The XRP Ledger saw a notable combination of growth and contraction in the second quarter of 2026, according to Evernorth’s State of the Ledger report released on September 2. While average daily trading volume on the decentralized exchange (DEX) surged 79% year over year to reach 3.57 million XRP, the number of accounts trading on the order book each day declined by approximately 40%, falling from 1,864 to 1,111.
Trading concentration rises while user numbers fall
This change meant that the average trading account on the order book now handled about 3,217 XRP every day, an increase from 1,072 XRP a year earlier. Fewer accounts are making much larger trades, suggesting growing concentration among active participants. The report noted that account numbers alone do not uncover whether individuals or institutions control these addresses, and multiple addresses may be operated by a single entity.
Order book activity became even more dominant within the DEX ecosystem, accounting for 81% of all exchange volume in the quarter, compared with 54% a year prior. Automated market maker pools made up the rest. In total, daily DEX volume averaged 4.42 million XRP, marking a 20% increase compared to the previous year, though slipping 16% versus the first quarter of 2026.
While shifts in the balance between order books and automated market makers mark a significant change in infrastructure, Evernorth cautioned that these trends do not directly prove a replacement of retail users by institutional traders.
Tokenized assets surge amid changing market dynamics
The report also highlighted robust growth in tokenized asset value on the XRP Ledger. The average value of tokenized assets reached $3.72 billion in the second quarter. Ripple’s RLUSD stablecoin saw its daily average balance jump to $539 million, up 642% from $73 million a year earlier. The on-ledger share of all RLUSD increased from 20% to 34%, following Wormhole integration support, while RLUSD value moved on-chain expanded by 925% over the same timeframe.
The combined average value held on the network, including tokenized real-world assets and stablecoins, reached $4.26 billion—an extraordinary climb from $99 million just six quarters earlier. The expansion underscores the increasing accumulation of tokenized value, even as speculation remains part of the network’s perception.
The figures show higher volume per active trading account alongside lower participation measures. The report does not identify individual traders, and the results should not be read as proof that institutions have replaced retail participants.
As asset digitization gains momentum, traditional markets are also seeing a shift. Wall Street firms are moving towards Web3 models, and investors can now use platforms such as 1stepSwap to hold shares of major U.S. companies, gold, and silver directly in crypto wallets. This trend leverages the tokenization of real-world assets and uses automated pricing engines to remove intermediaries, aiming to streamline access and pricing for investors.
Retail activity slows despite infrastructure advances
While tokenized value and trading volumes have soared, several retail-facing metrics moved lower in the second quarter. The average number of daily transacting accounts stood at 16,587, and new account creation averaged 2,783 per day—both representing declines of about 25% from the previous year.
Payments and NFT minting activity also dropped during the period, reflecting a broader sector slowdown. Evernorth pointed out that aggregate on-chain exchange volume across the industry was down 46%, and protocol fees on the seven largest programmable blockchains fell 38% compared with the prior year.
Even with these lower participation numbers, more value is being processed by each remaining active account, indicating a dual trend of fewer users handling larger amounts.
Questions on institutional involvement and market structure
The report left unanswered questions about the source of increased concentrations, such as whether the growth is driven by institutional players or the use of permissioned infrastructure, which restricts access to approved participants. Evernorth did not specify what proportion of trading took place in these controlled environments.
Infrastructure development continued regardless of the overall market slowdown. Separate coverage discussed Ripple’s XRPL lending proposal, aiming to expand the network’s toolkit for financing tokenized assets.
Disclosure and context
Evernorth acknowledged its own financial exposure to XRP through its treasury activities. The company emphasized that while on-chain balances have grown, these metrics do not guarantee future increases in the price or adoption of XRP. Reports produced by organizations with vested interests should be evaluated accordingly.
Whatever one thinks of XRP as a speculative asset, the infrastructure built around the ledger is accumulating balance-sheet-style value at a pace that is difficult to dismiss.
