XRP Ledger recorded a sharp increase in order-book trading in the second quarter, despite a significant fall in the number of accounts initiating trades, while the value of tokenised assets and RLUSD held on the network climbed above $4bn.
Order-book trading volume rose by 79% compared with the same period a year earlier. However, the number of accounts carrying out those trades fell by about 41%, suggesting that activity became concentrated among a smaller group of participants.
The average value of tokenised assets and RLUSD balances on XRP Ledger reached approximately $4.26bn. That represents a substantial increase from $99m six quarters earlier, driven largely by rapid growth in Ripple’s dollar-backed stablecoin, RLUSD.
The figures point to a network handling larger or more valuable transactions even as its overall base of active trading accounts contracts. Daily active accounts and newly created accounts both declined by about 25% during the period.
Despite the reduction in retail-facing activity, the network’s institutional infrastructure continued to expand. Developments included the settlement of tokenised US Treasury products, upgrades to permissioned markets and the launch of US spot XRP exchange-traded funds.
The combination of rising trading volumes and falling participation indicates that the XRP Ledger’s market activity was increasingly being driven by fewer accounts. While the data does not identify the participants responsible for the larger volumes, the growth in tokenised assets and stablecoin balances coincided with broader improvements to the network’s institutional capabilities.
The increase in RLUSD holdings was the dominant factor behind the rise in the value held on the ledger. The stablecoin is backed by the US dollar and has expanded rapidly over the past six quarters, contributing to the sharp increase from the earlier $99m average balance.
At the same time, the decline in daily active and new accounts shows that the network’s growth was not uniform across all types of use. Trading participation fell, but the value associated with existing activity rose considerably.
The second-quarter figures therefore present a mixed picture for XRP Ledger. User and account numbers were lower than a year earlier, while order-book volume and the value of assets held on the network increased significantly.
Institutional-focused projects, including tokenised Treasury settlement and permissioned-market upgrades, formed part of the network’s expansion during the period. US spot XRP exchange-traded funds also added to the institutional infrastructure surrounding the asset.
Overall, XRP Ledger processed more order-book trading with fewer active trading accounts, while the value of tokenised assets and RLUSD on the network grew to about $4.26bn.
