XRP Ledger's native stablecoin supply climbed 25.2% quarter over quarter to $1.03 billion in Q3, driven primarily by RLUSD's 49.7% growth to $1.01 billion. RLUSD now accounts for 98.1% of XRPL's native stablecoin supply, with its all-chain circulation reaching $2.52 billion. Stablecoin transfer volume on the network expanded 39.5% to $14.09 billion. Tokenized real-world assets (RWAs) on XRPL also saw significant growth, with distributed RWA value rising 29.2% to $498.7 million. Global XRP ETP net inflows increased 39.6% to $355.3 million, pushing assets under management from $2.01 billion to $3.32 billion. On-chain activity showed mixed results: payment volume grew 4.3% to 42.82 billion XRP, but transaction counts declined sharply — payment transactions fell 33.6% and total transactions dropped 8.6% to 203 million. Native DEX trading volume rose 20.2% to $614.8 million, while fees burned decreased 11.6% to 35,852 XRP.