The XRP Ledger has fewer active accounts, but trading volume per account has surged significantly. Activity on the XRP Ledger became increasingly concentrated in Q2, as the number of trading accounts declined while the amount of XRP traded per active account rose sharply. Daily trading volume through the order book averaged 3.57 million XRP in Q2, a 79% increase year-over-year. Meanwhile, the number of accounts initiating these trades dropped to approximately 1,100 per day from over 1,860. This pushed the average trading volume per account up to around 3,200 XRP per day—nearly triple the approximately 1,070 XRP recorded a year ago. The number of asset pairs in which XRP was traded also declined to about 319 per day from 480, while order book trading accounted for 81% of total DEX activity on the XRP Ledger, up from 54%. Total DEX volume averaged 4.42 million XRP per day, up about 20% year-over-year but down 16% from Q1 2026. Meanwhile, the value of tokenized assets on the XRP Ledger surged dramatically. Tokenized assets averaged $3.72 billion in Q2—more than double Q1 and over 30 times higher than a year ago. Including the approximately $539 million in RLUSD, total asset value on the network reached about $4.26 billion, compared to just $99 million six quarters ago. RLUSD has been a primary driver: average RLUSD supply on the XRP Ledger increased more than 600% year-over-year to $539 million, while transfer value rose more than ninefold. However, overall user activity declined. Daily trading accounts fell 24% to around 16,600, and new accounts dropped approximately 25% to 2,800 per day. Data indicates that the XRP Ledger is processing greater value through a smaller group of active accounts, as infrastructure for institutional use, tokenized assets, and stablecoins continues to expand.