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Activity on the XRP network has fallen to its lowest levels in years, even as major financial institutions completed the first real-time cross-border settlement of tokenized assets on a public blockchain. Glassnode data shows daily new addresses on the XRP Ledger have dropped sharply since December 2024, while Ripple and partners advanced tokenized-asset settlement using interbank rails.
According to Glassnode, daily new addresses on the XRP Ledger fell by more than 80% from approximately 18,000 in December 2024 to 5,020. The monthly active supply also declined by more than 70% over the same period, dropping from 7.45 billion tokens to around 2 billion per day.
Marcin Kazmierczak, co-founder of RedStone, said the decline reflects the exit of speculative retail following a late-2024 rally rather than a collapse in institutional usage. He argued that the network is shifting “from retail speculation toward institutional rails,” adding that this transition “rarely looks good on address charts.”
Ripple, alongside Ondo Finance, JPMorgan’s Kinexys and Mastercard, completed a pilot transaction connecting the XRP Ledger with interbank settlement rails. The operation settled the redemption of Ondo’s OUSG fund, a tokenized U.S. Treasuries fund, cross-border and across banks in near-real time, outside traditional banking hours.
In the described process, Ondo processed the redemption, Mastercard’s Multi-Token Network routed settlement instructions to Kinexys, and JPMorgan transferred U.S. dollars to Ripple’s bank account in Singapore.
Real-world assets tokenized on the XRP Ledger have surpassed $2.43 billion. U.S. Treasuries account for around $403 million, based on RWA.xyz data. Active wallets on the network stand at approximately 7.7 million, according to Kazmierczak and Santiment data.
Kazmierczak also pointed to regulatory developments: he noted that the SEC and CFTC classified Ripple’s token as a digital commodity in March, a definition he said helped accelerate institutional involvement.
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