Trading activity on the XRP Ledger increased sharply in the second quarter, with average daily order-book volume rising 79% from a year earlier to 3.57 million XRP. The increase came despite a decline in daily trading accounts to 1,111 from 1,864, lifting average daily volume per account to 3,217 XRP from 1,072 XRP. Order-book trading represented 81% of on-chain activity, compared with 54% a year earlier. Liquidity also broadened beyond XRP: the average supply of RLUSD, Ripple’s dollar-pegged stablecoin, on the ledger reached $539 million from $73 million a year earlier, while its share of total supply held on the ledger rose to 34% from 20%. Evernorth said this growth occurred as the broader stablecoin market contracted for the first time since 2023. The figures describe changes in trading and stablecoin liquidity over the past year but do not by themselves establish the reason for the increase in trade size. Separately, Evernorth is preparing to become a publicly traded digital asset treasury company through a proposed combination with Armada Acquisition Corp. II. The companies said last month that the U.S. Securities and Exchange Commission had declared their Form S-4 registration statement effective. Armada shareholders are scheduled to vote on Sept. 30, and the combined company is expected to trade on Nasdaq under ticker XRPN if the transaction is approved and completed.