In November 2025, the first physical Ripple (XRP) exchange-traded fund (ETF) in the United States made a strong impression on the market by surpassing $1 billion in assets under management (AUM) in just four weeks after its launch. According to an in-depth report by Messari Research , the XRP ETF was the fastest-growing since the Ethereum (ETH) ETF, indicating that the removal of regulatory hurdles has significantly expanded XRP's accessibility to both institutional and retail investors.
Along with ETFs, the XRP Ledger (XRPL) is accelerating the adoption of decentralized real assets (RWAs) in terms of key features and technical infrastructure. Specifically, according to Messari Research , multi-purpose tokens (MPTs), a native lending protocol, zero-knowledge proof (ZKP)-based confidentiality tokens, and identity verification systems with credentialing capabilities are being implemented or are in progress. This demonstrates the network's evolution beyond mere intermediation to a level that can meet the regulatory compliance and privacy requirements demanded by financial institutions.
One of the most notable achievements was the issuance and securitization of RWAs. XRPL's RWA market, comprised of Ondo's OUSG tokenized government bond fund, Ctrl Alt's tokenized real estate, and Guggenheim's digital commercial paper, reached a record high of $281.2 million in market capitalization as of Q4 2025. According to Messari Research , this represents a 37.2% increase from the previous quarter, and is notable given that global companies, including those from Europe, the Middle East, and South America, are issuing assets on XRPL.
Additionally, Ripple's US dollar-pegged stablecoin, RLUSD, reached a market capitalization of $235 million during the quarter, becoming the largest stablecoin within XRPL. Institutions such as Lukeset Trust and Brazza Group are building RLUSD-based asset infrastructure, and the stablecoin is also integrated with ecosystem platforms such as Gemini and Wormhole. RLUSD has also received approval as a legal fiat-pegged token from the Abu Dhabi Financial Services Regulatory Authority (FSRA) in the United Arab Emirates, marking the start of its expansion into the Middle Eastern financial market.
In terms of consensus structure, XRPL maintains efficiency and security through a unique node list (UNL) based on federated consensus (FBA). Furthermore, it fundamentally maintains XRP's burn-based transaction fee structure, thereby promoting deflation without the inflationary burden of staking. Cumulative XRP burns in 2025 reached approximately 14.3 million, and the average daily transaction volume during the same period reached 1.83 million, reflecting the network's high utilization.
In the NFT field, more than 19 million NFTs based on the XLS-20 standard have been created, and dynamic NFTs (XLS-46) that can dynamically modify metadata are also activated, expanding beyond static art to various real-world use cases such as games and ID.
The governance structure is also at the center of major changes. Amendments to the XLS series, enabling multi-purpose tokens, credentials, AMM clawbacks, smart escrows, and tokenized securities, are being implemented one after another. The introduction of zero-knowledge-based MPTs with enhanced confidentiality, a permissioned DEX, and a lending protocol are also anticipated in early 2026.
These technological shifts and institutional improvements, along with the introduction of spot ETFs, demonstrate that XRPL is poised for full-scale institutional adoption. As one of the few blockchains to natively implement the regulatory and privacy requirements demanded by financial institutions and government agencies, the XRP Ledger is positioning itself as a digital asset infrastructure compatible with institutional finance, transcending the traditional payment network.
2025 marks a turning point for institutional expansion for XRP Ledger, and 2026 is expected to be the first year of full-scale corporate and institutional adoption, driven by strategic partnerships and governance implementation. Messari Research 's report emphasizes that this transformation is being driven by a foundation and framework optimized for institutional demand.
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