Key Takeaways
- Stablecoin holdings on the XRP Ledger decreased by 13.19% over seven days, reaching approximately $999.9 million.
- The XRP Ledger maintains its position as the 12th-largest blockchain by stablecoin market capitalization, just ahead of Aptos in 13th place.
- RLUSD market cap on XRPL declined 14.39% to roughly $907 million, representing more than 90% of total stablecoin value on the network.
- Ripple Treasury eliminated $50.6 million in RLUSD tokens on the XRP Ledger while creating $38.6 million worth on Ethereum.
- Major financial institutions including Cross River Bank, Arf, and Standard Chartered have rolled out new RLUSD-related services.
The stablecoin ecosystem on the XRP Ledger has experienced a notable contraction during the past seven days. According to metrics from DefiLlama, total stablecoin market capitalization on XRPL decreased by 13.19% week-over-week.
Current valuations place the figure at approximately $999.9 million. This marks a slip below the symbolic $1 billion threshold.
Despite this recent decline, the XRP Ledger continues to hold 12th position globally in terms of stablecoin market capitalization. The network maintains a narrow advantage over Aptos, which occupies the 13th slot.
RLUSD Accounts for Majority of Decline
The dollar-backed stablecoin issued by Ripple, known as RLUSD, comprises the overwhelming majority of stablecoin holdings on the network. Specifically, it represents approximately 90.75% of the aggregate total.
As of October 22, 2026, RLUSD’s market capitalization on the XRP Ledger stood at roughly $907 million. This figure reflects a 14.39% decline over the preceding seven-day period.
Earlier during October, aggregate stablecoin holdings on the ledger had surpassed $1.3 billion. The present level sits considerably beneath that previous high.
Recent minting and burning operations provide insight into this downward movement. CoinGape reported that Ripple Treasury created $38.6 million in RLUSD tokens on the Ethereum blockchain while simultaneously destroying $50.6 million worth on the XRP Ledger.
This activity generated a net reduction of $12 million in circulating tokens. The trend indicates Ripple is strategically reallocating RLUSD liquidity away from XRPL and toward Ethereum.
Institutional interest appears to be pulling RLUSD toward Ethereum, where decentralized finance infrastructure and collateral applications are more mature. Since a single issuer controls more than 90% of stablecoin supply on XRPL, Ripple’s strategic choices have immediate and direct impact on the ledger’s overall metrics.
RLUSD’s aggregate supply across every blockchain remains in the $2.35 billion to $2.4 billion range. This indicates the token is being redistributed among networks rather than experiencing overall contraction.
Growing Partnership Ecosystem on XRP Ledger
Ripple has maintained momentum in securing new partnerships for the XRP Ledger. Cross River Bank recently completed integration of RLUSD into its primary banking infrastructure on the ledger.
This integration enables fintech companies to access RLUSD-denominated settlement services, international transfer capabilities, and blockchain-based payment systems. Increased settlement activity from these institutional partners could potentially restore supply levels to the ledger in future periods.
Ripple has additionally formed a collaboration with Arf to supply RLUSD-collateralized working capital to licensed international payment companies operating on XRPL. Arf intends to distribute this liquidity through XRPL’s native lending infrastructure once the protocol becomes operational.
Standard Chartered has inaugurated institutional custody services for RLUSD through its Dubai International Financial Centre branch. The offering provides regulated institutional clients with secure storage options for the stablecoin.
The XRP Ledger overtook Stellar in stablecoin supply earlier this calendar year as RLUSD experienced growth. It continues to maintain that competitive advantage following this week’s downturn.
Market analysts are currently monitoring whether supply levels will recover to the $1 billion to $1.2 billion range. They are also observing how Ripple allocates RLUSD creation and destruction activities between the XRP Ledger and Ethereum networks.
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