XRP Ledger Stablecoin Supply Expands by 14.56% in a Week

The XRP Ledger has seen a significant increase in stablecoin supply over the past week, jumping by 14.56% to $1.33 billion on October 3.

Ripple USD (RLUSD), a dollar-backed token issued by Ripple, accounts for nearly 93% of XRPL's stablecoin capitalization and has seen its own value increase by about 16% over the same period.

This growth in stablecoin supply has moved XRPL closer to Plasma and Avalanche in chain rankings, but it still lags behind these two networks. The XRP Ledger's stablecoin capitalization represents less than 1% of the total stablecoin market, which stands at above $306 billion according to DefiLlama data.

The growth in RLUSD on XRPL is notable, with its market value reaching approximately $1.24 billion. However, it's worth noting that this concentration ties much of XRPL's stablecoin expansion to Ripple's dollar-backed token.