The XRP Ledger stablecoin market reached approximately $1.159 billion on September 25, according to DefiLlama data, gaining $67.12 million over the previous week for a 6.15% weekly increase.
Ripple USD (RLUSD) accounted for $1.067 billion of that total, representing 92.1% of tracked stablecoins on the network. Over 30 days, RLUSD grew 11.55%, outpacing the broader XRP Ledger stablecoin market's 9.8% monthly gain.
USDC and Other Stablecoins Decline
USDC moved in the opposite direction, falling 21.86% monthly to approximately $4.62 million on XRP Ledger, though it recovered 6.71% during the seven-day period. Other stablecoins also recorded monthly declines: Valtorum USD fell 7.03% to $72.77 million, while EUR CoinVertible dropped 2.37% to $11.37 million.
These figures reflect only stablecoin balances tracked on XRP Ledger and do not represent total supply across other networks where they operate.
Market Data Does Not Indicate Direct Fund Transfers
The article noted that stablecoin market-cap changes alone do not show whether users migrated funds from one stablecoin to another. Determining such transfers would require transaction-level records showing withdrawals, transfers, issuance, or purchases. Similarly, the market-cap increases do not identify which users or institutions drove the tracked growth.
DefiLlama's metrics measure stablecoin value present on a network but do not track trading volume or decentralized finance deposits.
RLUSD Structure and Recent Developments
Ripple issues RLUSD on both XRP Ledger and Ethereum, with the network balance representing only part of total circulation. According to Ripple, RLUSD maintains a one-dollar target value and is backed by cash and cash-equivalent reserves, remaining redeemable one-for-one for U.S. dollars. The stablecoin supports payments, settlement, and treasury flows.
Separately, Binance launched XRP rewards for eligible RLUSD holders beginning September 25. XRP remains the ledger's separate native cryptocurrency, distinct from RLUSD and other stablecoins.
