The $XRP Ledger (XRPL) has experienced a noticeable increase in stablecoin activity as Ripple’s $RLUSD, the largest stablecoin on the network, expands its dominance.
According to RWA.xyz, a leading provider of real-world asset (RWA) data, stablecoin transfer volume on the $XRP Ledger has risen 10.8% over the past 30 days to $4.28 billion.
The increase suggests that more people and businesses have begun actively using the network to move funds. Notably, rising transfer volume usually points to stronger network activity, as it shows that stablecoins are changing hands more often instead of sitting idle in wallets.
Such activity can improve liquidity across the ecosystem, support decentralized finance applications, and encourage developers and institutions to build on the $XRP Ledger.
It also confirms the network’s role as a blockchain designed for payments and tokenized assets, as higher transaction activity shows growing real-world use.
$RLUSD Continues to Drive Stablecoin Growth
The rise in transfer volume comes as the $XRP Ledger’s stablecoin market continues to grow. Over the same 30-day period, the total stablecoin market capitalization on the network grew 12.27% to $926.11 million.
Expectedly, $RLUSD remains the market leader. Ripple’s stablecoin now has a market capitalization of $872 million on the XRPL, which gives it a 94% share of the network’s entire stablecoin market.
The stablecoin has made impressive progress since Ripple launched it in December 2024. While the company initially focused on Ethereum, it has gradually shifted its attention to the $XRP Ledger by reducing $RLUSD supply on Ethereum and increasing it on XRPL.
Ripple has achieved this through large token burns on Ethereum alongside substantial minting activity on the $XRP Ledger.
XRPL Overtakes Ethereum in $RLUSD Supply
Ripple’s strategy has changed the balance of $RLUSD across the two networks. The continued burns on Ethereum and increased minting on XRPL allowed the $XRP Ledger to overtake Ethereum in $RLUSD supply last month, in June.
Over the past three months, Ripple burned $1.15 billion worth of $RLUSD and minted about $668 million on Ethereum. During the same period, it burned $577 million worth of $RLUSD on the $XRP Ledger while minting $1.2 billion on the network.
As a result, the $XRP Ledger now holds 55% of $RLUSD’s total supply, which currently stands at around $1.58 billion.
XRPL Stablecoin Holder Count Also Moves Higher
The $XRP Ledger has also continued to attract more stablecoin users, although growth has been more modest than the increase in transfer volume and market capitalization. Over the past 30 days, the number of stablecoin holders on the network rose 1.03% to 60,200.
Besides $RLUSD, several other stablecoins contribute to the ecosystem. These include BBRL, Braza’s Brazilian Real-backed stablecoin with a market capitalization of $15.1 million, and USDB, another Braza-issued stablecoin valued at $12 million.
The network also supports EUR CoinVertible (EURCV) from Societe Generale-FORGE, which has a market capitalization of $11.3 million, and $USDC from Circle, which currently has a market capitalization of $5.6 million on the $XRP Ledger.
Notably, Circle improved the network’s stablecoin ecosystem when it launched native $USDC on the $XRP Ledger in June 2025.
