The XRP Ledger (XRPL) has overtaken Stellar in total stablecoin supply, propelled by the continued growth of Ripple USD (RLUSD). According to DeFiLlama data, the XRP Ledger holds a total stablecoin supply of $1.092 billion, ranking it 12th among blockchain networks, while Stellar stands at 13th with $968.67 million.
XRPL’s stablecoin supply increased by 14.29% over a recent period, including a 13% gain over the prior week, while Stellar experienced a 5.87% decline overall and a 6.5% drop over the week. During a recent crypto market rally, the XRP price also increased by 20%, outperforming XLM.
The vast majority of the stablecoin supply on the XRP Ledger originates from RLUSD, accounting for 90.49% of the network's total, representing over $988 million. Ethereum currently maintains a larger RLUSD supply than XRPL, holding approximately $1.08 billion compared to XRPL's $988.36 million, though XRPL has previously outpaced Ethereum in RLUSD supply.
RLUSD has surpassed the $2 billion market capitalization milestone, bringing it close to PayPal USD, which holds a market value of approximately $2.87 billion. Founded by Ripple in December 2024, XRPL validator Vet described RLUSD as the fastest-growing stablecoin regulated under the NYDFS.
The stablecoin's expansion coincides with Ripple's efforts in institutional credit markets. Ripple is collaborating with Clearpool and Cicada Partners on an initiative to provide RLUSD loans to fintech and payments companies on the XRP Ledger. Under the arrangement, Cicada will recruit borrowers and establish loan parameters, Clearpool is developing the lending platform, and Ripple is funding the development.
While the protocol remains in development, XRP continues to be used for transaction fees and account balances on the XRPL, and RLUSD is designed to be utilized and liquidated within the ecosystem using dollars.
