XRP saw strong activity in Q2 2026, with institutional interest, stablecoin adoption, and RWA tokenization driving growth across the XRP Ledger (XRPL) ecosystem.
According to Blockworks’ State of XRP: Q2 2026 report, XRP ETPs attracted $253.6 million in net inflows during Q2, a 45.1% increase from the $174.8 million recorded in Q1.
May and June were particularly strong, generating $141.9 million and $111.5 million in net inflows, respectively. Cumulative net inflows since the launch of the first U.S. spot XRP ETF in November 2025 surpassed $1.90 billion.
However, quarter-end ETP assets under management fell 17.1% to $1.99 billion, reflecting XRP’s 19.9% price decline during the quarter.
Bitwise led tracked issuers with $421.5 million in quarter-end AUM, followed by 21Shares with $366.2 million, Canary Capital with $240.7 million and Franklin Templeton with $234.6 million. Together, the four issuers represented 63.6% of tracked XRP ETP AUM.
XRPL Stablecoin Activity Accelerates
Meanwhile, XRPL-native stablecoin supply surged 195.4% quarter over quarter to $825.5 million, compared with $279.5 million at the end of Q1. The figure was more than 1,100% higher than the $66.1 million recorded a year earlier.
Ripple’s RLUSD accounted for $676.9 million, or 82% of the total.
RLUSD also drove most of the growth in stablecoin transfer activity. Stablecoin transfer volume on XRPL rose 207.5% to $10 billion, with RLUSD accounting for about $9 billion (90%). That was nearly 3.5 times its Q1 transfer volume of $2.6 billion.
RLUSD also expanded its reach during the quarter. OKX added RLUSD across more than 280 spot trading pairs, including XRP/RLUSD. Japan also approved RLUSD as an electronic payment instrument under its Payment Services Act.
XRPL’s Tokenized RWA Market Passes $4 Billion
Real-world assets (RWAs) were another major growth area for the XRP Ledger in Q2 2026. The total value of tokenized RWAs on XRPL reached $4.46 billion, up 102.5% from Q1. This made XRPL the fourth-largest network for tokenized RWAs tracked by RWA.xyz.
About half of the total came from Justoken’s $2.23 billion JMWH, an energy-backed asset that was fully held by its issuer.
XRPL also attracted more institutional players. Kyobo Life Insurance continued a pilot for settling tokenized government bonds in South Korea. Later, Aviva Investors launched a tokenized share class of its USD Liquidity Fund on XRPL, with BNY Mellon serving as custodian.
By late July, XRPL had 42 tokenized assets, including corporate bonds, commodities, U.S. Treasuries, stablecoins, investment funds, and government bonds.
XRPL Fees Remain Extremely Low
Despite higher network activity, XRPL kept transaction costs very low. The average transaction fee fell to $0.00024 in Q2, down from $0.00034 in Q1. This was the fifth straight quarterly decline.
The network burned about 40,600 XRP in transaction fees during Q2, compared with 50,800 XRP in Q1.
Payments and transfers generated about $31,800, making up 59.7% of network revenue. Account deletions generated $11,800, while orderbook activity generated $5,400.
Overall, Q2 showed institutional demand, stablecoins adoption, and growth in tokenized real-world assets.