XRP demand could increase as stablecoins, tokenized assets, and decentralized finance expand on the XRP Ledger, according to asset manager 21Shares. The firm argues that greater network activity may eventually drive demand for XRP through its roles in transaction fees, account reserves, and bridge transfers.
Activity Drivers and XRP's Network Roles
21Shares identified several sources of growing XRPL activity. Ripple USD (RLUSD) stablecoin supply reached approximately $1.6 billion, with more than half circulating on the XRP Ledger by mid-2026. RLUSD-related transactions on XRPL grew significantly, rising from about 54,000 in December 2024 to between 600,000 and 1.1 million per month during 2026.
Tokenized assets on XRPL have reached around $4 billion, according to 21Shares estimates. The ledger's Multi-Purpose Token standard enables institutions to issue bonds, funds, and other tokenized assets with built-in compliance structures.
How XRP Supports Network Activity
Every transaction on XRPL burns a small amount of XRP through an anti-spam mechanism, with a base fee of 0.00001 XRP. More than 14 million XRP has been burned since 2012, representing approximately 0.014% of the original 100 billion supply.
XRP serves as a bridge asset for payment providers, enabling conversion into destination currencies with settlement in three to five seconds and transaction costs around $0.0002. The asset can also function as an intermediary pair on XRPL's decentralized exchange, connecting markets lacking sufficient direct liquidity.
Distinguishing Network Growth From Direct XRP Demand
21Shares emphasized that tokenized assets and stablecoins can exist and trade on the ledger without being denominated in XRP. The firm stated: "Our thesis is that more activity eventually lifts demand for it, not that it's denominated in it."
The XRP Ledger includes decentralized finance activity, currently estimated at more than $30 million, with new institutional lending infrastructure under development. Ripple, Clearpool, and Cicada Partners are building lending markets using RLUSD as the credit asset.
Over the past year, XRPL averaged approximately 1.7 million transactions per day and roughly $1.3 billion in on-chain value daily, with total settlement activity near half a trillion dollars.
