US lawmakers have introduced legislation that would create a Department of Justice-led task force to coordinate investigations into cryptocurrency theft, scams and other digital asset-related crimes across federal, state and local law enforcement agencies.

Under the proposal, the Justice Department would serve as the primary federal coordinator for cryptocurrency theft investigations, bringing together agencies including the FBI, Homeland Security Investigations and Treasury Department’s Financial Crimes Enforcement Network.

The bill introduced by Republican Representative Lance Gooden and his Democratic House colleague Josh Gottheimer directs the task force to develop best practices for evidence collection, blockchain forensics, asset tracing and victim support. It would also provide training and technical assistance to state and local law enforcement agencies.

According to the FBI’s 2025 Internet Crime Report, Americans reported more than $11 billion in crypto-related losses last year.

Source: Gooden.house.gov

The task force would coordinate with international law enforcement agencies on cross-border investigations and submit annual reports to Congress on emerging threats, enforcement challenges and potential policy recommendations.

The bill specifies that it would not authorize new regulation of cryptocurrency markets, expand the authority of federal agencies or create new criminal offenses, instead focusing on coordination among agencies already responsible for investigating financial crimes.

Related: Chainalysis, South Korean police link up to fight crypto crime

Crypto investigators turn to AI-powered analytics

The proposed task force comes as blockchain intelligence firms increasingly deploy artificial intelligence tools designed to help investigators trace stolen funds, identify illicit activity and analyze complex transaction flows across digital asset networks.

In March, TRM Labs launched Co-Case Agent, an AI investigative assistant for crypto crime and compliance teams. The company said the tool can trace fund flows, audit blockchain transaction graphs and suggest investigative steps from natural language prompts.

Source: TRMLabs

Chainalysis announced similar blockchain intelligence agents later that month, saying the tools would be rolled out over the summer for investigations and compliance. The company said the agents were designed to help users trace funds and gather intelligence as crypto criminals increasingly use AI to scale their operations.

The growing focus on investigative tools comes as crypto-related exploits continue to generate significant losses. According to DeFiLlama, hackers stole roughly $630 million in April alone, marking the industry’s largest monthly loss total since February 2025.

Magazine: Vietnam preps crypto pilot, HK pushes tokenization: Asia Express

Backpack Securities and Sunrise have introduced SPCX, a token tied to underlying SpaceX shares and issued on Solana.

The launch creates a blockchain-based version of SpaceX exposure that eligible users can convert into actual shares. The rollout comes as tokenized securities continue expanding beyond bonds and funds into private company equity markets.

SPCX links Solana trading with SpaceX share ownership

Backpack said SPCX represents a tokenized right backed by underlying SpaceX shares. Eligible investors can redeem tokens for actual shares through regulated brokerage channels. The structure connects blockchain-based trading with traditional securities ownership.

Digital Asset Holdings has secured a fresh $355 million financing round led by Andreessen Horowitz’s crypto arm, signaling a growing appetite on Wall Street for permissioned blockchain infrastructure. The round also includes participation from 7RIDGE, the Abu Dhabi Investment Authority, Citadel Securities and Optiver, valuing Digital Asset at roughly $2 billion, according to Bloomberg Law’s reporting citing people familiar with the matter.

The capital will be deployed to scale the Canton Network, Digital Asset’s privacy-focused platform designed to enable institutions to tokenize and settle traditional securities while keeping commercially sensitive data protected. Canton has already been piloted by a slate of major financial institutions, including Goldman Sachs, BNY Mellon, BNP Paribas, Standard Chartered, Société Générale and Deutsche Börse.

Bloomberg’s reporting last month indicated Digital Asset had initially sought around $300 million at a similar valuation and expected to close the round within weeks. Co-founder and CEO Yuval Rooz summarized the journey in a post on X after the announcement: “We knew institutional adoption was the path. We failed. We made bad decisions… But we never let go of our North Star.”

