Leading crypto market intelligence platform Messari has shared its “State of XRP Ledger” report for the last quarter of 2025.
Notably, the report identified how the XRP ecosystem performed in Q4 2025, using key financial metrics. Details of the recent publication identified progress in XRP’s institutional adoption but highlighted a decline in certain crucial indicators.
Key Points
- Prominent crypto market intelligence platform Messari has shared its “State of XRP Ledger” report for the last quarter of 2025.
- Major US spot ETFs launched in Q4 2025, reaching over $1 billion in assets under management in four weeks.
- Distributed RWAs issued on the XRP Ledger recorded a quarter-over-quarter (QoQ) growth of 37%.
- The RLUSD stablecoin’s market cap on the Ledger rose 164.2% QoQ to hit $234.9 million, and 48.8% on Ethereum, reaching $1.04 billion.
- Most other ecosystem pointers recorded severe downturns to reflect the poor performance of the crypto space in the last quarter of 2025.
- XRP’s circulating supply dropped 34.5% QoQ from $170.3 billion in Q3 to $111.6 billion in Q4.
XRP ETF Crossed $1B Amid Spotless Q4 Run
Notably, major US spot ETFs launched in Q4 2025, with the Canary Capital XRP ETF pioneering the entrance into the traditional financial market. Currently, there are five asset managers offering pure spot XRP products in the US, including Franklin Templeton, Grayscale, Bitwise, and 21Shares.
Interestingly, the funds had a bright start after their market debut, reaching over $1 billion in assets under management in four weeks. They enjoyed a spotless inflow streak, with zero single-day outflow throughout Q4 2025. Notably, the inflows were the largest among all other crypto-related ETF launches since Ethereum.
The report noted that as of January 28, the US spot ETFs held 789.8 million XRP, representing 1.3% of the asset’s circulating supply. Each of the funds held more than 100 million XRP, with Canary Capital (182.6 million XRP) holding the most. Such capital influx reflects pent-up institutional demand for XRP, as Wall Street massively accrued the product upon launch.
All-Time High Distributed RWA Market Cap
Furthermore, Messari indicated that the XRPL real-world asset (RWA) market is thriving, another metric confirming institutional traction. Specifically, distributed RWAs issued on the XRP Ledger recorded a quarter-over-quarter (QoQ) growth of 37%.
Remarkably, XRP Ledger closed Q4 with its highest-ever distributed RWA market cap of $2281.2 million, reflecting the issuance growth among several RWAs launched earlier in the year. Notably, the distributed RWAs exclude non-yield-bearing stablecoins and represented RWAs.
RLUSD Expansion and Positives on XRP Ledger in Q4 2025
The RLUSD supply on the XRPL also grew tremendously in the previous quarter. Notably, the stablecoin’s market cap on the Ledger rose 164.2% QoQ to hit $234.9 million. RLUSD issued on Ethereum saw milder growth of 48.8%, reaching $1.04 billion in Q4 2025. Combined, RLUSD closed with a market cap of $1.28 billion.
The RLUSD stablecoin market cap has continued to grow since then. Per RWA.xyz, it now has a market cap of $1.49 billion, with $1.1 billion on Ethereum and $347.7 million on the XRP Ledger.
Other positives highlighted in the Messari report include growth in average daily transactions on the XRPL. The metric grew 3.1% to 1.83 million. However, the total daily average active address reduced 8.2% QoQ to 49,000.
Drop In Key XRPL Financial Metrics
Aside from the positives mentioned earlier, most other ecosystem pointers recorded severe downturns to reflect the poor performance of the crypto space in the last quarter of 2025. For context, XRP’s circulating supply dropped 34.5% QoQ from $170.3 billion in Q3 to $111.6 billion in Q4.
Its price also dropped 35.4% from $2.85 to $1.84. Meanwhile, XRP has continued to trend lower, changing hands close to $1.20 at the time of writing.
Generated transaction fees on the XRPL also dropped a staggering 74.1% to $133,100, as user traction stalled and prices declined. The total new addresses also dropped 4.9% to 425,400.
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