XRP Ledger Stablecoin Supply Nears Avalanche as Ripple’s RLUSD Drives Growth
The stablecoin supply on the XRP Ledger saw a significant increase of about 8% in the week leading up to October 6, 2026, adding roughly $100 million in dollar-pegged tokens to bring the total to $1.31 billion. This growth positions the XRP Ledger just $74 million away from surpassing Avalanche, which holds $1.39 billion in stablecoins and ranks 11th in the DefiLlama rankings.
Despite this surge, the XRP token itself remained relatively stable, trading at $1.51 as of October 6, down 0.6% for the week and about 49% over the past year. The growth in stablecoin supply raises questions about whether this uptick reflects rising demand for XRP or is merely a result of one company's minting decisions.
The increase in stablecoins on the XRP Ledger is primarily driven by Ripple’s RLUSD, which makes up about 93% of the total stablecoin supply, or roughly $1.22 billion. Other stablecoins like Valtorum USD and USDC hold much smaller shares. The stablecoin supply has increased by 16.5% over the last 30 days, likely due to Ripple’s own decisions to mint more tokens.
Analysts note that stablecoin supply indicates the amount of money available for payments and trading on a network. However, this figure can be misleading as it includes tokens sitting idle in wallets as well as those actively traded. Additionally, the value of the stablecoins is distinct from the market value of the blockchain’s native cryptocurrency.
The disconnect between stablecoin growth and XRP’s price is evident in recent trends. While the XRP Ledger’s stablecoin supply climbed by 8%, XRP’s price fell by 0.6%. In contrast, Avalanche’s stablecoin supply remained flat, yet its AVAX token rose by 2.5% this week. Most XRP trading occurs off-ledger, further emphasizing the lack of correlation between stablecoin growth and the token’s pricing.
For XRP holders, the primary test will be whether XRP can rise and stay above $1.51 while the stablecoin supply continues to grow. While surpassing Avalanche could make headlines, a single large RLUSD issuance or redemption could quickly change the landscape.