XRPL Report Highlights Q2 Growth: RLUSD, RWA & Native Smart Contract Progress

• Ripple RLUSD climbed 154.4% in Q2 to a market capitalization of $65.9 million, making it the largest stablecoin on the XRPL.
• XRPL real-world assets hit an all-time high of $131.6 million, led by tokenized funds, commercial paper, and real estate.

In 2025, XRP Ledger (XRPL) has registered notable growth, featuring Ripple’s RLUSD stablecoin, a rise in real-world assets, and new steps toward smart contracts innovations. This was revealed in a report that shows while user activity on the network slowed, XRPL continues to attract institutional interest and expand its product range.

RLUSD and Real-World Assets Drive Gains

Ripple’s dollar-pegged stablecoin RLUSD was the standout performer in Q2. RLUSD reached a market cap of $65.9 million on XRPL, a rise of 154.4% from the previous quarter. This makes it the largest stablecoin on the XRPL. Other stablecoins also went live on the network in recent months. They include Circle’s USDC, Braza Group’s USDB, Schuman Financial’s EURØP, and StratsX’s XSGD.

Real-world assets also made progress. The XRPL ended the quarter with an all-time high RWA market cap of $131.6 million, up 13% from the previous quarter. Several new products were introduced after the XRPL Apex event in Singapore in June. These included Ondo’s OUSG tokenized treasury fund, Guggenheim’s Digital Commercial Paper, and tokenized real estate issued by Ctrl Alt.

Interestingly, XRP itself closed Q2 with a market capitalization of $132 billion, up 8.5% quarter-on-quarter. Its price rose by 7.1%, while circulating supply increased by 1.4%. Despite these gains, XRP underperformed compared to Bitcoin, Ethereum, and Solana, which recorded a combined rise of 23.4% in the same period.

Meanwhile, this report coincides with our previous article, where we discussed that an alleged ex-banker leaked part of a Ripple UBS NDA that mentions Biometric Identity Mapping. The source said that Ripple may be working on more than cross-border payments, possibly tied to larger projects with JPMorgan, Trump, and BlackRock.

Smart Contract Progress and Network Updates

It is important to mention that XRPL has also advanced its push toward programmability. On June 30, the XRPL EVM Sidechain went live. This update gives developers access to Ethereum-compatible tools and applications. 

Notably, this comes after a recent update we covered that Ripple announced a partnership with Wormhole, integrating the platform with the XRP Ledger (XRPL).

This is viewed as the first step toward the launch of native smart contracts, which Ripple announced last year. Ripple also rolled out Token Escrows in its V2.5.0 software update. This feature adds new flexibility for trustline-based assets and multi-purpose tokens.

However, network figures told a mixed story. The number of active addresses fell by 41.2% to 75,200. New addresses also dropped by 46.2% to 305,800. At the same time, total addresses grew to 6.5 million, showing that the base of long-term users continues to expand. Average daily transactions slipped by 20% to 1.6 million, with payments accounting for 60.2% of activity.

Despite weaker short-term activity, the XRPL ecosystem is still adding new assets, exchanges, and gateways. With several spot XRP ETF applications under review in the United States and new corporate buyers pledging over $1 billion to XRP, the network enters the second half of 2025 with strong backing from both institutions and developers.