TL;DR
- The stablecoin supply on the XRP Ledger reached approximately $1.33 billion after growing 14.6% in seven days, according to DefiLlama data.
- RLUSD, Ripple’s stablecoin, accounts for around 93% of all stablecoin liquidity on the network, with $1.24 billion concentrated on-chain.
- RLUSD’s total global circulation surpassed $2.4 billion, backed by more than $2.53 billion in segregated reserves.
The XRP Ledger recorded a significant jump in its stablecoin supply during the first week of October 2026. According to data from DefiLlama, the total stablecoin market cap on the network climbed to approximately $1.33 billion, representing an increase of 14.6% in just seven days and a net addition of nearly $169 million to the ecosystem.
With this jump, the network moves closer in the stablecoin-by-blockchain ranking to platforms such as Avalanche and Plasma.
The Role of RLUSD Within the XRP Ledger
The engine behind this growth falls almost entirely on RLUSD, the stablecoin issued by Ripple. It accounts for around 93% of all stablecoin liquidity on the ledger, with $1.24 billion concentrated on the network. The latest DefiLlama data places RLUSD’s dominance above 93%, confirming that this is a trend that holds beyond weekly fluctuations.
The expansion of RLUSD on XRPL accelerated considerably throughout the year. In June, the XRP Ledger displaced Ethereum as RLUSD’s primary network, when the stablecoin had already accumulated nearly $801 million on that chain. Since then, growth has not stopped: RLUSD’s global circulation surpassed $2.4 billion, backed by more than $2.53 billion in reserves.
Ripple states that its stablecoin is fully backed by cash and cash equivalents held in segregated reserves, and is redeemable 1:1 for U.S. dollars.
Stablecoins, Reserves and the Relationship with XRP
Distinguishing between RLUSD and XRP is crucial for understanding the real impact of this growth. RLUSD is a token issued by Ripple on the XRP Ledger’s native infrastructure, while XRP remains the network’s native asset.
To operate with RLUSD, accounts must establish trust lines, and transactions settle through the XRP Ledger itself. Ripple’s documentation notes that creating a trust line for RLUSD requires an XRP reserve, which establishes an indirect link between stablecoin adoption and use of the base network.
That link does not imply that every additional dollar of RLUSD generates equivalent demand for XRP, but it does reinforce the operational relevance of the ledger. Together with initiatives such as FXRP and native lending, the latest data evidence a transformation: the XRP Ledger is evolving into an ecosystem that hosts dollar-denominated liquidity alongside its traditional XRP settlement activity.
