Evernorth Report: XRP (XRP) Ledger Assets Reach Record $4.26B Quarterly Average

XRPL Assets Hit Record $4.26B in Q2

XRP treasury firm Evernorth published its second-quarter liquidity report for the XRP Ledger on September 2, and the top-line number is a record: assets held on XRPL, the settlement ledger of the XRP token, averaged $4.26 billion across the quarter, the highest quarterly reading of the past six. Growth arrived even as participation thinned. Daily order-book accounts on the ledger's decentralized exchange fell from 1,864 a year earlier to 1,111, yet volume per account nearly tripled, climbing from 1,072 XRP to 3,217 XRP, and the order-book share of total DEX activity rose to 81% from 54% — a concentration pattern consistent with professional counterparties displacing retail flow.

The stablecoin layer expanded faster still. RLUSD, the dollar token issued by Ripple, averaged $539 million in quarterly balance, roughly seven times the $73 million recorded a year earlier; supply grew 642% year over year, transferred value rose 925%, and XRPL's share of total RLUSD circulation climbed from 20% to 34%. Evernorth reads this as deepening liquidity pools for on-chain payments and tokenized assets. US spot XRP ETFs added $273 million of net inflows across the quarter, positive in every month — $81.6 million in April, $131.9 million in May and $59.5 million in June — a run consistent with the stretch in which US spot XRP ETFs outpaced the token itself, and echoing the institutional positioning reflected in disclosed XRP ETF holdings in recent 13F filings.

The retail pullback stayed visible all the same: daily active accounts averaged 16,587 and new account creation 2,783, each down roughly 25% year over year. Evernorth frames the decline as a broad retreat across the altcoin market rather than an XRPL-specific problem — on-chain exchange volume fell 46% and fees across seven major networks dropped 38% over the same window — while tokenized real-world assets on the ledger reached about $4 billion by July, roughly four times the size of the XRP ETF market.

BIS Anchors Official Statistics on XRPL

The ledger's institutional credentials received a separate endorsement the same day. The Bank for International Settlements, the Basel-based institution serving central banks, published Working Paper No. 1374 on September 2 describing a proof of concept that anchors official economic and financial statistics to the XRP Ledger, making datasets tamper-evident once they are redistributed. The working paper addresses a specific gap in SDMX — the international standard used to exchange official statistics — which lacks a native cryptographic mechanism to validate data after redistribution.

Researchers generated a SHA3-512 cryptographic fingerprint for each dataset, grouped the fingerprints into a Merkle tree, and recorded the resulting root value on XRPL. A signed W3C Verifiable Credential identifies the publisher, so a single ledger lookup confirms both authorship and integrity. Only the fingerprints touch the chain: the underlying statistics stay off-chain, and one ledger entry can cover thousands of datasets simultaneously, keeping confidentiality intact while on-chain costs remain economically negligible once datasets are batched. The design effectively turns the ledger into a public notary for statistics rather than a database.

Measured performance was quick. The prototype posted median publication times of 3 to 5 seconds and verification times of 1 to 2 seconds, according to the paper's own measurements, and BIS released the reference implementation as open source through BIS Open Tech. The study cites XRPL's low nominal fees, the speed of its consensus mechanism and available developer resources as the reasons the network was selected. Notably, XRP itself played no asset role: every anchoring transaction carried a fixed value of 10 drops — roughly 0.00001 XRP — solely to satisfy the ledger's acceptance requirement. The document adds an institutional use case for XRPL as infrastructure, but it does not state that the BIS has adopted the network for official operations. Readers tracking the market in real time can follow live spot and futures prices on Gate.

Institutional Rails Take Center Stage

Read together, the two documents trace one arc: the XRP Ledger is being repositioned as institutional infrastructure rather than a retail trading venue. Evernorth's data shows liquidity consolidating into fewer, larger hands while regulated vehicles — spot ETFs, a fast-growing stablecoin, roughly $4 billion in tokenized real-world assets — absorb the flow. The BIS paper, the primary record anchoring this analysis, states in its own text that XRPL was chosen for its low fees and fast consensus finality, a validation of the network as a carrier of official records. Neither point guarantees price direction — XRP's spot price moved 8.4% over the past 24 hours — but both feed the institutional thesis tracked in our XRP market coverage.