Key takeaways

• Digital Asset raises $355 million at about a $2 billion valuation, led by Andreessen Horowitz’s crypto arm, with 7RIDGE, ADIA, Citadel Securities and Optiver among participants.
• The funds will accelerate Canton Network’s expansion as a privacy-preserving, tokenization-and-settlement layer for traditional securities used by large financial institutions.
• Today’s round extends a multi-year funding trajectory, building on prior capital events in 2025 and 2021 that have reinforced Wall Street’s backing for Digital Asset.
• The ongoing investor support underscores a broader industry push toward institutional-grade blockchain infrastructure, though deployment timelines and regulatory clarity remain in focus.

A new round, a maturing vision for Canton

Digital Asset’s latest financing centers on the Canton Network, the company’s distributed ledger framework intended to facilitate the private issuance, tokenization and settlement of traditional securities without exposing sensitive data to counterparties. By preserving privacy while enabling cross-institutional settlement, Canton aims to modernize aspects of the capital markets ecosystem that rely on high-security data handling and compliance controls.

The round’s participants reflect a convergence of traditional finance and crypto-native firms seeking durable, scalable infrastructure. Andreessen Horowitz’s crypto affiliate led the funding with a$100 million allocation, while strategic contributors include 7RIDGE, the Abu Dhabi Investment Authority, Citadel Securities and Optiver. The infusion values Digital Asset at approximately $2 billion, according to the Bloomberg Law report.

“The path to real institutional adoption is clear,” Rooz said in his post. “We have spent nearly a dozen years evolving from a DRW spin-out into a platform that can support real-world securities workflows with privacy baked in.”

The Canton Network has already attracted real-world pilots with several marquee banks and market operators, a testament to the architecture’s potential to address regulatory and data-access concerns that have long constrained cross-border and multi-venue settlements. The ecosystem page for Canton highlights participation and collaboration across major financial players, illustrating a practical, industry-aligned roadmap rather than a niche crypto use case.

Canton Network gains institutional traction

The collaboration slate for Canton underscores a trend: big financial institutions are increasingly willing to experiment with permissioned blockchains that promise data confidentiality alongside the efficiencies of tokenized settlement. Goldman Sachs, BNY Mellon, BNP Paribas, Standard Chartered, Société Générale and Deutsche Börse have all piloted Canton’s capabilities, marking a meaningful adoption signal for permissioned networks in capital markets.

Observers have noted that the new funding aligns with the industry’s broader move toward tokenized, regulated securities and the infrastructure required to support it. The round’s scale and the caliber of backers suggest a longer-term commitment to building an interoperable, institutional-grade platform that can operate within existing compliance regimes while unlocking new liquidity and settlement efficiency.

Meanwhile, Digital Asset’s public communication about the financing emphasizes the importance of “institutional adoption” as a strategic North Star. The company has framed Canton not merely as a technology demonstration but as a practical highway for asset tokenization, secured collateralized lending, and structured outcomes that demand privacy and security at scale. The new funding will accelerate Canton’s rollout and its network effects among banks, custodians, and other market participants.

In parallel, the funding history paints a picture of sustained investor confidence in Digital Asset’s approach. Earlier this year, Digital Asset disclosed a $135 million round led by DRW Venture Capital with participation from Tradeweb, Citadel Securities, IMC, Optiver, Goldman Sachs, Virtu and others, followed by a $50 million strategic round in December from BNY Mellon, Nasdaq, S&P Global and iCapital. These successive rounds reflect a coordinated, multi-faceted push from both traditional financial powerhouses and crypto-focused investors toward the Canton framework.

A multi-year funding runway and strategic implications

Digital Asset’s fundraising trajectory extends beyond the recent rounds. In 2021, the company raised more than $120 million from investors including 7RIDGE and Eldridge, following earlier investments from JPMorgan, Citi, Deutsche Börse, Goldman Sachs, IBM, Samsung and Salesforce. Taken together, the financing stack signals a deepened industry belief that permissioned, privacy-preserving blockchain networks can complement, or in some cases augment, existing post-trade infrastructure.

