US Spot XRP ETPs Absorbed Nearly 15% of Net New XRP Supply in First Half of 2026
Research from 21Shares finds that U.S. spot XRP exchange-traded products absorbed 14.8% of net new XRP supply in the first half of 2026, with May alone seeing ETP inflows cover over 50% of new issuance. Separately, RLUSD supply grew 1,131% by June 30, with more than half deployed directly on the XRP Ledger. The data indicates that ETP demand is becoming a structurally meaningful factor in XRP supply dynamics.
A research note from 21Shares covering XRP's structural position heading into the second half of 2026 shows that U.S. spot XRP exchange-traded products absorbed 14.8% of net new XRP supply across the first half of the year. In May alone, ETP inflows covered more than 50% of new issuance for that month, a significant concentration of demand relative to the pace of supply growth.
The report also highlights that annual XRP supply dilution runs at approximately 5.5%, meaning ETP demand is now large enough relative to that figure to be a measurable offset. On-chain settlement volume rose over the same period even as fee revenue declined, suggesting network usage is expanding in transaction terms independent of fee monetization.
RLUSD, Ripple's dollar-denominated stablecoin, posted supply growth of 1,131% through June 30. More than half of that supply was deployed directly on the XRP Ledger, reinforcing the ledger's role as the primary settlement layer for the stablecoin.
The research identifies XRP's potential role as collateral as the next possible demand lever, though that remains an open question dependent on broader DeFi and institutional adoption trends.
Key facts
- •US spot XRP ETPs absorbed 14.8% of net new XRP supply in H1 2026
- •May 2026 alone saw ETP inflows cover over 50% of monthly new supply
- •Annual XRP supply dilution is approximately 5.5%
- •RLUSD supply grew 1,131% by June 30, 2026
- •Over half of RLUSD supply is deployed directly on the XRP Ledger
- •On-chain settlement volume rose even as fee revenue fell
- •XRP as collateral identified as a potential next demand lever