XRP Ledger has fewer active accounts than a year ago, yet trade sizes and overall value have risen sharply. Daily order‑book traders dropped roughly 40% while trading volume jumped 79%, pushing the ledger’s held value above $4 billion.
— XRP Ledger order‑book trading rose 79% year‑over‑year in Q2, even though the number of accounts initiating trades fell about 41%, concentrating activity among fewer participants.
— The network’s average tokenized‑asset and RLUSD balances reached roughly $4.26 billion, up from $99 million six quarters earlier, driven mainly by rapid growth of Ripple’s dollar‑backed stablecoin.
— Daily active and new accounts declined by about a quarter, but institutional infrastructure expanded via tokenized Treasury settlement, permissioned‑market upgrades and U.S. spot XRP exchange‑traded funds.
The XRP Ledger had fewer active accounts in Q2 than a year earlier, yet the accounts still trading on its main exchange moved almost three times as much XRP.
Order‑book trading averaged 3.57 million XRP per day during the quarter, up 79% from a year earlier. At the same time, the number of accounts initiating those trades fell to about 1,100 per day from more than 1,860.
That works out to roughly 3,200 XRP traded per account each day, compared with about 1,070 a year earlier, according to Evernorth, the XRP treasury company preparing to list on Nasdaq, shared in a quarterly report with Decryptnews.
An account does not necessarily represent a single person; a trading firm can use several, and an individual can do the same. The data therefore cannot show whether institutions are replacing retail traders—but it indicates XRP is being traded by a smaller group of active accounts.
The number of different assets XRP changed hands against on the order book fell to about 319 per day from 480, down 18% year‑over‑year and the lowest level in the six quarters covered by the report.
The order book also claimed a larger share of activity on the network’s decentralized exchange (DEX), where users trade directly through the ledger rather than via a centralized exchange such as Coinbase or Binance. It accounted for 81% of DEX trading in the quarter, up from 54% a year earlier.
Total DEX volume averaged 4.42 million XRP per day, roughly 20% higher than a year earlier but 16% below the first quarter of 2026.
More value, fewer accounts
Tokenized assets averaged $3.72 billion during the quarter, more than double the first quarter and over 30 times their level a year earlier. Adding average RLUSD balances of $539 million brings the value held on the network to about $4.26 billion.
Six quarters earlier, that figure was just $99 million.
RLUSD, Ripple’s dollar‑backed stablecoin, accounted for much of the recent increase. Average supply on XRP Ledger rose to $539 million from $73 million a year earlier—a gain of more than 600%—while the value transferred in RLUSD rose more than ninefold. This lifted the ledger’s share of all RLUSD in circulation to 34% from 20%.
This occurred even as several measures of user activity declined.
Accounts transacting on XRP Ledger averaged about 16,600 per day in Q2, down 24% from a year earlier. New accounts fell about 25% to 2,800 per day.
The decline was not unique to XRP Ledger. On‑chain exchange volume across the broader crypto market fell 46% year‑over‑year during the quarter, while transaction fees across seven of the largest programmable blockchains dropped 38%.
Infrastructure built for bigger money
These shifts arrived alongside infrastructure aimed at making XRP Ledger more useful for financial institutions.
In May, part of a tokenized U.S. Treasury fund was redeemed with the asset leg settling on XRP Ledger in under five seconds. Permissioned domains, which let institutions control who can trade in a given market, were upgraded during the quarter along with the ledger’s multi‑purpose tokens.
Decryptnews reported in August on proposed changes designed to add confidentiality to tokenized assets on the ledger, allowing balances and transfers to remain private while still giving issuers, auditors or regulators selective access.
The network’s Ethereum‑compatible sidechain also moved onto actively maintained software during the quarter, while RLUSD expanded across several additional blockchains.
Meanwhile, U.S. spot XRP ETFs took in $273 million across the quarter with net inflows in all three months, giving institutions a route into XRP that does not require holding the token. The CLARITY Act, which would settle whether tokens like XRP fall under the SEC or the CFTC, cleared the Senate Banking Committee on May 14.
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