For market participants, the implication is twofold. First, the backing by a broad coalition of Wall Street players could help catalyze broader adoption of Canton’s platform, potentially lowering the cost and risk of tokenizing traditional assets. Second, as regulatory clarity evolves around tokenized securities, Canton’s architecture—designed to keep transaction data private among counterparties—may address concerns about data exposure and compliance in cross-institution workflows. However, timing remains uncertain, and Digital Asset has not disclosed a definitive deployment schedule for a broad, live rollout beyond its existing pilots.

Cointelegraph reached out to Digital Asset for comment but did not receive a reply by publication time. The company’s leadership has publicly framed the current funding as a vindication of a long-term strategy, even amid earlier missteps, underscoring a commitment to the “North Star” of institutional-grade tokenization.

Magazine: Bitcoin will not hit $1M by 2030, says veteran trader Peter Brandt

What to watch next: as Canton scales, market observers will be watching for concrete evidence of scalable tokenized securities settlement within regulated frameworks, concrete client wins, and a clearer regulatory path that could accelerate or delay the network’s expansion. The coming quarters should reveal whether Canton can translate pilots into durable, revenue-generating services for the traditional financial system.

Bitso is expanding its payments partnership with Ripple by bringing its Mexican peso-backed MXNB stablecoin onto the XRP Ledger, where it will be used alongside Ripple USD (RLUSD) to support enterprise cross-border settlement between the United States and Mexico.

Mexico City-based Bitso said it will issue MXNB on the XRP Ledger where it will be integrated into Ripple’s Payments on DEX infrastructure and paired with RLUSD stablecoin for dollar- and peso-denominated settlement of enterprise payments.

Money transfers between the US and Mexico comprise the single largest remittance corridor in the world, according to the US Federal Reserve. American goods and services trade with Mexico totaled an estimated $935.1 billion in 2024, up 5.5% from 2023, according to the White House Office of the US Trade Representative.

MXNB will also be integrated into the XRP Ledger’s Permissioned DEX, a platform designed for verified participants that enables access to onchain liquidity and settlement infrastructure.

The companies have partnered on cross-border payment services in Latin America for several years, setting the stage for this latest expansion.

Electronic transfers dominated the $65 billion in US-Mexico remittances made by individuals in 2024.
Source: Federal Reserve Bank of Dallas

Related: MassPay taps Coinbase to expand stablecoin payouts

Stablecoins continue to gain ground in cross-border payments

Stablecoin adoption continues to grow across Latin America where Bitso operates directly, including in Mexico, Brazil, Argentina and Colombia, with institutional connectivity in Chile and Peru.

Dollar-backed tokens represented 40% of crypto purchases on Bitso’s platform in 2025, exceeding purchases of any other digital asset category.

Financial institutions and remittance companies have also expanded stablecoin-based payment infrastructure in recent months. In May, Anchorage Digital partnered with Mexico’s Grupo Salinas to support cross-border settlement and treasury operations using stablecoins. The companies said the initiative would use blockchain-based payment rails to facilitate international dollar transfers for financial institutions and businesses.

Earlier this month, MoneyGram unveiled its dollar-backed MGUSD stablecoin on the Stellar blockchain. The company said the token will be integrated into its app via a self-custodial wallet, allowing users to hold dollar-denominated balances, move funds globally and convert them into local currencies.

The push toward stablecoin-based payments comes as cross-border transfers remain expensive. World Bank data showed that sending $200 internationally cost an average of 6.36% in the third quarter of 2025, while blockchain-based settlement can be completed for a fraction of a cent.

Stablecoin adoption has accelerated over the past year, with total market capitalization climbing from around $251 billion in mid-2025 to more than $316 billion in June 2026, according to DefiLlama data. 

