This analysis examines the state of the XRP Ledger (XRPL) during the second quarter of 2025, based on information provided by Messari. The period saw significant developments, particularly concerning XRP’s market access and the growth of Real-World Assets (RWAs) and stablecoins on the ledger.

The quarter began with XRP being listed on Coinbase’s Derivatives Exchange in April. This event is presented as a precursor to potential US spot ETF approval and listing in the fall, suggesting a positive regulatory outlook and increased institutional interest in XRP. The XRPL also experienced substantial growth in its Real-World Asset (RWA) market, closing Q2 with an all-time high market capitalization of $131.6 million. This growth was fueled by the issuance of several new RWAs, many of which were announced at the XRPL Apex conference held in Singapore in June. Notable among these new RWAs are Ondo’s OUSG tokenized treasury fund, Guggenheim’s Digital Commercial Paper, and tokenized real estate offerings from Ctrl Alt. These issuances indicate a broadening utility and adoption of the XRPL for tokenizing traditional financial assets.

Furthermore, Ripple’s USD-pegged stablecoin, RLUSD, demonstrated significant traction on the XRPL. It concluded Q2 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 expansion of stablecoin offerings on the XRPL was further bolstered by the launch of multiple other stablecoins during Q2. These include Circle’s USDC, Braza Group’s USDB, Schuman Financial’s EURØP, and StratsX’s XSGD. The influx of diverse stablecoins suggests an increasing demand for stable value settlement and trading capabilities on the XRPL, enhancing its appeal as a platform for financial applications.

The pros of the XRPL’s state in Q2 2025, as depicted in the source material, include enhanced market accessibility for XRP through its listing on Coinbase’s Derivatives Exchange, which is framed as a positive step towards potential US spot ETF approval. The significant growth in the RWA market, reaching an all-time high of $131.6 million, highlights the XRPL’s increasing capability and adoption for tokenizing diverse real-world assets. The successful launch and growth of RLUSD, becoming the largest stablecoin on the network, alongside the introduction of other stablecoins like USDC, USDB, EURØP, and XSGD, demonstrate a strengthening stablecoin ecosystem. This ecosystem development is crucial for facilitating transactions and providing stability for users and developers on the ledger.

The cons, or areas that might warrant further observation based solely on the provided text, are not explicitly detailed as negative aspects. However, the reliance on the Coinbase Derivatives Exchange listing as a predictor for future spot ETF approval implies a degree of dependence on external regulatory and market decisions. The rapid growth in RWAs and stablecoins, while positive, also presents potential challenges related to scalability, security, and regulatory compliance for these new digital assets, although these are not directly stated as issues in the source.

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

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

An educated reader should consider monitoring the progression of XRP’s potential US spot ETF approval following its listing on Coinbase’s Derivatives Exchange. Additionally, observing the continued growth and adoption of RWAs on the XRPL, particularly the performance and integration of newly launched assets like Ondo’s OUSG and Guggenheim’s Digital Commercial Paper, will be important. The ongoing development and market share of stablecoins, especially RLUSD and the newly launched USDC, USDB, EURØP, and XSGD, will also be crucial indicators of the XRPL’s utility and appeal as a platform for financial innovation. Further information can be found at https://messari.io/article/state-of-xrp-ledger-q2-2025.