Renowned analytics firm Messari released a detailed report on the state of the XRP ecosystem in the second quarter of the year.
Report It highlighted the general growth of ecosystems as its use cases continue to gain recognition in the global financial scene. In particular, Messari has identified breakthroughs in infrastructure and programmerity and broader growth in XRP and RLUSD market capitalizations.
XRP price and market capitalization growth
In particular, one of the major highlights was a substantial expansion of XRP’s market capitalization. The token’s circular market capitalization reached $132 billion in the second quarter of 2025, representing an 8.5% increase from the previous quarter.
Despite the increase in prices and market capitalization, revenue from transaction fees fell to $680,900 from $1.1 million in the second quarter, primarily as average daily transactions fell from 2 million to 1.6 million. However, the XRPL model mentions that revenues do not prioritize transaction fees.
XRP Ledger Key Metrics OverviewMessari
XRP Ledger Rally’s RLUSD and RWA market capitalization
Meanwhile, the Ripple USD (RLUSD) in the XRP ledger also saw quarterly improvements. Dolpeg’s cryptocurrency market capitalization rose 49.4% to $65.9 million in the second quarter, making it the largest stubcoin in the ledger.
Meanwhile, Ethereum’s RLUSD has grown to radiation altitude, moving from about $200 million to about $390 million. Notable Spike pushed Stubcoin’s valuation to $455.2 million at the end of the second quarter.
RLUSD market capitalization of XRPL ledger
RLUSD has been increasing since then, increasing 16.49% to $701.6 million over the past 30 days. Currently, a $85.9 million cap is in the XRP ledger and $615 million is on the Ethereum network.
In another development, the market capitalization of the real world assets (RWA) of XRP ledgers increased by 13% per quarter to $131.6 million. Market Infrastructure Service Providersled by Montis Group Limited (MGL), launched by Ripple and Archax partnership $55.4 million minutes.
In comparison, Ondo Short-Term US Government Bond Fund (OUSG) ranked second in the number at $30.1 million.
XRP Ledgermessari’s RWA market capitalization
This highlights efforts to promote RWA tokenization of XRP ledgers and aims to strengthen its institutional use cases. Remember Ripple predicted the tokenization market would reach Estimated to be $18.9 trillion by 2033Bitwise’s Matt Hougan calls XRP The cleanest way to expose In a rapidly growing sector.
Other notable XRP ledger developments
Additionally, there were other notable developments in the XRP ledger in the second quarter of 2025. In terms of context, the Ethereum Virtual Machine (EVM) Sidechain, released on the XRP ledger on June 30th, is a move to fill the program in the ledger mainnet.
The launch came to a’s heel Ripple and Wormhole Partnership Introducing multi-chain interoperability to XRP ledgers and EVM Sidechain. The integration has enhanced adoption as ledgers can connect to more than 35 blockchains.
Additionally, XAO DAO debuted as an autonomous XRPL community organization, enhancing decentralized governance. DAO also allocates grants for ecosystem development.