The global market cap of stablecoins is now more than $316 billion. Source: DefiLlama

Magazine: Bitcoin copying 2022 ‘almost perfectly,’ Ether to $4K in 2026: Market Moves

Risk assets tumbled as macro pressures intensified, pushing traders to reassess the path for monetary policy and growth. The Nasdaq 100 fell 7.5% in the week through June 10, erasing roughly $2.7 trillion in market value and highlighting how equities and risk assets can move in lockstep under a tightening financing backdrop. In crypto markets, Bitcoin faced renewed scrutiny as investors weighed whether the sector could still function as a hedge in a wobbling stock environment.

Oil rallying above $90 a barrel on concerns about supply disruption from geopolitical tensions in the Middle East added to the pressure. Traders increasingly priced in a longer period of restrictive policy even as job-market momentum remained in focus elsewhere. The broader energy and inflation dynamics fed a narrative that central banks could stay tighter for longer, complicating bets on risk assets, including digital assets.

On the inflation front, the U.S. Labor Department reported the producer price index (PPI) rose 6.5% year over year in May, the strongest pace since 2022. The data reinforced expectations among traders that the Federal Reserve could keep policy restrictive, with the CME FedWatch Tool showing about a 40% probability of a rate increase by September, up from around 5% just a month earlier.

Bitcoin derivatives reflected a cautious mood. Two-month Bitcoin futures traded with a relatively subdued annualized basis, slipping below levels that would indicate strong appetite for bullish leverage. In parallel, spot Bitcoin exchange-traded funds (ETFs) continued to experience outflows for a second consecutive month, with about $1.9 billion leaving spot BTC ETFs in June—signaling a cooling of institutional demand at a time when macro headwinds persist.

Amid this macro backdrop, investors also watched the tech and growth backdrop for clues about risk appetite. The market awaited the SpaceX initial public offering, which was oversubscribed by more than two times, underscoring that while investors remain selective, there remains a willingness to fund marquee tech and aerospace names. At the same time, heavyweight AI infrastructure spend signaled continued strategic investment in high-growth tech platforms, with Google unveiling plans to raise around $80 billion and Oracle and Super Micro Computer pursuing substantial fundraising rounds of $40 billion and $7 billion, respectively. The Friday debut of SpaceX stock could set the tone for a crowded pipeline of tech listings in the months ahead.

Meanwhile, the crypto market narrative was shaped by a series of balance-sheet moves and strategic repositioning. MicroStrategy (MSTR US) signaled a pause in new Bitcoin accumulation as it reoriented to reduce convertible debt, a move that weighed on the company’s cash position and highlighted the environment for corporate treasury strategies within the sector. Investors tracked the implications for Bitcoin’s liquidity and potential hedging properties during periods of outsized equity volatility.

Bitcoin-focused liquidity trackers and market data highlighted how the current cycle differs from prior episodes. Spot ETF outflows, now near the $2 billion mark for June, serve as a proxy for institutionally driven demand and suggest that BTC has not easily functioned as a hedge against broad stock-market declines during this cycle. As a result, traders remain cautious about a potential test of support near $60,000, even as some market participants keep eyes on longer-term macro dynamics and the evolving regulatory and policy backdrop.

Key takeaways

• Nasdaq 100 declined 7.5% over seven days to June 10, with roughly $2.7 trillion wiped from market value, underscoring broad risk-off sentiment that reverberates into crypto markets.
• June spot Bitcoin ETF outflows totaled about $1.9 billion, signaling persistent but selective institutional demand and questioning Bitcoin’s role as a hedge during a risk‑off cycle.
• U.S. PPI rose 6.5% year over year in May, the strongest pace since 2022, helping lift expectations for tighter monetary policy and a higher probability of a September rate hike (around 40%), according to CME FedWatch.
• Bitcoin futures showed a modestly negative impulse in the near term, with the annualized basis rate hovering near neutral, indicating limited demand for bullish leverage amid macro uncertainty.
• The SpaceX IPO drew oversubscription of more than 2x, signaling durable investor interest in marquee tech bets even as the broader market weighs inflation and policy trajectory; AI infrastructure funding also remained active, with major tech groups pursuing sizable capital raises.

