- XRP Ledger’s stablecoin market nears $1 billion as RLUSD drives most of the network’s rapid growth.
- Ripple’s RLUSD expands its dominance on XRPL, reaching $763 million in market value in early 2026.
- XRP Ledger activity rises with stablecoin growth, higher transfers, and a major network infrastructure update.
The XRP Ledger’s stablecoin market is nearing the $1 billion mark, driven largely by the growth of Ripple’s RLUSD stablecoin. According to data from RWA.xyz, the total value of stablecoins on the network has risen to $907 million, up from less than $277 million at the start of 2026.
RLUSD makes the network’s largest stablecoin, with a market capitalization of $763 million, according to RWA.xyz data. It now accounts for 84.1% of all stablecoin value on the XRP Ledger. Since the start of 2026, RLUSD has grown by approximately $528 million, with roughly $383 million of that increase recorded over the past month.
Stablecoin Expansion
RLUSD was not the only stablecoin to post significant growth this year. USDB, a stablecoin issued by Brazilian financial institution Braza, saw its market capitalization increase from $34 million to $115 million during the same period.
Braza’s Brazilian real-backed BBRL also grew from $2.6 million to $11.6 million over the same period. USDC moved in the opposite direction, with its value on the network falling from $9.3 million to $5.6 million.
Related: IMF Warns Nigeria’s Rapid Stablecoin Adoption Poses Monetary Risks
Ripple has continued issuing RLUSD on both the XRP Ledger and Ethereum, helping push the stablecoin’s total market capitalization to $1.63 billion. That makes it the eighth-largest stablecoin in the crypto market. Of that total, about $763 million is held on the XRP Ledger, increasing the network’s share of RLUSD supply to 46%, up from 17.5% at the beginning of the year.
XRPL Upgrade Signals Broader Network Progress
Activity on the XRP Ledger has continued to expand beyond stablecoins. Data from RWA.xyz shows the number of real-world asset (RWA) holders rose 69.57% over the past month to 117, while stablecoin holders increased to 59,240. Monthly transfer volume also climbed 81% to $4.83 billion.
Source: RWA.xyz
Not all tokenization metrics moved higher. The value of distributed tokenized assets fell 10.83% to $360.25 million, while represented value edged down 0.30% to $3.67 billion.
The network is also undergoing a key infrastructure update. David Schwartz, Ripple’s CTO emeritus and one of the architects of the XRP Ledger, recently upgraded his independent hub server to xrpld 3.2.0. Before the upgrade, Schwartz wrote on X, “I’m about to take my hub down for about ten minutes to upgrade to 3.2.0.”
The release formally replaces the “rippled” name with “xrpld,” reflecting the XRP Ledger’s identity as an independent, decentralized network. XRP Ledger Operations has advised node operators to follow the migration process carefully, noting that configuration files, binary names, and database paths must be updated as part of the transition.
Related: XRP Reclaims $1.20 as Spot Demand Battles Record Binance Perp Selling
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