CryptoSlate
DefiLlama reported 707 million RLUSD on XRPL on Oct. 31, down 28.7% over its displayed one-day window. Yet a sampled XRP/RLUSD automated market maker pool showed XRP reserves down just 0.67% and RLUSD reserves up 0.36% between Oct. 29 and Oct. 31. XRP was near $1.25 in the Oct. 31 market snapshot.
Why it matters
A drop in stablecoin supply does not automatically mean traders have lost the same amount of access to it. The pool still held about 1.87 million XRP and 2.34 million RLUSD in the later observation, while funded order-book offers increased for XRP sellers seeking RLUSD. Offers on the other side of the market had recovered only partly.
The supply and market readings do not have matching intraday cutoffs, so they cannot establish how the market responded to a specific issuance or redemption. Nor do opposing reported changes in XRPL and Ethereum supply prove funds moved between the chains.
Market impact
A captured Oct. 31 estimate found that buying 10,000 RLUSD would cost 8,033.58 XRP, 0.14% above the reference midpoint. Selling 10,000 RLUSD would return 8,015.85 XRP, 0.08% below it. Both modeled orders were fully fillable against the sampled resting offers, but they were not executed trades or guaranteed quotes, and there is no equivalent earlier estimate to show how costs changed.
The reason for the supply decline remains unresolved. On XRPL, returning tokens to their issuer reduces ledger obligations and begins redemption, but does not establish that dollars were paid out. Comparable trade-size quotes in both directions, alongside funded offers and pool balances, will show whether execution conditions deteriorate over time.
Frequently asked questions
-
How much did RLUSD supply on XRPL decline?
DefiLlama reported 707 million RLUSD on XRPL on Oct. 31, down 28.7% over its displayed one-day window.
-
Did the sampled XRP/RLUSD pool lose a comparable share of its reserves?
No. Between Oct. 29 and Oct. 31, its XRP reserves fell 0.67% and RLUSD reserves rose 0.36%.
-
How did order-book liquidity differ by trade direction?
Funded RLUSD offers for XRP sellers increased in the sample. Offers available to RLUSD sellers seeking XRP recovered from their low but remained below the Oct. 29 level.
-
Could a 10,000-RLUSD order be filled in the Oct. 31 estimate?
Yes. The modeled order was fully fillable in either direction against sampled resting offers, but the estimates were not executed trades or guaranteed quotes.
-
Does returning RLUSD to its issuer prove that dollars were paid out?
No. Returning tokens reduces XRPL ledger obligations and begins redemption, but does not itself establish that dollars were paid off-chain.
WuBlockchain
CoinDesk
CoinTelegraph
WatcherGuru
Whale Alert
Crypto News