RLUSD Tightens Grip on XRP Ledger—USDC Falls Behind - Blockonomi

by · Blockonomi

TLDR

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  • XRP Ledger stablecoin market cap rose 6.15% weekly to $1.159 billion.
  • RLUSD accounted for $1.067 billion, or 92.1% of the total market.
  • RLUSD grew 11.55% over 30 days, outpacing overall XRP Ledger stablecoin growth.
  • USDC fell 21.86% monthly on XRP Ledger despite a 6.71% weekly recovery.
  • Stablecoin market growth does not confirm XRP purchases or institutional investment.

The XRP Ledger stablecoin market reached about $1.159 billion on September 25 after gaining $67.12 million in one week. DefiLlama data shows the total rose 6.15% during the seven days. Ripple USD, or RLUSD, remained the largest stablecoin on the network.

XRP Ledger Stablecoin Market Reaches $1.159 Billion

RLUSD accounted for about $1.067 billion, equal to 92.1% of the tracked stablecoin market. Its market value rose 11.55% over 30 days. The broader XRP Ledger stablecoin market increased 9.8% during the same period.

The growth comes as the network prepares for other changes. Recent coverage showed that XRP Ledger Batch V1.1 moved closer to activation, with validator support above the required threshold. The feature would allow several linked transactions to settle together under defined conditions.

RLUSD Grows While USDC Records Monthly Drop

USDC moved in the opposite direction over the monthly period. Its XRP Ledger market capitalization fell 21.86% to about $4.62 million. However, USDC rose 6.71% over seven days, slightly above RLUSD’s 6.69% weekly increase.

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 cover only their balances tracked on the XRP Ledger, not their total supply across other supported networks.

DefiLlama’s chain metric measures the value of stablecoins present on a network. It does not measure trading volume or funds deposited in decentralized finance. Separately, Binance launched XRP rewards for eligible RLUSD holders starting September 25, bringing fresh attention to the stablecoin.

Stablecoin Growth Does Not Confirm XRP Buying

The market-cap changes do not show that users moved funds directly from USDC or other stablecoins into RLUSD. Such a conclusion would require transaction-level records connecting withdrawals, transfers, issuance, or purchases. Recent market coverage also noted rising RLUSD balances alongside wider XRP market activity. The figures alone also do not identify which users or institutions caused the tracked weekly increase in network balances.

RLUSD targets a one-dollar value and uses cash and cash-equivalent reserves, according to Ripple. Ripple issues the stablecoin on XRP Ledger and Ethereum, so the network balance represents only part of circulation. Ripple says RLUSD supports payments, settlement, and treasury flows. The token remains redeemable one-for-one for U.S. dollars under its reserve structure. XRP remains separate as the ledger’s native cryptocurrency. The weekly increase does not prove equal XRP purchases or institutional investment.

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