The XRP Ledger's total stablecoin market cap has dropped below $1 billion following a sharp 13.19% weekly contraction, according to DefiLlama data. The ledger now holds approximately $999.9 million in stablecoin supply, down from peaks above $1.3 billion earlier in October.
XRPL ranks 12th globally by stablecoin supply, ahead of Aptos. Ripple's RLUSD stablecoin dominates the ledger, representing over 90.75% of all stablecoin value on XRPL, with a market cap of around $907 million as of October 22, 2026—a 14.39% weekly decline.
Cross-Chain Rebalancing Drives the Pullback
The contraction reflects deliberate mint and burn activity by Ripple. The company minted $38.6 million on Ethereum while burning $50.6 million on XRPL, resulting in a net $12 million reduction in circulating supply on the ledger.
This pattern suggests institutional demand is shifting RLUSD liquidity toward Ethereum, where decentralized finance applications and collateral use cases are more developed. However, RLUSD's total circulating supply across all chains remains in the $2.35–2.4 billion range, indicating the overall ecosystem is redistributing rather than shrinking.
The concentration risk is significant, with a single issuer controlling over 90% of XRPL's stablecoin supply. Any mint or burn decision by Ripple directly impacts the ledger's stablecoin market cap.
New Partnerships Support Infrastructure Expansion
Despite the supply contraction, XRPL's stablecoin infrastructure continues to expand. Cross River Bank recently integrated RLUSD into its core banking platform on XRP Ledger, enabling RLUSD-powered settlement, cross-border transfers, and blockchain payments for fintech firms.
Ripple also partnered with Arf to supply RLUSD-backed working capital to licensed cross-border payment firms on XRPL, with plans to deploy liquidity through the ledger's native lending protocol once operational. Standard Chartered opened institutional RLUSD custody through its Dubai DIFC branch, signaling that regulated institutions see long-term value in XRPL's payment infrastructure.
XRPL maintained its position ahead of Stellar in stablecoin supply earlier this year as RLUSD gained momentum, a ranking that persists despite the recent weekly pullback. Settlement-focused demand from new partnerships could gradually restore supply to the ledger as partner volume grows.
