XRP Ledger’s stablecoin market cap rose $67.12 million in a week to $1.159 billion, with Ripple USD accounting for 92.1% of the total.
The XRP Ledger’s tracked stablecoin market capitalization reached approximately $1.159 billion on September 25, increasing by $67.12 million, or 6.15%, over seven days, according to DefiLlama.
Ripple’s RLUSD accounted for approximately $1.067 billion, representing 92.1% of the network’s stablecoin market. Its 11.55% monthly growth exceeded the broader market’s 9.8% increase, indicating that the expansion has become more concentrated in Ripple’s dollar-backed token.
RLUSD Expands as USDC Records Monthly Decline
The monthly figures show a divergence between RLUSD and several other stablecoins. USDC’s tracked market capitalization on XRPL declined 21.86% over 30 days, leaving approximately $4.62 million on the network.
However, USDC’s shorter-term performance improved. Its market capitalization rose 6.71% over seven days, slightly exceeding RLUSD’s 6.69% weekly increase. That recovery has not erased its monthly contraction.
Other tracked assets also declined over the month. Valtorum USD fell 7.03% to $72.77 million, while EUR CoinVertible dropped 2.37% to $11.37 million. These readings cover their XRPL market capitalizations, not their combined values across all supported networks.
The contrasting movements do not establish that holders exchanged USDC or other stablecoins for RLUSD. Demonstrating such a shift would require transaction-level evidence connecting the reductions with RLUSD purchases or issuance.
Stablecoin Growth Is Separate From XRP Buying
RLUSD is designed to maintain a value of one U.S. dollar. Ripple says the token is backed by segregated cash and cash-equivalent reserves and is redeemable one-for-one for dollars. It is issued on multiple networks, including the XRP Ledger and Ethereum, meaning its XRPL balance represents only part of its overall circulation.
Ripple identifies payments, settlements, and treasury flows among RLUSD’s intended applications. XRP serves a different function as the ledger’s native cryptocurrency, with its price determined by the market rather than a dollar peg.
DefiLlama defines chain stablecoin market capitalization as the total value of stablecoins on a network. The measure is distinct from trading volume and the value of assets deposited in decentralized-finance protocols. It records the size of the tracked stablecoin market, rather than how frequently those assets change hands.
Consequently, the weekly increase should not be interpreted as an equivalent amount of XRP purchases or confirmed institutional investment. Establishing either would require identifying the participants and transactions behind the balance changes. The market-capitalization figures alone do not provide that evidence