XRP Ledger Stablecoin Supply Nears Avalanche on Ripple Minting Surge

The supply of stablecoins on the XRP Ledger surged by 8% in the week leading up to October 6, 2026, adding around $100 million in dollar-pegged tokens to reach a total of $1.31 billion. This rapid growth has put the XRP Ledger within $74 million of surpassing Avalanche, which holds $1.39 billion in stablecoins and ranks just ahead at 11th place. However, the increase may not reflect real demand for XRP but rather the decisions of one issuer, Ripple, which mints the RLUSD stablecoin.

The recent growth in stablecoins on the XRP Ledger is largely driven by Ripple’s RLUSD, which accounts for 93% of the total stablecoin supply, or roughly $1.22 billion. While this increase suggests more funds are available for payments and trading on the network, it does not necessarily indicate higher transaction activity. DefiLlama’s data counts tokens sitting idle in wallets the same as those actively traded, making it difficult to gauge real demand.

Despite the rise in stablecoin supply, the price of XRP itself moved little, trading at $1.51 as of October 6, down 0.6% for the week and about 49% over the past year. This disconnect occurs because stablecoin holders on the XRP Ledger primarily need small amounts of XRP for transaction fees, not for trading. Most XRP trading occurs off-ledger, further reducing the impact of stablecoin growth on XRP’s price.

While surpassing Avalanche could make headlines, the increase in stablecoin supply is largely tied to Ripple’s RLUSD and does not have a clear connection to the price of XRP. A single large issuance or redemption of RLUSD could easily close or widen the gap with Avalanche. For XRP holders, the primary focus will be whether the token can rise and stay above $1.51 while the stablecoin supply continues to grow.