XRP ended the quarter at $1.04, down 19.9%, with a market capitalization of $65.8 billion, remaining the fourth-largest non-stablecoin asset. XRP ETPs recorded $253.6 million in net inflows, marking a third straight quarter of positive flows and bringing cumulative inflows above $1.9 billion. Centralized-exchange spot volume fell 53.5% quarter over quarter to $57.6 billion, while perpetual-futures volume declined 44%. On the XRP Ledger, native stablecoin supply rose 195.4% to $825.5 million, led by RLUSD, whose supply increased 257% to $676.9 million. OKX listed more than 280 RLUSD spot trading pairs, while Japan’s Financial Services Agency approved RLUSD as an electronic payment instrument and distributed it through SBI VC Trade. Tokenized real-world assets (blockchain-based representations of physical or financial assets) on XRPL reached a quarterly record of $4.46 billion, up 102.5%, with Justoken’s energy-related JMWH accounting for about half. Stablecoin transfer volume jumped 207.5% to about $10 billion, with RLUSD representing roughly 90%. Network activity weakened, with total transactions down 6.5% to 222.4 million, daily active addresses down 10.7% to 16,800 and decentralized-exchange volume down 35.9% to $482.9 million. Transaction costs fell to $0.00024, extending a five-quarter decline. Lending protocols XLS-65 and XLS-66 had support from 9 of 35 and 8 of 35 validators, respectively, still short of the 29-vote activation threshold; revised versions are expected to be submitted in the third quarter. Ondo, JPMorgan Kinexys, Mastercard and Ripple completed a cross-chain redemption of tokenized U.S. Treasuries, while Aviva Investors launched tokenized fund shares on XRPL after the quarter ended.