XRPL Stablecoin Supply Reaches $1.31B, RLUSD Dominance Nears 93%

XRP Ledger has quietly built a stablecoin market above $1.3 billion — and almost all of it now depends on one asset.

DefiLlama data shows the network’s stablecoin market capitalization at approximately $1.313 billion. RLUSD, Ripple’s dollar-backed stablecoin, represents 92.98% of that total.

The concentration is striking. It means roughly nine out of every ten stablecoin dollars currently sitting on XRPL are tied to RLUSD.

RLUSD has become the center of XRPL liquidity

XRPL’s current DeFi TVL is much smaller, at roughly $44.9 million. That makes the stablecoin pool almost thirty times larger than the capital locked in the network’s decentralized finance protocols.

This matters because stablecoin market capitalization and DeFi TVL measure different types of adoption. A chain can host large amounts of payment or settlement liquidity without that capital being deposited into lending markets, liquidity pools or yield protocols.

DefiLlama currently shows around 2.32 million daily XRPL transactions and more than 41,000 active addresses. DEX volume, however, is just under $3 million over 24 hours.

The result is a network whose stablecoin balance looks institutional relative to its decentralized trading footprint.

RWA.xyz tells a similar story from another angle. Its XRPL dashboard shows $1.25 billion in stablecoin market capitalization and more than 81,000 stablecoin holders, alongside billions of dollars in monthly tokenized-asset transfers.

Concentration creates both efficiency and dependency

RLUSD’s 93% share gives XRPL a clear liquidity anchor. Integrations can standardize around one dominant dollar asset instead of fragmenting volume across multiple stablecoins.

But concentration also creates dependency. If RLUSD issuance, regulation or distribution changes, the effect on XRPL’s stablecoin market could be much larger than it would be on Ethereum or Solana, where liquidity is spread across several major dollar tokens.

This does not mean the concentration is inherently negative. Many emerging payment networks begin with one anchor asset. The more important question is whether secondary stablecoins, lending markets and tokenized securities begin building around that liquidity.

For XRP investors, stablecoin growth is worth tracking separately from token price. The network can expand its role as a settlement rail without every new stablecoin dollar translating directly into XRP buying.

The structural signal is that XRPL now has a meaningful dollar-liquidity base. The next phase depends on whether developers and institutions can turn that parked liquidity into deeper markets and more persistent transaction activity.

Sources: DefiLlama XRPL data and RWA.xyz.

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