The XRP Ledger (XRPL), a decentralized blockchain network facilitating tokenized transfers, surpassed $1 billion in stablecoin supply for the first time in the third quarter of 2026, according to Blockworks Research. The total supply of stablecoins on XRPL rose by 25.2% to reach $1.03 billion, while the value of stablecoin transfers climbed 39.5% to $14.09 billion. The rapid expansion was led almost entirely by Ripple USD (RLUSD), which accounted for the vast majority of dollar liquidity on the ledger.
RLUSD drives XRPL stablecoin growth
RLUSD, a dollar-pegged stablecoin issued by Ripple, increased its supply by 49.7% during the quarter to reach $1.01 billion. This figure represented 98.1% of all stablecoin liquidity on XRPL at the end of the reporting period, underscoring its dominance over other dollar-backed tokens on the network. The data highlighted XRPL’s ambitions as a financial infrastructure, but also pointed out that increased stablecoin activity does not automatically translate to proportional demand for XRP, the network’s native digital asset.
Users are required to hold XRP reserves and pay fees in XRP to interact with XRPL, yet the growth in stablecoin circulation largely reflects transfers of dollar tokens across the network, not a corresponding uptick in XRP accumulation.
| Metric | Q2 2026 | Q3 2026 | % Change |
|---|---|---|---|
| Total XRPL stablecoin supply | $823 million | $1.03 billion | +25.2% |
| RLUSD supply | $675 million | $1.01 billion | +49.7% |
| Stablecoin transfer value | $10.1 billion | $14.09 billion | +39.5% |
Mini dictionary: Ripple is a US-based blockchain technology company that created XRP and the XRP Ledger, focusing on payments, cross-border transactions, and financial infrastructure solutions.
Ripple has begun expanding RLUSD’s distribution through various channels, including a partnership with Robinhood that plans to add RLUSD to its retail app and a collaboration with C2FO for invoice-financing services on XRPL. Although C2FO has handled over $250 billion in working capital via its platform, this volume does not reflect RLUSD’s on-chain activity. The scale of future activity from these partnerships remains uncertain.
RLUSD operates across multiple blockchains. Data from September indicated that more RLUSD was circulating on Ethereum than on XRPL itself. Therefore, XRPL’s $1.03 billion stablecoin supply milestone does not signify that XRPL is RLUSD’s primary network. Ripple has also secured final US approval for a national trust bank charter and targets a $900 million annualized product revenue run rate by year-end, moves that expand its institutional reach, though not necessarily increasing XRP demand.
Stablecoin growth and potential impact on XRP
While XRP remains essential for network operations—since each XRPL transaction incurs a fee paid in XRP and accounts must retain an XRP reserve—stablecoin users are not required to maintain large XRP balances. Thus, the surge in stablecoin supply does not directly equate to higher XRP exposure or demand. The relationship depends more on transactional activity and account growth than on total stablecoins issued.
Blockworks Research’s Q3 report also noted that XRPL’s native Lending Protocol had reached its final validator voting stage. If successfully activated, the protocol could support credit markets using stablecoins and tokenized assets, potentially creating new areas for XRP utility, depending on its adoption and structure.
Mini dictionary: XRPL Lending Protocol is a proposed decentralized application for the XRP Ledger that would allow users to access peer-to-peer loans and credit markets using stablecoins and tokenized assets as collateral.
Blockworks Research noted that XRPL stablecoin transfer growth does not prove a direct increase in XRP purchasing, as token demand largely depends on user activity for fees and reserves.
In a separate analysis, market commentator EGRAG published a chart highlighting short-term scenarios for XRP’s price. He considered the $1.03 to $1.12 range as a possible support level, assigning it a 50% probability of being retested. The analyst gave a 35% chance for the price to move between $1.12 and $1.49, and a 15% probability for an early surge toward $1.49 to $1.65. EGRAG added that a three-day close above $1.65 would shift his outlook, while a persistent drop below $1.03 would weaken the current technical setup.
EGRAG described these probabilities as technical judgments rather than certainties, with the chart showing XRP trading below both the 50-day and 200-day exponential moving averages, but not finalized in a bearish crossover.
Elsewhere, XRP exchange-traded products (ETPs) recorded net inflows of $355.3 million in the quarter, rising 39.6% and boosting assets under management to $3.32 billion. While this improvement offers a distinct indicator of XRP investment interest, Blockworks pointed out that stablecoin transfer volumes do not necessarily demonstrate unique user adoption or commercial settlement levels.
The impact of plans with Robinhood and C2FO, as well as the potential launch of the XRPL Lending Protocol, depends on future engagement by users and institutions. For now, XRPL’s $1 billion stablecoin milestone primarily reflects growing ledger liquidity, rather than a clear surge in XRP investment demand.
