Trail 5 of 12
Stablecoins and RLUSD on the XRP Ledger
Start with what RLUSD is. It is a US dollar stablecoin issued on the XRP Ledger by Standard Custody & Trust Company, a Ripple subsidiary. Its reserve holds US Treasury bills, government money-market funds and bank cash. The August 2026 reserve report showed 2.33 billion RLUSD against $2.45 billion of reserves on August 31. Ripple’s terms let only onboarded customers redeem directly, at $1 less fees. The terms also give Ripple the reserve’s net returns beyond its required minimum.
Next comes RLUSD on the ledger. DefiLlama showed $1.213 billion of stablecoins on the XRP Ledger on September 29, 2026, and RLUSD made up 92.46% of it. Evernorth, a company that holds XRP, reported that the RLUSD/XRP pair carried about 90% of RLUSD trading there in the six months through May 2026. CryptoSlate reported that the XRP/RLUSD AMM pool held about $4.6 million on September 12, 2026.
Several questions stay open. As of October 1, 2026, this site’s sources do not document the ledger rule that would route an RLUSD payment through XRP automatically. Ripple lets payment customers settle in RLUSD, USDC, USDT or fiat, so XRP is optional there. As of September 29, 2026, no tracker checked showed MXNB supply on the ledger.
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Stablecoins on the XRP Ledger
- How much stablecoin value is on the XRP Ledger, and how fast is it growing?
DefiLlama showed $1.213 billion of stablecoins on the XRP Ledger on September 29, 2026, with RLUSD 92.46% of it; RWA.xyz showed $1.19 billion. That is… - How much stablecoin value actually moves on the XRP Ledger?
A Ripple-commissioned Blockworks report put stablecoin transfers on the XRP Ledger at $10.00 billion in the second quarter of 2026, with RLUSD about… - What could XRPL stablecoin supply be by the end of 2026?
If fourth-quarter growth were 20%, 30% or 47%, stablecoin supply on the XRP Ledger would end 2026 at about $1.46 billion, $1.58 billion or $1.78… - How big is global stablecoin transaction volume?
Visa put adjusted stablecoin transaction volume at $10.2 trillion for the 12 months to April 17, 2025, against more than $51 trillion before… - What is the Ripple and Bitso MXNB stablecoin on the XRP Ledger?
MXNB is a Mexican peso stablecoin from the Bitso group. Ripple announced on June 9, 2026 that MXNB would be issued on the XRP Ledger and paired with…
Stablecoins and XRP liquidity
- How much XRPL trading involves RLUSD, and how much of it is against XRP?
Evernorth, a company that holds XRP, reported that RLUSD made up about 12% of all trading on the XRP Ledger, and that the RLUSD/XRP pair cleared about… - How deep is XRP/RLUSD liquidity on the XRPL DEX?
CryptoSlate reported on September 12, 2026 that the XRP/RLUSD AMM pool held about $4.6 million across both reserve sides. Working from the 2.288… - Why do stablecoins matter for XRP liquidity?
An XRP trade needs another asset on the other side, and stablecoins are one growing candidate on the XRP Ledger. Blockworks, in a report commissioned… - Can an RLUSD payment route through XRP automatically?
As of October 1, 2026, no public source describes an XRP Ledger rule that would route an RLUSD payment through XRP automatically. Public data does show…
RLUSD basics
- What is RLUSD, and what does it mean for XRP?
RLUSD is a US dollar stablecoin issued by Standard Custody & Trust Company, a Ripple subsidiary and New York limited purpose trust company. Its August… - What backs RLUSD, Ripple's stablecoin?
Ripple says RLUSD is backed one-to-one by cash and cash equivalents, including US Treasury bills with three months or less to maturity and overnight… - Can RLUSD always be redeemed for dollars, and what happens to holders if its issuer fails?
Only for customers. Ripple's terms let onboarded customers redeem RLUSD directly at $1 less fees; others must sell it or become customers first. If the… - Who earns the interest on RLUSD's reserves, and does any of it reach XRP holders?
Ripple does. RLUSD's user terms give Ripple the reserve's net returns beyond its required minimum, and holders own no part of it. The terms give XRP… - Where is RLUSD available, and who uses it?
Ripple says RLUSD availability depends on jurisdiction. According to Ripple (June 2, 2026), RLUSD is now available to institutions in Türkiye through… - What is Ripple Mint, and what does it say about RLUSD use?
Ripple Mint is Ripple's platform for institutions to mint, redeem and manage RLUSD through a screen or an API, launched on July 23, 2026 for existing… - How much RLUSD exists, and how fast is it growing?
The issuer's August 2026 reserve report shows 2,325,969,308 RLUSD outstanding on August 31, 2026, up about 65% from 1,411,034,124 on June 30. Ripple's…
Does RLUSD replace XRP?
- Will RLUSD and other stablecoins replace XRP?
Not on the evidence so far, though RLUSD can stand in for XRP. Ripple lets payment customers settle in RLUSD, USDC, USDT or fiat, so XRP is optional… - Could direct stablecoin pairs make XRP unnecessary on its own ledger?
Direct pairs already exist for some trades. Blockworks reported that in June 2026 a peso stablecoin, MXNB, was paired directly with RLUSD on the XRP…