWAs, many of which were announced at the XRPL Apex conference held in Singapore in June. Notable among these new issuances are Ondo’s OUSG tokenized treasury fund, Guggenheim’s Digital Commercial Paper, and tokenized real estate offerings from Ctrl Alt. These diverse RWA issuances indicate a broadening utility and adoption of the XRPL for tokenizing various asset classes.

Furthermore, Ripple’s USD-pegged stablecoin, RLUSD, demonstrated significant traction on the XRPL. It closed the second quarter with a market capitalization of $65.9 million, representing a substantial quarter-over-quarter increase of 49.4%. This growth positioned RLUSD as the largest stablecoin on the network. The quarter also saw the launch of several other stablecoins on the XRPL, including Circle’s USDC, Braza Group’s USDB, Schuman Financial’s EURØP, and StratsX’s XSGD. The influx of multiple stablecoins, including major players like USDC, suggests an expanding stablecoin ecosystem on the XRPL, potentially enhancing its utility for payments and decentralized finance (DeFi) applications.

The strengths of the XRPL ecosystem in Q2 2025, as indicated by the source, include the positive regulatory sentiment suggested by XRP’s listing on Coinbase’s Derivatives Exchange, which could lead to further institutional adoption. The significant growth in the RWA market cap, with the issuance of prominent tokens like OUSG and Guggenheim’s Digital Commercial Paper, highlights the ledger’s capability to support diverse tokenized assets and its growing appeal to established financial entities. The success of RLUSD, becoming the largest stablecoin on the XRPL with substantial QoQ growth, demonstrates the network’s capacity to host and scale stablecoin operations. The addition of multiple new stablecoins, including USDC, further diversifies the stablecoin offerings and could attract a wider user base.

Potential weaknesses or areas for continued observation, based solely on the provided information, are not explicitly detailed. However, the reliance on future events like US spot ETF approval for further market integration implies a degree of dependency on external regulatory and market factors. The sustained growth and adoption of the various RWAs and stablecoins will also be crucial for the long-term health and utility of the XRPL.

Key takeaways from the state of the XRP Ledger in Q2 2025 include:

• XRP’s listing on Coinbase’s Derivatives Exchange in April is seen as a precursor to potential US spot ETF approval and listing in the fall.
• The XRPL achieved an all-time high RWA market cap of $131.6 million by the end of Q2 2025.
• Significant new RWAs were issued, including Ondo’s OUSG, Guggenheim’s Digital Commercial Paper, and tokenized real estate from Ctrl Alt.
• Ripple’s stablecoin RLUSD grew by 49.4% QoQ to a market cap of $65.9 million, becoming the largest stablecoin on the XRPL.
• Multiple new stablecoins launched on the XRPL, including Circle’s USDC, Braza Group’s USDB, Schuman Financial’s EURØP, and StratsX’s XSGD.

An educated reader should consider monitoring the progress of XRP’s potential US spot ETF approval and listing in the fall, as this could significantly impact XRP’s market dynamics. Additionally, observing the continued growth and adoption of the various RWAs and stablecoins on the XRPL will be crucial for understanding the ledger’s evolving utility and its competitive positioning within the blockchain ecosystem. Further developments from XRPL Apex announcements and the performance of newly launched stablecoins like USDC on the XRPL are also important indicators to track. Readers can refer to the original analysis at https://messari.io/article/state-of-xrp-ledger-q2-2025 for more detailed information.