XRP Ledger Stablecoin Supply Jumps 15% with RLUSD Dominating
The XRP Ledger stablecoin supply has seen a significant surge, with Ripple's RLUSD leading the growth. According to DefiLlama data, the network added approximately $169 million in seven days, bringing its total stablecoin capitalization to around $1.33 billion on October 3. This represents a 14.6% increase in the past week.
RLUSD, in particular, accounted for about 93% of the market value on the XRP Ledger, with around $1.24 billion held on the ledger at the October 3 snapshot. The stablecoin's circulation has surpassed $2.4 billion, backed by more than $2.53 billion in reserves.
Ripple notes that RLUSD is fully backed by segregated cash and cash-equivalent reserves, and is redeemable 1:1 for US dollars. The rise of RLUSD on the XRP Ledger has accelerated considerably this year, with the network overtaking Ethereum as RLUSD's largest network in June.
The growth of RLUSD has implications for the XRP Ledger, with some analysts suggesting that it is becoming the dollar liquidity layer for the network.