RLUSD and RWA Tokenization Utility Shine on the XRP Ledger for Q2 2025: Messari Report

Prominent analytical firm Messari released a detailed report on the state of the XRP ecosystem in the second quarter of the year.

The report highlighted a general growth in the ecosystem as its use cases continue to gain recognition in the global financial scene. Notably, Messari identified breakthroughs in infrastructure and programmability, as well as a broader growth in the XRP and RLUSD market caps.

XRP Price and Market Cap Growth

Notably, one of the major highlights was the appreciable expansion in the XRP market cap. The token’s circulating market cap closed at $132 billion in Q2 2025, representing an 8.5% increase from the previous quarter.

Despite the growth in price and market capitalization, revenue from transaction fees decreased from $1.1 million to $680,900 in Q2, primarily due to a decline in average daily transactions from 2 million to 1.6 million. However, it bears mentioning that the XRPL model does not prioritize revenue from transaction fees.

XRP Ledger Key Metrics OverviewMessari

RLUSD and RWA Market Cap on XRP Ledger Rally

Meanwhile, Ripple USD (RLUSD) on the XRP Ledger also saw improvements quarter over quarter, as it continues to penetrate the blossoming stablecoin market. The dollar-pegged cryptocurrency’s market cap increased 49.4% in the second quarter to $65.9 million, making it the Ledger’s largest stablecoin.

Meanwhile, RLUSD on Ethereum also went parabolic, moving from around $200 million to nearly $390 million. The notable spike pushed the stablecoin’s valuation to $455.2 million at the close of the second quarter.

RLUSD Market Cap on the XRPL Ledger

RLUSD has continued to increase since then, up 16.49% in the past 30 days to $701.6 million. Currently, $85.9 million of its cap is on the XRP Ledger, while $615 million is on the Ethereum network.

In a separate development, the real-world asset (RWA) market cap on the XRP Ledger increased by 13% quarter-over-quarter to $131.6 million. The market infrastructure service provider, Montis Group Limited (MGL), launched by a partnership between Ripple and Archax, led the proceedings with $55.4 million.

In comparison, the Ondo Short-Term US Government 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 enhance its institutional use case. Recall that Ripple projected that the tokenization market would reach an estimated $18.9 trillion by 2033, with Bitwise’s Matt Hougan calling XRP one of the cleanest means of exposure to the rapidly growing sector.

Other Notable XRP Ledger Development

Moreover, there were other notable developments in the XRP Ledger in the second quarter of 2025. For context, the Ethereum Virtual Machine (EVM) sidechain launched on the XRP Ledger on June 30, a move that bridged programmability to the Ledger mainnet.

The launch came on the heels of a partnership between Ripple and Wormhole to introduce multi-chain interoperability to the XRP ledger and the EVM sidechain. The integration enabled the Ledger to connect with over 35 blockchains, thereby enhancing its adoption.

Additionally, the XAO DAO debuted as an autonomous XRPL community organization, empowering decentralized governance. The DAO would also allocate grants for ecosystem development.

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