Outstanding analytical agency Messari launched an in depth report on the state of the XRP ecosystem within the second quarter of the yr.
The report highlighted a basic progress within the ecosystem as its use instances proceed to realize recognition within the international monetary scene. Notably, Messari recognized breakthroughs in infrastructure and programmability, in addition to a broader progress within the XRP and RLUSD market caps.
XRP Worth and Market Cap Development
Notably, one of many main highlights was the considerable enlargement within the XRP market cap. The token’s circulating market cap closed at $132 billion in Q2 2025, representing an 8.5% enhance from the earlier quarter.
Regardless of the expansion in worth and market capitalization, income from transaction charges decreased from $1.1 million to $680,900 in Q2, primarily attributable to a decline in common day by day transactions from 2 million to 1.6 million. Nevertheless, it bears mentioning that the XRPL mannequin doesn’t prioritize income from transaction charges.
XRP Ledger Key Metrics OverviewMessari
RLUSD and RWA Market Cap on XRP Ledger Rally
In the meantime, Ripple USD (RLUSD) on the XRP Ledger additionally noticed enhancements quarter over quarter, because it continues to penetrate the blossoming stablecoin market. The dollar-pegged cryptocurrency’s market cap elevated 49.4% within the second quarter to $65.9 million, making it the Ledger’s largest stablecoin.
In the meantime, RLUSD on Ethereum additionally went parabolic, shifting from round $200 million to just about $390 million. The notable spike pushed the stablecoin’s valuation to $455.2 million on the shut of the second quarter.
RLUSD Market Cap on the XRPL Ledger
RLUSD has continued to extend since then, up 16.49% up to now 30 days to $701.6 million. Presently, $85.9 million of its cap is on the XRP Ledger, whereas $615 million is on the Ethereum community.
In a separate growth, the real-world asset (RWA) market cap on the XRP Ledger elevated by 13% quarter-over-quarter to $131.6 million. The market infrastructure service supplier, Montis Group Restricted (MGL), launched by a partnership between Ripple and Archax, led the proceedings with $55.4 million.
Compared, the Ondo Quick-Time period US Authorities Bond Fund (OUSG) ranked second with $30.1 million.
RWA Market Cap on the XRP LedgerMessari
This highlights efforts to facilitate RWA tokenization on the XRP Ledger, aiming to boost its institutional use case. Recall that Ripple projected that the tokenization market would attain an estimated $18.9 trillion by 2033, with Bitwise’s Matt Hougan calling XRP one of many cleanest technique of publicity to the quickly rising sector.
Different Notable XRP Ledger Improvement
Furthermore, there have been different notable developments within the XRP Ledger within the second quarter of 2025. For context, the Ethereum Digital Machine (EVM) sidechain launched on the XRP Ledger on June 30, a transfer that bridged programmability to the Ledger mainnet.
The launch got here on the heels of a partnership between Ripple and Wormhole to introduce multi-chain interoperability to the XRP ledger and the EVM sidechain. The combination enabled the Ledger to attach with over 35 blockchains, thereby enhancing its adoption.
Moreover, the XAO DAO debuted as an autonomous XRPL neighborhood group, empowering decentralized governance. The DAO would additionally allocate grants for ecosystem growth.
