Trading Per Account Nearly Tripled
Daily order-book trading on the XRP Ledger averaged 3.57 million XRP during Q2, representing a 79% increase year over year. Yet the number of accounts initiating those trades dropped to roughly 1,100 per day from over 1,860 in the same period a year ago.
The result: each active account moved approximately 3,200 XRP daily, compared with about 1,070 XRP a year earlier. This three-fold increase in per-account volume is the headline figure from a quarterly report shared with CoinDesk.
It is important to note that an « account » does not always equal one person — trading firms may operate multiple accounts, and individuals can hold several. The data therefore cannot confirm whether institutions are replacing retail participants, but it does show that a smaller group of accounts is driving significantly more activity.
DEX Share Grows, Asset Pairs Shrink
The order book claimed 81% of decentralized exchange activity on the XRP Ledger during Q2, up from 54% a year earlier. Meanwhile, the number of different assets XRP was traded against daily fell to about 319 from 480 — an 18% decline and the lowest level recorded across the six quarters covered by the report.
Total DEX volume averaged 4.42 million XRP per day, roughly 20% higher than a year ago, though still 16% below Q1 2026 levels.
Tokenized Assets and Stablecoin Surge
The most striking growth came from tokenized assets, which averaged $3.72 billion during Q2 — more than double the first quarter and over 30 times their level a year earlier. When combined with average RLUSD stablecoin balances of $539 million, the total value held on the network reached approximately $4.26 billion.
Six quarters ago, that figure stood at just $99 million. The dollar-backed stablecoin was a major driver: average supply on the ledger jumped from $73 million to $539 million year over year — a more than 600% increase — while transfer volume rose more than ninefold. The ledger’s share of all stablecoin in circulation climbed to 34% from 20%.
User Activity Declined Across the Board
Despite the growth in trade size, several user activity metrics fell. Daily transacting accounts averaged about 16,600, down 24% year over year, and new account creation dropped roughly 25% to 2,800 per day.
The slowdown was not isolated to XRP Ledger. Onchain exchange volume across the broader crypto market fell 46% year over year during Q2, and transaction fees across seven of the largest programmable blockchains dropped 38%.
Institutional Infrastructure Advances
The shifts come alongside significant infrastructure developments aimed at making the XRP Ledger more attractive to financial institutions. In May, part of a tokenized U.S. Treasury fund settled on the ledger in under five seconds. Permissioned domains — allowing institutions to control market access — and multi-purpose tokens were upgraded during the quarter.
The network’s Ethereum-compatible sidechain moved onto actively maintained software, and the stablecoin expanded to several additional blockchains. U.S. spot XRP ETFs gathered $273 million across the quarter with net inflows in all three months, giving institutions exposure without holding the token directly. Meanwhile, the CLARITY Act, which would clarify whether tokens like XRP fall under SEC or CFTC jurisdiction, cleared the Senate Banking Committee on May 14.
