XRP Addresses Drop 85% as Banks Pilot Treasuries on XRPL

Daily addresses on the XRP Ledger fell roughly 85%, from about 18,000 in December 2024 to 5,020, according to on‑chain data from Glassnode. Monthly active supply declined about 73%, from roughly 7.45 billion XRP per day to near 2 billion.

On Thursday a group of firms completed a pilot that settled the redemption of Ondo’s OUSG tokenized U.S. Treasury fund on the public XRP Ledger in near real time. The transaction moved across banks and borders and took place outside normal banking hours.

Ondo processed the redemption on XRPL. Mastercard’s Multi‑Token Network transmitted settlement instructions to Kinexys, and JPMorgan provided U.S. dollars to a Ripple account in Singapore to complete the cross‑border payout. The transaction linked tokens on a public blockchain with traditional interbank settlement rails.

On‑chain metrics show network activity at multi‑year lows even as tokenized real‑world assets on XRPL have exceeded $2.43 billion, with tokenized U.S. Treasuries accounting for more than $403 million, based on RWA.xyz data. On‑chain analytics and market participants estimate active wallets on XRPL near 7.7 million.

Marcin Kazmierczak, co‑founder of RedStone, noted, “The network is shifting from retail speculation only to institutional rails. That transition rarely looks pretty in the address chart.” He added the drop in daily addresses reflects speculative retail users rotating out after the late‑2024 rally rather than a collapse in institutional usage, and he pointed to JPMorgan’s use of public infrastructure as a notable development.

XRP was trading near $1.39, down about 1.6% over the past 24 hours and largely flat over the past week and month. U.S. regulators classified XRP as a digital commodity in March, a development market participants say has reduced legal uncertainty for banks and asset managers considering tokenized products on public ledgers.

The pilot emphasized interoperability between public blockchain tokens and bank settlement systems rather than using a private, permissioned ledger. Participants and observers said additional tests and regulatory reviews will be required before real‑time cross‑border settlements of tokenized securities become routine.