XRP ETPs Draw $253.6M in Q2 Net Inflows as XRPL Stablecoin Supply Surges 195%

XRP recorded strong activity in the second quarter of 2026, with institutional interest, stablecoin adoption, and real-world asset (RWA) tokenization driving growth across the XRP Ledger (XRPL) ecosystem, according to Blockworks' State of XRP: Q2 2026 report. The quarter’s figures also show how new product launches and on-chain usage can move in different directions at the same time: ETP demand rose while the token’s price fell, and network transaction costs remained extremely low even as activity expanded.

ETPs Attract $253.6 Million in Net Inflows

XRP exchange-traded products (ETPs) drew $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 months, 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.

Quarter-end ETP assets under management, however, declined 17.1% to $1.99 billion, reflecting XRP's 19.9% price drop during the quarter.

Bitwise led tracked issuers with $421.5 million in quarter-end assets under management, followed by 21Shares with $366.2 million, Canary Capital with $240.7 million, and Franklin Templeton with $234.6 million. Together, the four issuers accounted for 63.6% of tracked XRP ETP AUM.

XRPL Stablecoin Activity Accelerates

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 stablecoin 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 roughly $9 billion, or 90% of the total. That was nearly 3.5 times its Q1 transfer volume of $2.6 billion.

RLUSD expanded its reach during the quarter. OKX added the stablecoin across more than 280 spot trading pairs, including XRP/RLUSD. Japan also approved RLUSD as an electronic payment instrument under its Payment Services Act.

Tokenized RWA Market Passes $4 Billion

Real-world assets 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, making 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 additional institutional participants. 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 hosted 42 tokenized assets, including corporate bonds, commodities, U.S. Treasuries, stablecoins, investment funds, and government bonds.

Transaction Fees Remain Extremely Low

Despite higher network activity, XRPL maintained very low transaction costs. The average transaction fee fell to $0.00024 in Q2, down from $0.00034 in Q1, the fifth consecutive quarterly decline. The network burned approximately 40,600 XRP in transaction fees during Q2, compared with 50,800 XRP in Q1.

Payments and transfers generated about $31,800, representing 59.7% of network revenue. Account deletions generated $11,800, while orderbook activity generated $5,400.

Overall, the quarter reflected institutional demand, stablecoin adoption, and growth in tokenized real-world assets across the XRP Ledger ecosystem, while the continued decline in fees suggests the network is still handling larger volumes without materially increasing user costs.

Source: The Crypto Basic