Ripple’s RLUSD Drives XRP Ledger Stablecoin Surge to $1.33 Billion

The XRP Ledger (XRPL) saw a significant surge in stablecoin supply, reaching approximately $1.33 billion on October 3, marking a 14.6% increase over seven days. This growth, which added around $169 million, positions the network close to Avalanche and Plasma in terms of stablecoin supply rankings. Ripple’s RLUSD stablecoin dominated this growth, accounting for roughly 93% of all stablecoin value on XRPL, with about $1.24 billion held on the ledger as of the October 3 snapshot.

RLUSD’s rise on XRPL has been particularly notable this year. In June, the XRP Ledger overtook Ethereum as RLUSD’s largest network, hosting roughly $801 million of the stablecoin. This expansion has continued, with RLUSD circulation now surpassing $2.4 billion, backed by over $2.53 billion in reserves. Ripple asserts that RLUSD is fully backed by segregated cash and cash-equivalent reserves and is redeemable 1:1 for U.S. dollars.

The growth of RLUSD on XRPL has implications for XRP, the native asset of the ledger. RLUSD uses XRPL’s native issued-token infrastructure, requiring trust lines for holding the stablecoin and XRP account reserves for creating these trust lines. This creates a link between stablecoin adoption and XRP network usage, although it does not necessarily mean every additional dollar of RLUSD translates into equivalent demand for XRP.

The latest stablecoin numbers underscore XRPL’s evolving role beyond payments. The network is increasingly hosting dollar-denominated liquidity alongside its traditional XRP settlement activity, reflecting broader trends in decentralized finance.