Cryptocurrency analytics firm Messari shares key developments on the Ripple (XRP) network in its latest report entitled “Status of XRP Ledger for Q2 2025.”
In July, the SEC announced its listing standards for crypto ETFs, requiring that they be tracked with futures at least six months before the listing. XRP began trading in Coinbase’s derivative exchange in April, paving the way for approval of the XRP spot ETF and fall list.
Ripple’s US dollar paged Stablecoin, RLUSD, closed its second quarter at $65.9 million (+49.4% QOQ), making it the largest stubcoin in XRPL. Several stub coins were launched in XRPL in the quarter, including Circle’s USDC, Braza Group’s USDB, Schuman Financial’s Europ and Stratsx’s XSGD.
XRPL closed the second quarter at an all-time high of $131.6 million in market capitalization for RWA (real world assets). Several new RWAs announced at the XRPL Apex event in Singapore in June were issued during this period. These include Ondo’s Ousg Tokenized Financial Fund, Guggenheim’s digital commercial paper, and tokenized real estate issued by Ctrl Alt.
On June 30th, XRPL EVM Sidechain was released, providing the ecosystem with access to EVM developers and features. Rippled V2.5.0, released in June, also introduced innovations such as permitted Dex (permitted exchanges) and Tokenescrow. While permitted DEX allows only accounts with valid credentials to create or fill out orders within a specific area, Tokenescrow offers Trustline-based tokens (IOUs) and Multipurpose Tokens (MPTs).
According to the report, the average daily total number of transactions in the second quarter fell 20% to 1.6 million. This metric covers 57 different transaction types, including payment, creation of escrow, NFT burning, and deletion of accounts.
*This is not investment advice.