XRP Ledger Surges with 642% Growth in Dollar-Backed Stablecoin

The XRP Ledger has seen significant growth in its dollar-backed stablecoin, RLUSD, which now accounts for 34% of the ledger's supply, a 642% increase from 20%. This expansion is crucial to deepening liquidity across the network, according to Ashish Birla, CEO of Evernorth. A high-quality dollar stablecoin on the ledger is fundamental to building deeper order books, both on the XRP Ledger's native exchange and decentralized platforms handling global trade.

Birla noted that almost every financial product is paired and settled with US dollars, making a reliable dollar-backed stablecoin essential for further growth. The total tokenized real-world asset value on the XRP Ledger has reached a record $4.4 billion, indicating accelerating institutional participation rather than waiting on the sidelines.

Evernorth's CEO observed that meeting Wall Street institutions this summer was different from his experiences roughly a decade ago. 'They're not waiting anymore,' Birla said, citing their active engagement with XRP and blockchain technology. This shift is exemplified by BlackRock's involvement through its BUIDL fund and continued regulatory clarity from the SEC under Chairman Paul Atkins.