Macro turbulence and the crypto lens

The week’s risk-off dynamics centered on a confluence of rising inflation signals, higher energy costs, and concerns about a slower growth impulse if monetary policy remains tight for longer. The 7.5% Nasdaq decline measured over seven days culminated in a market environment where traders questioned whether equities would stabilize before crypto assets could find durable footing. Oil’s move above $90 a barrel fed into those concerns by amplifying fears of a prolonged period of restrained consumer spending and investment activity, even as geopolitical developments remained fluid.

From a policy perspective, the PPI data added to the narrative that inflation could prove persistent, potentially forcing the Fed to maintain higher-for-longer rates. The market-implied probability of a rate increase by September rising toward 40% marked a notable shift from a month earlier, complicating the path for risk assets that are sensitive to discount rates and growth expectations. As policymakers weigh these signals, traders are scrutinizing where the next wave of liquidity and risk appetite might emerge, including the evolving relationship between traditional markets and crypto instruments.

Bitcoin, hedging, and the derivatives backdrop

Bitcoin’s reaction to the broader macro pressure remains a key focal point for traders. While spot ETF outflows hint at weaker institutional demand, the near-term futures market painted a more nuanced picture. Two-month BTC futures displayed an annualized basis rate that suggested limited appetite for aggressive leverage or a rapid price recovery, aligning with a cautious posture among market participants.

At the same time, the persistent outflows from spot BTC ETFs in June underscored a broader question about Bitcoin’s role as a macro hedge. Some investors have historically viewed BTC as a diversifier or inflation hedge, but this cycle has shown a more nuanced dynamic, with flows and price action often diverging from equity drawdowns. Market readers will want to monitor ETF activity alongside price action, on-chain signals, and macro indicators to better gauge Bitcoin’s hedging potential in the current environment.

Capital markets activity: SpaceX, AI, and the tech funding cycle

Beyond crypto, the tech funding cycle remained active, with a looming SpaceX IPO attracting attention as a potential gauge for tech market sentiment. Oversubscription by more than double indicates continued investor interest in high-growth, capital-intensive platforms, even as a broad equity pullback persists. The broader AI infrastructure space also drew attention, with major players signaling substantial fundraising activity. Google’s plan to raise around $80 billion, followed by Oracle’s and Super Micro Computer’s respective rounds of $40 billion and $7 billion, illustrates a continued appetite for large-scale investment in infrastructure and platforms that underpin AI and cloud ecosystems.

Industry observers noted that while the AI space has faced its share of volatility, the underlying demand for compute power, data processing, and specialized hardware persists. The timing and pricing of these fundraising efforts could influence how technology equities trade in the near term and may shape funding environments for similar companies seeking to scale infrastructure projects in the coming quarters.

What to watch next

Readers should keep a close eye on several developing threads. First, the Fed’s policy trajectory remains a primary driver of risk assets, and the market will be watching for new inflation signals, wage data, and energy prices that could alter rate expectations. Second, Bitcoin’s ETF flows and on-chain metrics will be worth tracking for clues about institutional participation and liquidity dynamics. Third, the pace and reception of SpaceX’s IPO, along with ongoing AI infrastructure funding, will help map the health of the broader tech investment cycle and how it interacts with macro uncertainty. Finally, corporate treasury moves—like MicroStrategy’s pause on new Bitcoin accumulation—will continue to shape the perceived balance between leverage, liquidity, and crypto exposure in corporate books.

In the near term, the path for Bitcoin and other digital assets will likely hinge on how quickly inflation cools, how oil prices evolve, and whether policy makers signal a clearer path toward normalization. For readers active in trading or investment, the coming weeks will be a test of whether Bitcoin can reassert a hedge-like role or remain tethered to broader risk-off dynamics in traditional markets.

