XRP's institutional demand and network activity both increased in the third quarter of 2026. Global XRP exchange-traded products (ETPs) recorded $355.3 million in net inflows, lifting assets under management 65.2% to $3.32 billion, according to data reported by Blockworks. On the XRP Ledger (XRPL), stablecoin supply climbed 25.2% to $1.03 billion, tokenized real-world asset (RWA) value rose 29.2% to $498.7 million, and native decentralized exchange (DEX) volume advanced 20.2% to $614.8 million.

ETP Demand Accelerates

Global XRP ETPs attracted $355.3 million in net inflows during the quarter, up 39.6% from the $254.5 million recorded in Q2. August and September together contributed $316.4 million of the quarterly total, roughly 89%, indicating that inflows were concentrated in the second half of the period. ETP assets under management rose from $2.01 billion to $3.32 billion, an increase of 65.2%. As exchange-listed vehicles that provide XRP exposure without direct token custody, ETPs allow the position to be taken through standard brokerage channels, a structure widely used for institutional access to digital assets.

Bitwise led all issuers with $787.1 million in quarter-end assets. 21Shares followed with $530.3 million, ahead of Franklin Templeton at $437 million. Canary Capital held $372.5 million, and the four issuers together accounted for 64% of total ETP assets, a concentration that makes the category's aggregate totals heavily dependent on a small group of products. Issuer-level figures for the current quarter will show whether that late-quarter pace in flows continued.

XRPL Stablecoin Supply Grows

XRPL-native stablecoin supply increased from $825.5 million to $1.03 billion over the quarter, a rise of 25.2%. RLUSD drove the expansion, climbing 49.7% to $1.01 billion and representing 98.1% of the ledger's stablecoin supply, which makes XRPL's stablecoin growth essentially a single-asset story. Across all chains, RLUSD circulation reached $2.52 billion, meaning roughly $1.51 billion, or about 60% of total RLUSD in circulation, sits outside XRPL. Stablecoin transfer volume on XRPL also increased 39.5% to $14.09 billion.

Tokenized Assets Expand Through Institutional Projects

The distributed value of tokenized real-world assets on XRPL increased 29.2% to $498.7 million, while represented RWA value climbed 32.4% to $4.75 billion. Growth in tokenized assets was supported by institutional projects launched during the quarter.

Aviva Investors and Ripple launched a tokenized share class of the Aviva Investors USD Liquidity Fund on July 29. BNY Mellon serves as custodian for the fund, Komainu provides custody support, and Licuido supplies the tokenization infrastructure.

Separately, CSD BR announced plans on September 29 to mirror BTG Pactual investment fund shares on XRPL. The initial phase covers permissioned tokenized shares designed for corporate and banking clients. Taken together, the two initiatives show both asset managers and capital-markets infrastructure providers building tokenized fund structures on XRPL, with participation in the CSD BR rollout restricted to permissioned users during the initial phase.

Payment Activity and Network Development

XRPL payment volume increased 4.3% to 42.82 billion XRP, despite a 33.6% decline in the number of payment transactions, a combination that implies a larger average transfer size per payment. Total network transactions fell 8.6% to 203.23 million. Native DEX volume rose 20.2% to $614.8 million, with order-book trading accounting for 87.2% of that activity.

On the regulatory side, Ripple received full MiCA authorization from Luxembourg's financial regulator on July 6. MiCA, the European Union's Markets in Crypto-Assets regulation, allows firms authorized in one member state to offer their services across the bloc, and the approval extended Ripple's regulated crypto payments product across all 30 countries of the European Economic Area.