South Korea has accelerated its move into blockchain-based finance with the launch of a pilot program aimed at its $900 billion bond market. The initiative comes as Ripple’s XRP Ledger approaches a major milestone, with the total stablecoin supply on the network climbing close to $1 billion, spurred primarily by strong growth in the Ripple USD (RLUSD) token.
XRPL stablecoin supply approaches $1 billion
BSC News reported that XRP Ledger’s total stablecoin supply grew by over 5% in the past week, reaching approximately $980 million. Data from DefiLlama confirmed these numbers, showing the network’s stablecoin market capitalization at $980.33 million—an increase of roughly $47.4 million in a single week.
XRP Ledger is edging toward stablecoin dominance, with a surge in supply placing it just short of the symbolic $1 billion mark. The majority of the increase is attributed to RLUSD, which maintains a dominant share of the network’s stablecoin market cap.
RLUSD remains the leading stablecoin on the XRP Ledger, accounting for about 90% of the total supply. USDV ranks as the second-largest token following another period of rapid growth.
The network’s stablecoin supply has shown volatility throughout 2026. XRPL briefly surpassed the $1 billion threshold earlier this year before stabilizing in the $760 million to $980 million range in recent months.
Mini dictionary: RLUSD (Ripple USD) is a USD-backed stablecoin issued on both the XRP Ledger and Ethereum, facilitating fast and low-cost transactions. The token’s recent migration trends have made XRPL the primary platform for RLUSD circulation.
| Network | Stablecoin Market Cap | RLUSD Share | TVL |
|---|---|---|---|
| XRP Ledger | $980 million | ~90% | $32.8 million |
| Ethereum | – | <50% of RLUSD | – |
RLUSD migration strengthens XRPL dominance
Recent market data indicate that more than half of RLUSD’s circulating supply now resides on the XRP Ledger. Until early 2026, the stablecoin was primarily issued on Ethereum, but migration activity has shifted the balance, making XRPL RLUSD’s principal blockchain by supply.
Cumulative trading volume for RLUSD pairs on XRPL has surpassed $2.5 billion since its 2025 launch. However, decentralized finance activity on the network remains subdued when compared to the growth in stablecoin supply. DefiLlama’s dashboard shows XRPL’s total value locked at just $32.8 million—far behind its stablecoin circulation.
XRP price stable as South Korea tests blockchain bonds
XRP is currently trading at $1.09, achieving a market capitalization near $68.4 billion and ranking sixth among all cryptocurrencies. Daily trading volume stands at $611 million, and the circulating supply is recorded at approximately 62.46 billion XRP.
Meanwhile, South Korea’s bond market pilot marks a significant step for institutional blockchain adoption. The program aims to digitize infrastructure in a market worth around $900 billion, reflecting growing interest among financial institutions in blockchain technology.
Ripple, established in 2012, is a US-based technology company known for developing payment settlement solutions and maintaining the XRP Ledger, a decentralized blockchain designed for fast asset transfers. South Korea’s public sector blockchain initiative and Ripple’s network expansion highlight parallel advances in both institutional and crypto-native segments.
Both developments are seen as signals of increasing blockchain integration across different areas of finance. Market analysts continue to monitor adoption trends, network growth, and liquidity patterns as the sector matures.
