XRPL stablecoin capitalization rises to $1.32 billion, led by RLUSD’s dominance

XRPL’s stablecoin market capitalization climbed to approximately $1.32 billion as of October 3, according to data from DefiLlama. The figure marks a 14.6% increase over seven days, as $169 million was added to the network’s stablecoin supply. This growth has brought XRPL close to Avalanche and Plasma in the ranking of blockchains by stablecoin capitalization.

RLUSD’s increasing dominance

Ripple’s RLUSD stablecoin continues to dominate the XRPL network, representing just over 93% of all stablecoin value held there. Snapshot data for October 3 indicated about $1.24 billion of RLUSD on the ledger, with only minor fluctuations in its share since then. RLUSD’s rise has sharply accelerated in 2024.

In June, XRPL overtook Ethereum as the largest network for RLUSD, with approximately $801 million of the stablecoin held on XRPL at that time. RLUSD circulation has since surpassed $2.4 billion, backed by reserves in excess of $2.53 billion. Ripple stated RLUSD remains fully backed by segregated cash and cash-equivalent reserves and can be redeemed 1:1 for U.S. dollars.

Ripple documentation emphasizes that RLUSD is always backed by segregated, liquid reserves and is available for direct redemption at par value for the U.S. dollar.

The distinction between key components of the network is important: RLUSD is the stablecoin issued by Ripple, while XRP continues as the native digital asset powering the XRP Ledger.

Stablecoin integration and network infrastructure

On XRPL, RLUSD is issued using the ledger’s native token infrastructure. Accounts seeking to hold RLUSD must establish trust lines for the stablecoin, and transactions involving RLUSD settle through the XRP Ledger itself. Additionally, setting up a trust line for RLUSD requires maintaining an XRP account reserve, integrating XRP’s utility into the stablecoin’s circulation mechanics.

Although the growing adoption of RLUSD on XRPL raises overall network activity, each new issuance of the stablecoin does not directly translate to equal demand for XRP. The reserve requirement creates a connection but not a one-to-one correlation between RLUSD’s growth and XRP’s transactional demand.

Mini dictionary: DefiLlama – A leading data platform tracking decentralized finance metrics, including blockchain TVL (Total Value Locked) and stablecoin capitalization across protocols.

Shifting usage on the XRP Ledger

Coinpaper previously reported that the introduction of RLUSD, alongside assets like FXRP and native lending solutions, is expanding XRPL’s role beyond traditional payments. The latest stablecoin growth further supports this trend, as the network now hosts substantial dollar-denominated liquidity in tandem with XRP settlement functions.

These developments reflect XRPL’s strengthening position in the blockchain ecosystem and indicate that stablecoins, led by RLUSD, are likely to play an increasingly central role on the network in the months ahead.