Welcome to the Ripple Overview. Every month, we dive deep into Ripple, XRP, XRPL, RLUSD and more to bring you the latest on ecosystem developments, updates, metrics, insights and more.
XRP and Ripple USD (RLUSD) By The Numbers
$XRP: $1.16 (-18.11%)
XRPL TVL: $39.8M (-17.4%)
XRP Holders: 533.6K (+1.9%)
RLUSD Market Cap: $1.68B (+9.09%)
RLUSD Volume (24H): $7.3M (-61.5%)
These metrics are accurate upon publication. The percentages are based on month-over-month changes, unless noted otherwise.
What Caught Our Eye This Month
Ripple said its prime brokerage platform Ripple Prime has integrated with EDX Markets and EDXM International, opening up the venues' spot and perpetual futures markets to its institutional clients. Ripple said the deal is a step towards integrating its own stablecoin, RLUSD, as a settlement and collateral asset on EDX.
Ripple Prime has secured a $200 million debt facility from Neuberger Specialty Finance, with the ability to draw funds as client demand shifts. The capital will be used to extend margin financing to clients trading across traditional and digital markets.
Ripple Treasury has partnered with TreasuryXL, a community platform for treasury professionals, in a bid to engage with treasury professionals, and show off how its platform works.
Ripple and XRP Rundown
➡️ What happened: Ripple joined Ondo Finance, Mastercard, and JPMorgan's Kinexys unit to complete a pilot transaction that connected the XRP Ledger directly to traditional interbank settlement rails. Ondo's tokenized U.S. Treasury fund, OUSG, was issued on the XRP Ledger, and Ripple redeemed a portion of those holdings directly onchain. From there, Mastercard's Multi-Token Network routed the settlement instructions to Kinexys by JPMorgan, and JPMorgan delivered the corresponding U.S. dollars to Ripple's bank account in Singapore.
The result was a single transaction that strung together a public blockchain, a tokenized real-world asset, global payment messaging, and traditional banking infrastructure. The companies described it as the first time tokenized U.S. Treasuries have settled across borders and between banks in near real time, outside the constraints of traditional banking windows.
➡️ Why it matters: The significance was not the tokenization of the asset itself, but the demonstration that a tokenized asset can move through a complete, real-world financial workflow and be redeemed across multiple institutions and jurisdictions. The XRP Ledger acted as the blockchain settlement layer while the dollar leg moved through banking rails.
➡️ The big picture: The pilot is a concrete step toward a 24/7 global market where value can settle continuously rather than waiting for banking hours or correspondent intermediaries to open.
It also supports Ripple's broader institutional thesis, pairing the XRP Ledger as a settlement layer with the company's payments, custody, and stablecoin infrastructure to give institutions a path to move tokenized assets the same way they move money today.
Interested in learning more on Ripple? Here’s some updates that caught our eye:
Ripple began sharing its threat intelligence on North Korea with fellow Crypto ISAC members, contributing profiles of suspected North Korean operatives as well as fraud-linked wallets and domains through a new API.
Ripple shared the results of its $25 million education commitment to DonorsChoose and Teach For America, delivered largely in RLUSD. Over the past year, the funds backed 48,108 classroom projects and stipends for 2,300 new teachers across all 50 U.S. states.
Ripple published RLUSD's independent attestation for April. The stablecoin's market cap has surpassed $1.75 billion less than a year and a half since launch.
Follow Ripple and visit their website for more news.
Chart of The Month
The spot ETF market pulled in roughly $140 million in net inflows over the month, the strongest monthly figure so far this year.
Currently, cumulative inflows across ETFs total $1.43 billion.
ETF inflows accelerated through the second half of May even as spot price stayed choppy, indicating that institutional investors are betting long term.
XRP Developments
A look at the biggest announcements and developments in the XRP ledger ecosystem.
The XRP Ledger activated its 3.1.3 upgrade with a maintenance release that clears out expired NFT listings, improves permissions, and corrects errors in the new Vault and Lending features.
The Depository Trust & Clearing Corporation, the post-trade infrastructure provider, said its new tokenization service will start offering limited production trades of tokenized real-world assets in July ahead of a full launch in October 2026.
Soil, which bills itself as the first regulated yield protocol on XRPL, went live with a 5% fixed APR on XRP through June, offered natively on the ledger without bridging or wrapping. The yield is generated from real-world assets, including short-term U.S. Treasuries, money market funds, and private credit, through a licensed EU fund structure.
Ripple teamed up with Project Eleven, a post-quantum cryptography firm, to begin hardening the XRP Ledger against future quantum computing threats. The work includes a full audit of XRPL's validator, custody, networking, and wallet layers, followed by deployment of hybrid signatures that layer quantum-resistant cryptography over existing standards.
The XRP Ledger climbed to the fourth spot on RWA.xyz's real-world asset league table, ranking among the fastest-growing RWA ecosystems in crypto. XRPL now hosts a widening range of tokenized financial assets onchain, spanning U.S. Treasuries, money market funds, commercial paper, and structured credit.
Enter The XRPL Community
Want to build on the XRP Ledger? Visit the XRPL learning portal for more info on documentation and tools. Or go further down the rabbit hole:
Catch you here next time.
Hit reply and let us know how we did! What was your favorite part of the newsletter? Our founder reads every response.
To get this newsletter delivered to your inbox, subscribe here:
This product was built by StrataMedia.
This information is for entertainment purposes only. It should not be considered financial advice, nor should it be used to make investment decisions. Cryptocurrencies are high risk and you should consult a financial professional before making any financial decisions. Make sure you do your own research.