RLUSD Drives XRP Ledger Stablecoin Market Capitalization to $1.159 Billion

The XRP Ledger’s tracked stablecoin market capitalization increased $67.12 million over seven days to $1.159 billion, with Ripple USD representing 92.1% of the total.

According to DefiLlama, stablecoins tracked on the XRP Ledger reached a combined market capitalization of approximately $1.159 billion on September 25. That marked a weekly gain of $67.12 million, or 6.15%.

Ripple’s RLUSD represented approximately $1.067 billion, or 92.1%, of the network’s tracked stablecoin supply. Its 11.55% increase over 30 days outpaced the broader XRPL stablecoin market’s 9.8% growth, highlighting the growing concentration of stablecoin value in RLUSD.

RLUSD Grows While USDC Contracts Over the Month

Thirty-day data reveals a sharp contrast between RLUSD and several other stablecoins. Tracked USDC market capitalization on the XRP Ledger fell 21.86% over the month, leaving approximately $4.62 million on the network.

USDC nevertheless improved over the past week. Its market capitalization increased 6.71% in seven days, narrowly surpassing RLUSD’s 6.69% weekly gain, although the short-term rebound has not reversed its monthly decline.

Other tracked stablecoins also contracted over the month. Valtorum USD declined 7.03% to $72.77 million, while EUR CoinVertible fell 2.37% to $11.37 million. These figures reflect each asset’s market capitalization on the XRP Ledger rather than its combined value across all supported networks.

The divergent performance does not prove that users converted USDC or other stablecoins into RLUSD. Confirming such a shift would require transaction-level evidence linking the reductions in other stablecoins to RLUSD purchases or issuance.

Stablecoin Expansion Does Not Necessarily Signal XRP Purchases

RLUSD is designed to maintain a value of one U.S. dollar. Ripple states that the token is backed by segregated cash and cash-equivalent reserves and can be redeemed one-for-one for U.S. dollars. It is issued across several blockchains, including the XRP Ledger and Ethereum, so its XRPL balance represents only a portion of its total circulation.

Ripple identifies payments, settlements, and treasury operations among RLUSD’s intended uses. XRP, by contrast, is the XRP Ledger’s native cryptocurrency and does not carry a dollar peg; its market price is determined independently by supply and demand.

DefiLlama defines chain stablecoin market capitalization as the aggregate value of stablecoins held on a particular network. This measure is separate from trading volume and the value of assets supplied to decentralized finance protocols. It indicates the size of the tracked stablecoin market rather than how often its assets are exchanged.

As a result, the weekly increase in stablecoin market capitalization should not be interpreted as an equivalent amount of XRP purchases or confirmed institutional investment. Establishing either outcome would require identifying the participants and transactions behind the balance changes; the market-capitalization data alone does not provide that evidence.

Source link