XRP Ledger Volumes Surge 430%

Payments now dominate XRPL activity. DeFi rising too. PLUS: BTC and M2 correlation, and $1.15B in startup funding flows.

📬 Today’s Byte

• XRP is settling the “use case” debate

• M2 money supply hits all-time high. What it means for Bitcoin?

• $1.15B in crypto startup funding signals a market getting serious again

• Market-moving headlines

🚀 XRP is settling the “use case” debate

While the spotlight stayed fixed on meme coins and ETFs, XRP Ledger was busy processing payments, and that too in big numbers.

In just under two years, weekly payments on the XRP Ledger (XRPL) have jumped more than 430%, rising from around 1.5 million to over 8 million transactions a week.

These payment transactions now make up nearly 60% of all activity on XRPL and they’re happening fast, cheap, and globally.

What’s driving the surge?

  • On July 1, XRP Ledger processed nearly 967,000 payment transactions in a single day

  • Total XRPL transactions that day: 1.53 million

  • 2,800+ new accounts were added, bringing total users to over 5.6 million

The key factor behind this rise? Ripple’s global payments network, which has expanded its reach across regions like the UAE and Middle East.

Ripple is leaning into its original mission using XRP as a bridge currency to enable cross-border money movement for banks and institutions. It’s not flashy, but it’s working.

XRPL isn’t just payments anymore

Yes, payments dominate. But XRPL’s DeFi activity is picking up too, slowly but surely:

  • Around 2,300 daily DEX traders

  • 400+ XRP trading pairs now active

  • Over 384 million XRP in volume across XRPL decentralized exchanges

  • 20,000+ active AMM pools fueling liquidity

And with an EVM-compatible sidechain coming soon, Ethereum-based dApps may start migrating to XRPL. That could open the door to more DeFi and utility in the long run.

Ripple is wrapping up SEC fight

After years of courtroom drama, Ripple has dropped its cross-appeal in the SEC case. It’s a quiet signal: they’re ready to settle, move on, and rebuild trust.

CEO Brad Garlinghouse said Ripple’s focus now is on building and not fighting regulatory bodies. That shift could bring a wave of new partnerships, and even talk of an XRP ETF is starting to heat up again.

Michael Saylor’s crypto-centric company, Strategy, is projected to report an unrealized gain of approximately $14 billion for the second quarter of 2025, credit given almost entirely to a 30% surge in Bitcoin prices.

📊 Market Watch:

While most eyes are on ETFs and memecoins, a quieter but crucial macro signal is flashing green: the US M2 money supply has just hit a new record of $21.94 trillion.

This metric which includes cash, checking deposits, and easily convertible near money has historically had a tight correlation with Bitcoin. And its continued growth could spell bullish momentum for crypto in the coming months.

Why it matters:

  • US M2 supply grew from a 2023 low of $20.7T to $21.94T in July 2025

  • Global M2 sits at $93.69T, growing 7.45% YoY

  • BTC price trends often lag M2 by 3–6 months

  • China's M2 alone is over $44T, double that of the US

In short: more liquidity = more fuel for risk assets like Bitcoin.

The latest expansion also comes as the US faces another debt ceiling showdown, making monetary easing more likely. That could further inflate the M2 figure — and crypto valuations along with it.

A pattern worth watching:

Historically, when M2 rises, Bitcoin follows, sometimes with just a short delay. Earlier this year, the April BTC breakout above $100K closely mirrored a spike in global M2.

Even with ETFs and institutional flows playing a role, analysts say liquidity remains the lifeblood of bull markets. And with both US and global M2 rising, the foundation for a longer-term crypto rally is quietly being laid.

If the trend continues, Bitcoin could be poised for a push toward $120,000 in the second half of 2025.

The Governor of Connecticut, Ned Lamont, has banned public officers from using Bitcoin and other crypto assets. In a bill signed June 30th, the governor also prevented the state’s storage, exchange, and transactions.

💰 Deal Flow

The bear market may be in the rearview mirror. In June, crypto and Web3 startups raised $1.15 billion across 140 deals, according to Messari. That’s a 3% uptick in total capital and a 9% increase in the number of deals compared to May.

And the momentum isn’t random. It’s being driven by a mix of returning confidence, hybrid financing models, and a clear bet on real-world utility.

Kalshi leads the pack

The standout was Kalshi, the real-world prediction market with Donald Trump Jr. on its advisory board. It locked in $185 million at a $2 billion valuation, with backing from Paradigm, Sequoia, Multicoin, and Citadel’s Peng Zhao.

Fresh off a legal win against the CFTC, Kalshi plans to expand its offering of tradable event contracts from elections and inflation to sports and the economy and deepen integrations with retail brokers.

Second on the leaderboard was Digital Asset, which raised $135 million to scale its Canton Network. The protocol already powers tokenized bonds and funds, and the new cash will go toward onboarding more institutions and asset classes. The round was led by DRW Venture Capital and Tradeweb.

Others joined the party with strong narratives:

  • World Liberty Finance raised $100 million through a private token sale for its stablecoin, USD1.

  • Eigen Labs, the team behind EigenLayer and EigenDA, brought in $70 million to push forward its zero-knowledge infrastructure.

  • Zama FHE, a cryptography startup focused on fully homomorphic encryption, closed a $57 million Series B at a $1 billion valuation, led by Pantera Capital.

What the trend says

Private token sales are clearly staging a comeback, and hybrid rounds (equity plus token allocations) are becoming the norm. Founders are picking the best of both models to raise capital while keeping flexibility.

Kalshi and Polymarket now appear to be on a collision course, with Polymarket reportedly closing in on a $200 million raise of its own. If true, it would create a rare rivalry in the on-chain betting space, one that combines strong narratives with regulatory tailwinds.

With more capital flowing back into prediction markets, compliance-focused protocols, and privacy infrastructure, June may have just set the tone for H2 2025.

The Governor of Connecticut, Ned Lamont, has banned public officers from using Bitcoin and other crypto assets. In a bill signed June 30th, the governor also prevented the state’s storage, exchange, and transactions.

Market-moving headlines 🔥

Shares of crypto-related firms plunged Wednesday morning, with Coinbase Global Inc. and Strategy Inc. leading losses in US pre-market trading. The declines came amid political letdowns in Washington as President Donald Trump’s tax and spending “Big, Beautiful Bill” narrowly passed the Senate floor.

JP Morgan Chase is working on a new approach for tokenized carbon credits. Kinexys, the bank’s blockchain unit, is partnering with S&P Global Commodity Insights and other carbon experts to offer tokenized carbon credits.

The premium on Bitcoin futures listed on the Chicago Mercantile Exchange (CME) has declined to its lowest level in eight months. According to data from 10x Research, the rolling three-month basis on CME Bitcoin futures has fallen to just 4.3%, a level not seen since October 2023.

Germany’s largest banking group, Sparkassen, is entering the crypto market in a landmark move, allowing millions of customers to trade Bitcoin and other digital assets directly through its banking app.

July 2

Did you know? 🧠

On July 2, 2022, the high‑flying crypto hedge fund Three Arrows Capital (3AC) filed for bankruptcy, owing roughly $3.5 billion to creditors following the spectacular collapse of Terra‑USD and a cascade of leveraged liquidations .

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