XRP Ledger stablecoin liquidity tops $1 billion, RLUSD dominates with 98% share
The XRP Ledger’s stablecoin market reached a significant milestone in the third quarter as total stablecoin liquidity exceeded $1 billion for the first time, according to Blockworks Research’s latest quarterly review. Stablecoin supply on XRPL increased by 25.2% during the quarter, amounting to $1.03 billion, while total stablecoin transfer volume climbed 39.5%, reaching $14.09 billion.
RLUSD Drives Stablecoin Growth
Nearly all of this expansion can be attributed to Ripple USD (RLUSD), which continues to see rapid adoption. The report noted that RLUSD supply rose 49.7% in the third quarter, bringing its total on XRPL to $1.01 billion by the end of September. This growth has pushed RLUSD’s share of the network’s stablecoin liquidity to 98.1%, leaving only a small fraction for alternative stablecoins.
The XRPL’s rising stablecoin liquidity underscores the network’s ongoing shift from serving purely as a payments system to operating as a broader financial infrastructure platform. Blockworks Research argued that surpassing the $1 billion mark demonstrates that XRPL is being utilized for substantive financial activity, rather than just speculative token trading.
By the end of the quarter, RLUSD represented almost the entire stablecoin market on XRPL, reflecting Ripple’s effort to expand from a payments-focused solution to a full-scale financial network.
As a part of its strategic direction, Ripple has also reported progress in revenue generation, approaching a $900 million run rate. RLUSD and related institutional infrastructure are becoming more central to Ripple’s product strategy.
Recent moves highlight Ripple’s intent to boost RLUSD’s utility. The company has brought RLUSD to Robinhood, and there are now use cases for invoice financing utilizing the XRP Ledger with RLUSD.
Stablecoin Activity and Its Impact on XRP Demand
Although the surge in RLUSD usage points to greater onchain activity, the impact on XRP itself remains indirect. Accounts engaging with XRPL must still hold XRP to cover reserves and transaction fees, yet expanding RLUSD liquidity does not necessarily translate into parallel demand for XRP tokens.
Stablecoins like RLUSD are not XRP-backed assets but represent dollar-denominated liabilities. Users can participate in RLUSD markets without significant speculative exposure to XRP price movements.
Blockworks Research observed that RLUSD’s supply is now distributed across several chains. At one stage during Q3, Ethereum temporarily overtook XRPL in RLUSD supply, reflecting Ripple’s multichain ambitions for the stablecoin—its growth is not confined to the XRP Ledger alone.
Proposals for a native XRPL lending protocol could further expand onchain financial services. However, such developments may not require market participants to hold additional XRP as an asset.
Even as not all new activity directly benefits XRP, the growth in stablecoin volume and usage has solidified XRP Ledger’s reputation as robust financial infrastructure, with influence extending beyond short-term trading.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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