Q4 2025 was filled with milestones for the XRPL, none greater than U.S. spot XRP ETFs launching in November 2025, reaching $1 billion in AUM in less than four weeks, the fastest to do so since ETH. The offering significantly expands U.S access to XRP for investors previously limited by custody and compliance barriers. Amidst this TradFi momentum, the XRPL, the XRPL continues to be primed for institutional adoption, as necessary identity, financial, compliance, and privacy features have/are being implemented. These include multipurpose tokens (MPTs) with metadata to store RWA parameters, a native lending protocol, confidential MPTs using Zero Knowledge Proofs (ZKPs), and credentials to control access via KYC/AML. Moreover, Permissioned Domains (XLS-80) is scheduled to go live in February and builds on Credentials, allowing entities, such as institutions, to require specific credentials that can include Know Your Customer (KYC) requirements to access their offerings on the XRPL. Finally, amendments for the native lending protocol and single asset vaults have been released for voting. Still, without all these features yet live, RWA and stablecoin issuance on the XRPL continue to make all-time highs. The XRPL closed 2025 with an all-time high RWA market cap of $213.2 million (+4% QoQ) as issuance grew for RWAs like Ondo’s OUSG tokenized treasury fund, Guggenheim’s Digital Commercial Paper, and tokenized real estate issued by Ctrl Alt. Additionally, Ripple’s USD-pegged stablecoin RLUSD closed 2025 with a market cap of $234.9 million on the XRPL (+164% QoQ), making it the network’s largest stablecoin. As amendments to enable regulatory-compliant institutional DeFi on the network continue to be adopted, the XRPL is poised for exciting new use cases to drive both organic institutional adoption and new strategic partnerships alike in 2026.