Messari's Q4 2025 report on the XRP Ledger highlights significant developments, including a 164.2% quarter-over-quarter increase in the RLUSD stablecoin's market cap on the ledger, reaching $234.9 million. The report also notes a 37% growth in distributed real-world assets (RWAs) on the XRP Ledger, culminating in a record market cap of $2.28 billion. Despite these gains, the XRP ecosystem faced challenges, with a 34.5% drop in circulating supply to $111.6 billion and a 35.4% decline in XRP's price to $1.84. Additionally, transaction fees on the ledger fell by 74.1% to $133,100, reflecting reduced user activity. Meanwhile, US spot ETFs for XRP saw strong institutional demand, amassing over $1 billion in assets within four weeks of their launch.