XRPL has achieved a significant milestone by logging its first $1 billion+ month in stablecoin volume during Q1, entering the top 10 chains for real-world asset activity. According to recent reports, this development moves the conversation away from pilot-phase speculation toward actual network usage. The next catalyst is expected to be XRPL's upcoming native lending protocol, which could transform settlement activity into protocol-level credit demand, potentially giving XRP a more durable role than one-way payment traffic alone.
According to reports from Bloomberg, Ripple Labs is leading an effort to raise at least $1 billion for a new public-market vehicle that would accumulate XRP. The raise would be conducted through a special purpose acquisition company (SPAC), with the funds sitting inside a new XRP-focused digital asset treasury. Ripple is expected to contribute some of its own XRP holdings to the vehicle, though terms are still under discussion and could change. This initiative comes as XRP faces the critical test of whether its growing network activity will translate into sustained institutional demand.
According to Ripple's website, the company held 4.74 billion XRP in wallets as of July 31, worth about $11 billion at current prices. Additionally, another 35.9 billion XRP were locked in on-ledger escrow accounts scheduled for monthly release. A public XRP treasury company could create a new buyer for the token while giving Ripple another way to place part of its holdings with investors, though the real challenge lies in whether this institutional interest translates into actual XRP buying pressure rather than just narrative momentum.
The tokenized equities market is experiencing explosive growth, with Ondo Global Markets crossing $1 billion in total value locked (TVL) in under eight months since its September 2025 launch. According to TheStreet, the platform now holds more than 70% of the tokenized equity issuer market and has processed over $18 billion in cumulative trading volume. The entire tokenized stock and equities space has over $1.5 billion in TVL across all platforms, with Ondo owning the vast majority. Katie Wheeler, Managing Director of Global Partnerships at Ondo Finance, believes the platform could reach $5 billion by year-end, representing a 5x increase from current milestones.
The stablecoin market currently sits at approximately $323 billion, while tokenized equities represent only $1.5 billion across the entire space. As Wheeler notes, if the most mature crypto product category is still at roughly 1% penetration of traditional markets, tokenized equities are barely a rounding error against global equity markets worth over $100 trillion. The Clarity Act, which cleared Senate Banking Committee markup on May 14, is expected to accelerate growth by providing clear regulatory framework for digital asset operations. Wheeler draws parallels to stablecoins, which at $300 billion represent 1% of M2 money supply, suggesting tokenized stocks still have massive growth potential ahead.
