Q2 and beyond were pivotal for the XRPL and its native asset XRP. XRP once again closed the quarter as the fourth largest crypto asset by market capitalization at $132.0 billion (+8.5% QoQ). In July, the SEC listing standards for crypto ETPs became public, revealing a requirement of at least six months of futures tracking before listing. XRP was listed on Coinbase’s Derivatives Exchange in April, paving the way for US spot ETF approval and listing in the fall. With each new compliance feature like Decentralized Identity (DID) released on the XRPL, the network becomes more attractive for regulatorily-compliant financial institutions and asset issuers alike. Ripple’s USD-pegged stablecoin RLUSD closed Q2 with a market cap of $65.9 million on the XRPL (+49.4% QoQ), making it the network’s largest stablecoin. Multiple stablecoins also launched on the XRPL in Q2, including Braza Group’s USDB, Schuman Financial’s EURØP, and StratsX’s XSGD. Likewise, multiple new RWAs were issued, including Ondo’s OUSG tokenized treasury fund, Guggenheim’s Digital Commercial Paper, and tokenized real estate issued by Ctrl Alt, as the XRPL closed Q2 with an all-time-high RWA market cap of $131.6 million.