The XRP Ledger Q4 2025 report just delivered numbers that nobody saw coming. According to ">Reece Merrick on X, spot XRP ETFs hit $1 billion in assets under management in less than four weeks. That's the fastest climb since Ethereum ETFs launched.
The XRP Ledger Q4 2025 report from Messari confirms the momentum. RLUSD market cap on XRPL surged 164% quarter-over-quarter to $235 million. Real-world asset market cap rose 37% QoQ to $281 million. Average daily transactions increased 3.1% QoQ to 1.83 million.
The ETF explosion began with Canary Capital's XRPC on November 13. Franklin Templeton, Grayscale, 21shares, and Bitwise followed within weeks. By January 28, 2026, five ETFs held over 100 million XRP each.
Institutional Features Unlock Real Adoption
The XRP Ledger report highlights features designed for institutions. Multipurpose tokens with metadata now store RWA parameters like maturity dates. A native lending protocol is in development. Confidential tokens using zero-knowledge proofs will enable privacy-preserving collateral management.
Credentials allow entities to require KYC/AML compliance for access. Permissioned Domains, scheduled for February launch, build on this framework. Institutions can now mandate specific credentials to access their XRPL offerings.
RLUSD became the network's largest stablecoin per the XRP Ledger Q4 2025 report. The USD-pegged token grew from $89 million to $235 million in Q4. Ripple backs it entirely with U.S. dollar deposits and short-term treasuries.
RWAs Hit All-Time Highs on XRPL
Distributed real-world assets reached $281.2 million market cap by year-end. That's up 37% from Q3. Top RWAs include OpenEden's TBILL, Ondo's OUSG, and Guggenheim's Digital Commercial Paper.
TBILL invests in short-dated U.S. Treasury bills. OUSG allows qualified purchasers to convert using RLUSD. Digital Commercial Paper offers fixed-income assets secured by U.S. Treasuries.
Transaction activity remained steady according to the XRP Ledger Q4 2025 report findings. Average daily active addresses declined slightly to 49,000. Payment transactions dropped 8.1% to 909,000 daily. OfferCreate transactions gained share, rising to 42% of total transactions.
The CLOB processed $7.1 million average daily volume. AMM volume declined to $1.3 million daily. NFT transactions fell sharply as minting activity slowed across the network.
