XRP’s Q4 2025 Report: RLUSD Stablecoin Market Cap Rises 164.2% on XRPL

TLDR

• Messari’s Q4 2025 report reveals RLUSD’s market cap on XRP Ledger rose by 164.2% compared to the previous quarter.
• The launch of major US spot ETFs in Q4 2025 led to strong institutional interest in XRP, with over $1 billion in assets under management.
• XRP’s circulating supply dropped by 34.5% in Q4 2025, falling from $170.3 billion in Q3 to $111.6 billion.
• RLUSD on Ethereum also saw growth, with its market cap increasing by 48.8% to reach $1.04 billion in Q4 2025.
• XRP’s price declined by 35.4% from $2.85 to $1.84, continuing the downward trend in the last quarter of 2025.

The latest “State of XRP Ledger” report from Messari highlights the growth of the XRP ecosystem in Q4 2025. The report details significant progress in XRP’s institutional adoption, particularly with the rise of spot ETFs and the performance of the RLUSD stablecoin. However, certain crucial indicators experienced a decline, reflecting broader challenges in the crypto market.

Institutional Demand Boosts XRP ETFs

The launch of major US spot ETFs in Q4 2025 marked a pivotal moment for the XRP ecosystem. The Canary Capital XRP ETF led the charge, drawing institutional interest and achieving a remarkable $1 billion in assets under management within four weeks. According to Messari, the funds experienced strong inflows, with zero outflows recorded throughout Q4, signaling robust market confidence.

At the end of Q4, US spot ETFs held 789.8 million XRP, representing 1.3% of XRP’s circulating supply. The Canary Capital fund alone holds 182.6 million XRP. These developments confirm the increasing institutional demand for XRP, with Wall Street becoming an active participant in the market.

RLUSD Marketcap Surges on XRP Ledger

The market capitalization of RLUSD, a stablecoin on the XRP Ledger, saw impressive growth in Q4 2025. The stablecoin’s market cap surged by 164.2% quarter-over-quarter, reaching $234.9 million. This growth outpaced its Ethereum counterpart, which saw a 48.8% increase to hit $1.04 billion, bringing RLUSD’s combined market cap to $1.28 billion by the end of the quarter.

The growth trajectory of RLUSD continues in 2026, as the stablecoin’s market cap now stands at $1.49 billion. With $1.1 billion of RLUSD circulating on Ethereum and $347.7 million on the XRP Ledger, the trend points to increasing trust and adoption of RLUSD across both blockchain ecosystems. This strong performance on the XRP Ledger is further evidence of growing institutional interest.

XRP Faces Downturns Despite Institutional Growth

Despite the positive momentum in certain areas, the XRP ecosystem faced challenges in Q4 2025. XRP’s circulating supply dropped by 34.5%, from $170.3 billion in Q3 to $111.6 billion in Q4. Similarly, XRP’s price fell by 35.4%, from $2.85 to $1.84, continuing its downward trend as the coin traded near $1.20 at the time of writing.

The decline in XRP’s price was accompanied by a 74.1% drop in transaction fees on the XRP Ledger, which totaled $133,100. In addition, the total number of new addresses decreased by 4.9% to 425,400. These figures reflect the broader challenges the crypto market faced during this period.

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