CryptoSlate
Tracked stablecoins on the XRP Ledger reached $1.338 billion on Oct. 7, with Ripple's RLUSD accounting for 93.17% of the total, according to DefiLlama's XRPL dashboard. The same snapshot reported $43.44 million in decentralized finance value locked, $3.91 million in 24-hour decentralized-exchange volume, and $528 in 24-hour chain fees. Each of those figures measures something different. Stablecoin supply is a balance. DEX volume is turnover. Fees are a cost. Adding them mixes categories and risks counting the same assets twice.
Why it matters
Ripple's Oct. 1 transparency report put total RLUSD circulation at $2,509.8 million across all supported blockchains, backed by $2,633.8 million in dollar and cash-equivalent reserves. That issuer-wide figure sits well above the RLUSD captured inside XRPL trackers, which says most RLUSD activity lives off the ledger. For the native token, the question is not how much stablecoin value the ledger hosts but how much of the underlying activity routes through XRP. Network fees are paid and burned in XRP. Account reserves, currently 1 XRP per account plus 0.2 XRP per qualifying owned ledger object, lock native balances to keep the ledger functional but do not scale with stablecoin volumes.
Market impact
Bridge routing is where XRP demand scales with throughput. Auto-bridging lets issued-token markets route through XRP when that path is cheaper than a direct trade, and cross-currency payments can use XRP conversion legs as well. A bridge that buys XRP on one side and sells it on another creates a temporary need for the token, but the inventory question is how much XRP intermediaries hold between trades. XRP-funded AMM pools commit actual inventory while deposits are live; pools built from two issued assets do not. Tokenized fund flows such as OUSG using RLUSD, the CSD BR Brazil mirror announced Sept. 29, 2026, and the Single Asset Vault lending design all keep their principal in RLUSD or trust-line tokens. XRP demand therefore comes from fees, reserves, and bridge activity, not from the principal itself.
Frequently asked questions
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What did the XRPL stablecoin base reach on Oct. 7?
Tracked stablecoins on the XRP Ledger totaled $1.338 billion on Oct. 7, with Ripple's RLUSD accounting for 93.17% of the total, according to DefiLlama's XRPL dashboard.
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Why doesn't XRPL's stablecoin base measure XRP demand directly?
Stablecoin supply, DEX volume, and chain fees each measure a separate network slice. Adding them mixes units, and asset principals can sit in RLUSD or trust-line tokens rather than XRP.
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How does RLUSD activity generate XRP demand indirectly?
XRP demand comes from three sources: network fees paid and burned in XRP, account reserves that lock XRP balances, and bridge routes that use XRP as a temporary conversion token between issued-asset trades.
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How large is RLUSD outside XRPL?
Ripple's Oct. 1 transparency report put total RLUSD circulation at $2,509.8 million across all supported chains, well above the XRPL-tracked slice, with $2,633.8 million in dollar and cash-equivalent reserves.
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What tokenized-asset projects already run on XRPL?
Ondo's OUSG tokenized Treasury product went live on XRPL in June 2025 using RLUSD, CSD Brazil began mirroring BTG Pactual fund-share records on Sept. 29, 2026, and the Single Asset Vault lending design supports XRP, trust-line tokens, and Multi-Purpose Tokens.
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