XRP Ledger Sees Significant Growth in RLUSD and RWA Tokenization in Q2 2025: Messari Analysis

A comprehensive report on the XRP ecosystem's status in the second quarter of 2025 has been released by the renowned analytical firm Messari. The study highlights overall growth in the ecosystem as its applications continue to gain traction in the global financial landscape. Notably, the report identifies advancements in infrastructure and programmability, as well as a broader increase in the market capitalizations of XRP and RLUSD.

XRP Market Performance and Valuation

One of the key highlights was the notable expansion of XRP's market capitalization. The token's circulating market cap reached $132 billion by the end of Q2 2025, marking an 8.5% increase from the previous quarter.

Concurrently, XRP's price experienced an upward trend, closing at $2.24, which represented a 7.1% rise from Q1. The token hit a peak of $2.65 in May before retracing to its closing price, according to available data.

Interestingly, XRP has since surpassed these levels, reaching multi-year highs of $3.66 in July before stabilizing at its current value of $2.82. Its market capitalization has also improved beyond the Q2 closing figure, peaking at $216.69 billion and briefly entering the top 100 global assets by this metric, before settling at $167.88 billion at the time of this report.

Despite the positive trajectory in price and market cap, transaction fee revenue saw a decrease from $1.1 million to $680,900 in Q2. This decline was primarily attributed to a reduction in average daily transactions from 2 million to 1.6 million. It's worth noting, however, that the XRP Ledger's model does not prioritize revenue generation from transaction fees.

RLUSD and RWA Tokenization Progress on XRP Ledger

The report also highlighted significant growth in Ripple USD (RLUSD) on the XRP Ledger, as it continues to gain ground in the flourishing stablecoin market. The dollar-pegged cryptocurrency's market cap on the XRP Ledger grew by 49.4% in Q2, reaching $65.9 million and securing its position as the largest stablecoin on the platform.

Moreover, RLUSD on Ethereum experienced substantial growth, expanding from approximately $200 million to nearly $390 million. This notable increase pushed the stablecoin's total valuation to $455.2 million by the end of Q2.

The upward trend for RLUSD has persisted, with a 16.49% increase over the past 30 days, bringing its total market cap to $701.6 million. Currently, $85.9 million of this value resides on the XRP Ledger, while $615 million is on the Ethereum network.

In a related development, the real-world asset (RWA) market cap on the XRP Ledger grew by 13% quarter-over-quarter, reaching $131.6 million. Leading this growth was Montis Group Limited (MGL), a market infrastructure service provider launched through a partnership between Ripple and Archax, with a valuation of $55.4 million.

The Ondo Short-Term US Government Bond Fund (OUSG) ranked second in this category with $30.1 million.

These developments underscore ongoing efforts to facilitate RWA tokenization on the XRP Ledger, aimed at enhancing its institutional use case. It's worth recalling that Ripple has projected the tokenization market to reach an estimated $18.9 trillion by 2033, with industry experts viewing XRP as one of the most efficient means of exposure to this rapidly expanding sector.

Additional XRP Ledger Developments

The second quarter of 2025 saw several other notable advancements for the XRP Ledger. On June 30, the Ethereum Virtual Machine (EVM) sidechain was launched on the XRP Ledger, effectively bridging programmability to the Ledger's mainnet.

This launch followed a partnership between Ripple and Wormhole, introducing multi-chain interoperability to both the XRP Ledger and its EVM sidechain. This integration enabled the Ledger to connect with over 35 blockchains, significantly enhancing its adoption potential.

Furthermore, the quarter saw the debut of XAO DAO, an autonomous XRPL community organization designed to empower decentralized governance. The DAO is also set to allocate grants for ecosystem development, further supporting the growth and innovation within the XRP Ledger ecosystem.