Next developments to watch include updates on the Fed’s communications, fresh U.S. inflation data, and the continued reception of major tech IPOs and AI infrastructure capital raises. These factors will shape both macro sentiment and the subtle ways crypto markets respond to shifting risk appetite.

Citigroup is launching a blockchain-driven marketplace for private company shares, aiming to give wealthy and institutional investors a new route to pre-IPO exposure through tokenized instruments.

According to The Wall Street Journal, the platform will issue tokenized depositary receipts that represent ownership interests in private firms. The rollout will start with foreign investors, with a U.S. access plan to follow. Citi executives described the approach as enabling investors to hold private-company shares “right next to” their Apple stock within a familiar brokerage framework.

The project hinges on tokenization to modernize private markets. Citi argues that structuring private investments through tokenized depositary receipts can offer greater transparency than traditional private structures such as special-purpose vehicles, which have grown pervasive but exposed to opaque governance and limited visibility for investors.

The infrastructure behind the venture will be provided by SIX Digital Exchange, a subsidiary of SIX Group, the operator of Switzerland’s stock market. Citi said it is already in discussions with several large private companies about listing their shares on the platform, signaling a potential early slate of listings once the platform launches.

Key takeaways

• Platform mechanics on a familiar rails: Citi will issue tokenized depositary receipts backed by private-company ownership; foreign-investor access is planned first, with a U.S. rollout later; SIX Digital Exchange will power the blockchain layer.
• Transparency over opacity: Citi positions tokenized receipts as a more transparent alternative to SPV-based access to private equity and late-stage private stakes.
• Private markets’ long-run outperformance: PitchBook data summarized by the American Investment Council indicate private equity has outperformed the S&P 500 across 5-, 10-, 15-, and 20-year horizons, underscoring why market participants want broader access to pre-IPO exposure.
• Rising demand tempered by caution: Demand for tokenized pre-IPO exposure is rising—exemplified by high-profile IPO fervor—but investors should heed warnings about tokenized stock structures not representing equity, as OpenAI has cautioned.

Platform mechanics and governance

The reported plan frames Citi’s new marketplace as a direct on-ramp to private ownership through blockchain-enabled receipts. Tokenized depositary receipts will represent genuine ownership interests in private companies, with SIX Digital Exchange providing the underlying ledger and settlement infrastructure. Citi indicates it has engaged with several large private firms about listing their shares on the platform, signaling that the first wave of offerings could include substantial pre-IPO stakes.

While tokenization promises streamlined ownership records and potentially clearer governance, advocates acknowledge that valuation and liquidity dynamics for private shares remain complex. The platform’s success will hinge on how readily investors can buy, sell, and reconcile these receipts in real time, how dividends or distributions (if any) are handled, and how regulators oversee tokenized private equity transactions as they intersect with traditional markets.

Private markets in the spotlight

The broader appeal of pre-IPO investing has intensified as fintechs and traditional financial players explore tokenized access to private assets. Long-run performance trends in private markets have reinforced the appeal: data cited by the American Investment Council, drawing on PitchBook, show private equity delivering stronger returns than the S&P 500 across five-, ten-, fifteen-, and twenty-year horizons. Will Dunham, president and CEO of the council, has argued that this long-run outperformance strengthens the case for expanding retail access to private markets through regulated investment vehicles, including those tied to retirement portfolios.

Beyond Citi’s venture, the ecosystem is already experimenting with tokenized exposure to private companies. Some platforms offer tokenized representations that provide economic exposure, rather than direct equity ownership. OpenAI’s tokenized-stock warnings—issued last year—underscore a critical caveat: tokenized securities may not confer actual equity rights in the underlying company, a nuance that has important implications for investors seeking true ownership or voting rights.

