XRPL validator Vet (@Vet_X0) has drawn the community’s attention to the Q2 2026 State of XRP report. He called out developments across fee economics, validators, digital asset treasuries, the rise of tokenized real-world assets, and the Permissioned DEX.
Stablecoins and RLUSD Take Center Stage
XRPL-native stablecoin supply increased 195.4% QoQ to $825.5 million, more than 1,100% above the $66.1 million recorded a year earlier. RLUSD led the charge, rising 256.7% to $676.9 million and accounting for 82% of quarter-end supply. OKX listed RLUSD across more than 280 spot pairs and enabled it as institutional margin collateral.
Japan approved RLUSD as an electronic payment instrument under the Payment Services Act, with distribution through SBI VC Trade. Stablecoin transfer volume on XRPL rose 207.5% QoQ to $10 billion, with RLUSD responsible for approximately $9 billion, or 90% of that total.
State of XRP report Q2 2026 is out!
From Fee economics, Validators, DATs, RWAs to the newest Permissioned DEX activities. Very packed!
It also dives into XRP's use case and, as you also know it, the world best consensus algorithm in the milky way. https://t.co/rlUF9jrPZy
— Vet (@Vet_X0) August 18, 2026
RWAs Reach a Record as Institutions Move In
Total tokenized RWA value on XRPL hit a record $4.46 billion at quarter-end, up 102.5% QoQ. Justoken’s $2.23 billion energy-backed JMWH, held entirely by the issuer, accounted for roughly half the total. Distributed RWA value, which covers assets transferable between wallets, declined 5% QoQ to $386.1 million.
On May 6, Ondo Finance, JPMorgan’s Kinexys, Mastercard, and Ripple completed a cross-border redemption of tokenized US Treasuries, with OUSG settling on XRPL in under five seconds. After quarter-end, Aviva Investors launched a tokenized fund share class on XRPL with BNY Mellon serving as custodian.
ETPs Keep Attracting Capital
Global XRP ETPs recorded $253.6 million in net inflows in Q2, up 45.1% from $174.8 million in Q1. Cumulative inflows since the U.S. spot launch in November 2025 surpassed $1.9 billion. Quarter-end AUM fell 17.1% to $1.99 billion following XRP’s 19.9% price decline to $1.04.
Bitwise led tracked ETP issuers at $421.5 million in AUM, followed by 21Shares at $366.2 million and Canary Capital at $240.7 million. Eight public companies committed approximately $2 billion to dedicated XRP treasuries.
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Network Activity and Lending Protocol
Payment volume reached 41.07 billion XRP, nearly flat year-over-year but down 26.6% QoQ from Q1’s record. Total transactions declined 6.5% QoQ, average daily active addresses fell 10.7%, and the network burned approximately 40,600 XRP, valued at around $53,300.
Average transaction cost fell for a fifth consecutive quarter to $0.00024. The proposed Lending Protocol cleared validator testing and audit remediation in version 3.2.0, but XLS-65 and XLS-66 have support from just 9 and 8 of the 29 validators required for activation.
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