XRP Ledger Sees 43-Fold Surge in Stablecoin and Tokenized Asset Value
The total value of stablecoins and tokenized assets on the XRP Ledger (XRPL) has expanded roughly 43 times over just six quarters, according to data from Evernorth. The average value of these assets climbed from $99 million in Q1 2025 to $4.26 billion in Q2 2026, marking a consistent quarterly increase with no declines. The Q2 2026 figure represents the highest level recorded to date, signaling that the XRPL is increasingly handling and settling large-scale financial assets.
Tokenized Assets Drive XRPL Growth
Tokenized assets were the primary engine behind XRPL’s rapid expansion. Evernorth reports that tokenized assets on the ledger averaged $3.72 billion in Q2 2026, a year-over-year increase exceeding 3,000%.
RLUSD, Ripple’s dollar-backed stablecoin, also posted substantial growth. Its average balance reached $539 million in Q2 2026, up from $73 million a year earlier — a 642% jump. RLUSD’s balance grew every quarter across the six-quarter period, and its share of the total stablecoin supply on XRPL rose from 20% to 34%. Transaction volume denominated in RLUSD surged 925% year-over-year, according to Evernorth.
Fewer Active Accounts, Higher Value Per Account
While the number of active users on XRPL has declined, the remaining accounts are transacting significantly larger values. The average daily count of accounts making transactions fell to 16,587 in Q2, down from a previous peak of 33,145. New wallet creation also dropped, from 6,617 per day to 2,783.
Despite fewer participants, the amount of XRP traded per account has risen sharply. Per-account XRP volume increased 81% in Q4 2025 and another 85% in Q1 2026. Although it dipped 15% in Q2, it remained 2.7 times higher than the starting baseline. In essence, a smaller base of active accounts is moving substantially more capital.
DEX Activity Signals Shift Toward Professional Traders
The same concentration trend appears on XRPL’s decentralized exchange (DEX). Order-book trading averaged 3.57 million XRP per day in Q2, up 79% year-over-year. However, the number of accounts executing trades daily declined from 1,864 to 1,111.
As a result, each active trading account transacted approximately 3,217 XRP per day, compared with 1,072 XRP a year earlier. Order-book transactions now account for 81% of DEX activity, up from 54% last year.
Evernorth noted that rising trading volumes alongside fewer active accounts could indicate that professional traders are becoming a larger segment of the market. This shift coincides with XRPL’s rollout of more institution-focused tools, including permissioned trading platforms.
XRPL Infrastructure Continues to Expand
Protocol development has accelerated in parallel with asset growth:
- May 20: The XRPL EVM sidechain launched version 9.0.0, replacing the older Evmos framework with Cosmos EVM technology and adding support for newer Ethereum standards.
- May 27: The fixCleanup3_1_3 update went live, enhancing MPTs (Multi-Purpose Tokens) and permissioned domains while introducing support for new lending and vault features.
- June 4: RLUSD expanded to additional networks via Wormhole, gaining native connections to Optimism, Ink, Base, Unichain, and the XRPL EVM sidechain, alongside existing support for XRPL and Ethereum.
These upgrades collectively strengthen XRPL’s positioning as a settlement layer for tokenized real-world assets and institutional-grade stablecoin liquidity.