Market signals and the road ahead

The appetite for tokenized and private-market access is underscored by high-profile IPO dynamics. Bloomberg has reported that SpaceX’s upcoming public listing has drawn substantial retail interest, with reported orders exceeding $70 billion ahead of the offering. This level of activity highlights a broader shift in how investors approach large-valuation, high-profile listings, and it echoes the growing willingness of retail and institutional buyers to participate in tokenized or blended private-to-public journeys.

At the same time, the ecosystem remains nuanced. Platforms like Kraken’s xStocks have seen significant on-chain activity as part of the push toward tokenized equities, illustrating how retail participants are experimenting with tokenized exposure to private and public offerings. Yet the landscape is not without risk: OpenAI’s caution about tokenized stocks remains a salient reminder that tokenized formats can diverge from direct equity rights, potentially affecting valuation, voting, and rights to dividends.

As Citi advances toward a potential rollout, observers will watch regulatory clarity, liquidity dynamics, and valuation standards to determine whether tokenized private-share platforms can scale into durable capital-formation channels or whether they remain a niche instrument tied to select institutions.

Watch for regulatory updates and liquidity progress in the coming months, as markets weigh whether tokenized private shares can meaningfully broaden access to private markets while preserving investor protections and price discovery. The outcome could shape how banks and fintechs collaborate to reframe private equity access for a broader audience.

TLDR

• XRP Ledger recorded under $400 in daily fees based on on-chain data from DefiLlama.
• Around 327 XRP were burned in 24 hours, valued at less than $400.
• Weekly fees stood near $3,100, while monthly fees reached about $16,000.
• Bitcoin, Ethereum, Solana, and Tron generated far higher daily fee revenue.
• XRPL uses a fixed fee model of 0.00001 XRP per transaction as a spam control measure.

The XRP Ledger recorded under $400 in chain fees in a single day as network activity remained low across key metrics. Data from DefiLlama showed minimal fee generation compared with major blockchains. Meanwhile, explorers reported only 327 XRP burned within 24 hours, reinforcing weak transaction value.

XRP Ledger Fee Activity Overview

The XRP Ledger generated roughly $3,100 in weekly fees, while monthly totals stayed near $16,000. Bithomp data confirmed that daily activity translated into less than $400 in burned XRP value. At the same time, the network processed over one million transactions daily.

DefiLlama tracked the fee levels across major chains and showed XRPL far below peers. Bitcoin generated about $183,000 in miner fees in one day. Ethereum posted over $323,000 in the same period, while Solana reached $358,000.

Tron recorded more than $1 million in daily chain fees, widening the gap further. XRPL activity stayed focused on low-cost transfers and automated network operations. The fee structure remained fixed at 0.00001 XRP per transaction.

The network design burned fees instead of paying validators or miners. This structure limited direct income from transaction demand. As a result, fee value reflected only anti-spam cost.

XRP Ledger Network Structure and Transaction Costs

The XRP Ledger processed high transaction volumes but maintained very low cost per transfer. The protocol required 10 drops per transaction as a base fee. At current prices near $1.11, the cost stayed near one-thousandth of a cent.

Analysts noted that a million transactions only burned around 10 XRP. This equaled under $20 in total network cost. The system kept fees stable even during higher usage periods.

Glassnode data showed a decline of about 89% in daily fees during 2025. December levels dropped to lows not seen since 2020. Network address activity also fell sharply over the same period.

Active addresses declined by roughly 80% in the first half of 2025. Market data showed reduced engagement across payment and data functions. The trend aligned with lower fee capture across the ledger.

Market Comparison Across Major Blockchains

Bitcoin users paid $183,000 in fees within a single day, according to market trackers. Ethereum recorded over $323,000 during the same session. Solana followed closely with $358,000 in daily fees.

Tron surpassed $1 million in chain fees over the same timeframe. These networks linked fees directly to transaction demand and execution priority. XRPL maintained a fixed-cost model independent of market pressure.

Over twelve months, XRPL fees remained lower than a single day on Tron. The gap highlighted differences in fee design across networks. XRP traded near $1.11 while the ledger continued processing steady but low-value transactions.