TLDR
- Ripple Prime closed an upsized $275 million senior unsecured notes offering.
- Kroll assigned Ripple Prime’s notes a BBB investment-grade rating.
- XRPL-native stablecoin supply rose 195.4% QoQ to $825.5 million.
- XRP ETPs recorded $253.6 million in net inflows during Q2.
- XRP fell 19.9% in Q2 as CEX spot volume dropped 53.5%.
XRP is trading at $1 after Ripple Prime closed an upsized $275 million private placement of senior unsecured notes, and institutional activity across the XRP Ledger continues to expand. The contrast comes after XRP already fell 19.9% during the second quarter, closing June at $1.04.
Ripple Prime plans to use the new capital for working capital and general corporate purposes as it expands its U.S. operations. Institutional investors purchased the notes, while Kroll Bond Rating Agency assigned them a BBB investment-grade rating.
Ripple Prime Raises $275 Million for US Expansion
Ripple Prime operates as Ripple’s non-bank prime brokerage business, providing financing, clearing and brokerage services to institutional clients. Piper Sandler acted as lead placement agent for the $275 million transaction.
The notes rank ahead of other unsecured obligations in repayment priority but carry no collateral. Ripple Prime President Noel Kimmel says the financing gives the business additional capital to invest in employees and technology as it pursues its growth plans.
“With the completion of this offering, we have an additional source of capital to invest in our team and technology,” Kimmel said.
Ripple Prime has not disclosed specific customer-growth targets or a timetable for expanding its U.S. client base.
The financing follows a $200 million debt facility secured from Neuberger Specialty Finance in May. Ripple completed its $1.25 billion acquisition of Hidden Road in October 2025 and subsequently rebranded the institutional brokerage business as Ripple Prime.
XRPL Stablecoins and Tokenized Assets Grow in Q2
Institutional activity on XRPL expanded during the second quarter despite weaker XRP market performance. XRPL-native stablecoin supply increased 195.4% quarter over quarter to $825.5 million, with RLUSD representing $676.9 million of that total.
Stablecoin transfer volume rose 207.5% to about $10 billion, with RLUSD accounting for approximately $9 billion. RLUSD also expanded through more than 280 OKX spot pairs, while Japan approved the stablecoin as an electronic payment instrument for distribution through SBI VC Trade.
Tokenized real-world assets on XRPL reached $4.46 billion, up 102.5% from the previous quarter. Justoken’s $2.23 billion energy-backed JMWH represented about half of the total, although distributed RWA value fell 5% to $386.1 million.
Institutional settlement activity also continued. Ondo Finance, JPMorgan’s Kinexys, Mastercard and Ripple completed a tokenized U.S. Treasury redemption using XRPL, while Aviva Investors later launched a tokenized fund share class on the network.
XRP ETP Inflows Rise While Trading Activity Falls
Global XRP exchange-traded products recorded $253.6 million in net inflows during Q2, up 45.1% from $174.8 million in the previous quarter. Cumulative inflows since U.S. spot XRP ETFs launched in November 2025 have exceeded $1.9 billion.
Source: X
However, XRP’s declining price reduced ETP assets under management from $2.40 billion to $1.99 billion during the quarter. Centralized exchange spot volume also fell 53.5% to $57.6 billion, while perpetual futures volume declined 44% to $154.9 billion.
Network usage also weakened in several areas. Total XRPL transactions fell 6.5% quarter over quarter, average daily active addresses declined 10.7%, and native DEX volume dropped 35.9% to $482.9 million.
The next XRPL development to watch is the proposed Lending Protocol. XLS-65 currently has support from 9 of 35 validators, while XLS-66 has eight votes. Both require 29 validators maintaining support for two consecutive weeks before activation.
