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Trading concentrates while participation falls
Total decentralized exchange volume on the XRP Ledger averaged 4.42 million XRP per day in Q2, about 20% above the same quarter in 2025, with order books accounting for 81% of that activity, up from 54% a year earlier. Compared with the first quarter of 2026, however, total volume decreased by 16%, after an unusually active Q1.
Average daily trading accounts across the ledger's DEX fell to about 2,435, while daily transacting accounts averaged 16,587 and new accounts averaged 2,783 per day, both down about 25% year over year. Evernorth compared the decline with weaker activity across other networks, noting on-chain exchange volume across seven major programmable networks fell 46% from the previous year while transaction fees paid collectively dropped 38%, placing XRPL's lower participation within a marketwide contraction rather than a ledger-specific problem.
Institution-focused infrastructure may have contributed to the concentration. Permissioned domains and permissioned trading features became available in February, allowing approved participants to transact within controlled environments, although the report did not assign a specific portion of Q2 volume to those venues.
RLUSD growth accelerates
Ripple USD produced one of the quarter's largest yearly increases. Average RLUSD balances on the ledger reached $539 million, up 642% from $73 million in Q2 2025, while value moved through the stablecoin increased 925% over the same period. The ledger's share of the stablecoin's total supply grew from 20% to 34%, and by the end of June, RLUSD supply on XRPL had reached about $676.9 million.
The stablecoin kept expanding after the reporting period, passing $1 billion in circulating supply on the ledger on Aug. 28, when it represented about 82% of XRPL's stablecoin market, and crossing $2 billion in total market value across supported networks in late August, less than two years after launch. Ripple reported $1.98 billion in reserve assets against $1.87 billion in circulation as of Aug. 20, with monthly independent attestations prepared by Deloitte.
The growth echoes the broader stablecoin push seen across the industry this year, from stablecoin business accounts with yield to bank consortiums building their own tokens. RLUSD also expanded through Wormhole's Native Token Transfers system to Base, Optimism, Ink, Unichain and the XRPL EVM sidechain during Q2.
Record value held on the ledger
Average value held on the XRP Ledger rose to $4.26 billion during Q2, the highest quarterly reading in the report's series and up from $99 million six quarters earlier, with the measure increasing in every quarter across that period even as trading participation weakened. Tokenized assets and stablecoins contributed to the increase, including a tokenized U.S. Treasury fund that completed on-ledger settlement in under five seconds during the quarter.
XRP itself produced a strong market move after Q2 ended, gaining about 37% in August from a 2026 low of $0.9874 on Aug. 15 to a six-month high of $1.6963 on Aug. 22, while U.S.-listed spot XRP ETFs recorded $110.49 million in net inflows during the week ending Aug. 28, their highest weekly total of the year. Escrow levels continue to fall as Ripple releases supply, and Evernorth itself is seeking a U.S. public listing through a merger, tying the data to public investors watching the ledger's institutional deepening.
