CryptoSlate
Stablecoin supply on the XRP Ledger has climbed to nearly $890 million, up 20.56% over the past 30 days, even as the global stablecoin market slipped 2.31% to $311.39 billion. The composition matters more than the headline number. RLUSD accounts for $844.58 million of XRPL's stablecoin supply, or 94.9%, but a second dollar token is starting to reshape who issues dollars on the ledger: Valtorum's USDV, now at $39.3 million and 4.4% of the total. USDC trails at just $3.7 million.
The growth is also running against a different backdrop inside RLUSD itself. RLUSD's overall market cap fell 9.53% to roughly $1.6 billion over the same period, and supply on Ethereum dropped 26.61% to $789.8 million. XRPL is now the larger RLUSD venue, holding about 51.7% of total RLUSD, up from a smaller share a month earlier. The dollars that left Ethereum did not leave RLUSD; they rotated into it.
Why it matters
USDV is the story the headline undersells. DefiLlama lists the token as a permissioned dollar issued by Valtorum on XRPL, where holder trustlines require issuer authorization before they can transact. Valtorum's own litepaper describes a broader architecture: a synthetic dollar built for institutions, payment networks, and on-chain markets, designed for native settlement across XRPL, Stellar, Solana, Sui, and Ethereum, with reserves that can include stablecoins, hard assets, bonds, Treasuries, and crypto collateral. The XRPL registry is live, but the Stellar, Solana, Sui, and Ethereum listings wait their turn, and Valtorum's reserve dashboard shows attestation feeds still being staged for launch. The mix is no longer a single-issuer story, even if RLUSD still sets the size.
Market impact
The supply climb is real, but the activity underneath it is thin. XRPL held nearly $890 million in listed stablecoin supply, against just $3.98 million in 24-hour decentralized exchange volume and $360 in daily chain fees. Dollars have arrived on the ledger well before the payment activity meant to use them. A total XRPL stablecoin supply crossing $1.1 billion, USDV supply moving into the $75M to $100M range, and live reserve attestations are the markers to watch.
Frequently asked questions
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How much stablecoin supply does the XRP Ledger hold right now?
XRPL stablecoin supply has climbed to nearly $890 million, up 20.56% over the past 30 days, even as the global stablecoin market slipped 2.31% to $311.39 billion over the same period.
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What is the breakdown of stablecoins on XRPL?
RLUSD accounts for $844.58 million, or 94.9% of XRPL's stablecoin supply, Valtorum's USDV holds $39.3 million at 4.4%, and USDC trails at just $3.7 million.
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Why is RLUSD supply rising on XRPL but falling on Ethereum?
RLUSD on XRPL climbed 15.58% over 30 days to $844.6 million, while RLUSD on Ethereum fell 26.61% to $789.8 million. The dollars that left Ethereum appear to have rotated into XRPL rather than out of stablecoins entirely.
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What is USDV and how is it different from RLUSD?
USDV is a permissioned dollar token issued by Valtorum on XRPL, where holder trustlines require issuer authorization. Valtorum's litepaper describes a synthetic dollar designed for native settlement across XRPL, Stellar, Solana, Sui, and Ethereum, with reserves that can include stablecoins, bonds, Treasuries, hard…
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What would confirm XRPL stablecoin growth is real and not temporary positioning?
Total XRPL stablecoin supply crossing $1.1B, USDV supply moving into the $75M to $100M range, and live reserve attestations from Valtorum. A slip back below $800M with RLUSD drifting to Ethereum would suggest the near-$900M print was temporary.
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