The total market capitalization of stablecoins on the XRP Ledger reached $1.159 billion on September 25, rising by $67.12 million in the last week, according to data from DefiLlama. This marks a 6.15% increase over seven days, with RLUSD maintaining its position as the dominant stablecoin on the network.
RLUSD strengthens dominance
RLUSD, also known as Ripple USD, accounted for $1.067 billion, representing 92.1% of all stablecoins tracked on the XRP Ledger. RLUSD’s market value increased 11.55% over the past 30 days, outpacing the overall 9.8% growth of the stablecoin sector on the network during the same period.
The XRP Ledger, first launched by Ripple Labs in 2012, is a decentralized blockchain network focused on fast and cost-efficient digital asset transfers.
The RLUSD surge coincides with developments on the network, including preparations for the activation of Batch V1.1, which has surpassed the necessary validator support threshold. This feature is set to allow groups of interlinked transactions to settle together under preset conditions, aiming to improve efficiency for users executing multiple related transfers.
Mini dictionary: XRP Ledger Batch V1.1, an upcoming protocol upgrade that enables grouped transactions to be executed and settled under defined rules, intended to streamline complex operations and enhance throughput on the blockchain.
The growth in RLUSD has helped push the overall market capitalization of XRP Ledger stablecoins to new highs, attracting increased industry attention.
| Stablecoin | Market Cap (XRP Ledger) | 30-Day Change | 7-Day Change | Share of Market |
|---|---|---|---|---|
| RLUSD | $1.067 billion | +11.55% | +6.69% | 92.1% |
| USDC | $4.62 million | -21.86% | +6.71% | 0.4% |
| Valtorum USD | $72.77 million | -7.03% | Data not specified | 6.3% |
| EUR CoinVertible | $11.37 million | -2.37% | Data not specified | 1.0% |
USDC and other stablecoins decline
USDC, issued by Circle, saw its market cap on the XRP Ledger drop 21.86% over the last month to $4.62 million, despite achieving a 6.71% increase in the past week. This recent uptick was marginally higher than RLUSD’s weekly growth rate. However, on the whole, USDC’s position on the ledger has weakened significantly.
Other network stablecoins also experienced decreases over the month. Valtorum USD fell 7.03% to $72.77 million, while EUR CoinVertible declined 2.37% to $11.37 million. These market cap numbers represent only the stablecoin balances on the XRP Ledger, not their supply across all blockchain networks.
The value tracked by DefiLlama covers only the stablecoins present and circulating on the XRP Ledger, not overall trading volumes or total decentralized finance activity. Binance marked the week with a campaign launching new XRP rewards for eligible RLUSD holders, prompting additional focus on the token.
Market trends and stablecoin mechanics
Changes in stablecoin market capitalization do not directly imply that funds were moved from USDC or other coins into RLUSD. Confirming such flows would require specific transaction data linking withdrawals, redemptions, transfers, and issuances. Balances on the ledger also provide no detail about the identities of users or institutions responsible for the recent net increases.
RLUSD aims to maintain a 1:1 peg to the US dollar, backed by cash and cash-equivalent reserves, according to issuer Ripple. RLUSD is available on both the XRP Ledger and Ethereum networks; thus, the market cap figure reflects only the XRP Ledger portion of its total circulation.
Ripple says RLUSD serves payments, institutional settlements, and treasury management needs. The company guarantees RLUSD’s redeemability for US dollars. XRP, the native asset of the XRP Ledger, remains distinct from RLUSD and other stablecoins. The recent rise in RLUSD and other balances does not necessarily indicate corresponding XRP purchases or increased institutional participation.
The uptick in XRP Ledger stablecoin balances cannot be interpreted as evidence of direct institutional investment or automatic buying of XRP tokens by stablecoin issuers or holders.
