DefiLlama’s data for October 31 indicated that the total supply of Ripple’s dollar‑stablecoin (RLUSD) on the XRP Ledger fell by 28.7%, from 707 million tokens to a lower level within a one‑day window.
In contrast, a specific XRP/RLUSD trading pool observed by NOSHASHI showed minimal movement in its balances. Between the ledger close on October 29 (23:59:51 UTC) and a later reading on October 31 (13:11:11 UTC), the pool’s XRP balance decreased by 0.67% (from 1,883,641.61 XRP to 1,871,106.09 XRP), while its RLUSD balance increased by 0.36% (from 2,327,587.15 RLUSD to 2,335,993.08 RLUSD).
Order‑book dynamics
The order book for the same pair displayed divergent trends on each side. Funded offers to sell RLUSD for XRP rose from 62,952.98 RLUSD on October 29 to 112,162.55 RLUSD on October 31. Conversely, funded offers to buy RLUSD with XRP fell from 71,292.22 RLUSD to 40,870.63 RLUSD over the same period, before partially recovering to 59,593.01 RLUSD.
These figures reflect the amount of liquidity available to traders, not the total possible volume at the best price. NOSHASHI’s measurement considered up to 100 offers per side within 10 % of the reference mid‑price and excluded the AMM pool.
Execution cost example
At ledger 108023839 (October 31, 13:11:54 UTC), a simulated 10,000‑RLUSD order would have required 8,033.58 XRP to buy RLUSD (0.14 % above the reference mid) and would have returned 8,015.85 XRP when selling RLUSD (0.08 % below the reference mid). Both orders were fully fillable in the captured book.
Unresolved supply factors
The cause of the RLUSD supply reduction on XRPL remains unclear. DefiLlama showed an increase in RLUSD supply on Ethereum during the same period, but no direct link between the two chains was established. On XRPL, token returns to the issuer reduce the ledger’s obligations, but this does not confirm off‑chain dollar redemption.
Ripple’s issuer‑wide figures reported 2,627 million circulating RLUSD and $2,759 million in reserve funds as of October 29, separate from the chain‑level observations.
Implications for traders
For XRP holders, the key metric is the cost of executing comparable trades over time. The sampled pool’s balances did not decline proportionally with the reported supply drop, and the order‑book liquidity showed mixed changes. Ongoing monitoring of pool reserves, funded offers, and execution costs will determine whether the supply contraction impacts market quality.
