How much stablecoin value is on the XRP Ledger, and how fast is it growing?

The full answer

Stablecoin supply here means the dollar value of stablecoins issued on the XRP Ledger itself. Tokens of the same brand on other chains are not counted. RLUSD, Ripple’s stablecoin, makes up most of it; the size of RLUSD across all chains is covered in how much RLUSD exists.

How much stablecoin value was on the ledger at the end of each quarter?

Blockworks Advisory, in a report commissioned by Ripple, gives these quarter-end figures:[1]

The report puts the second-quarter rise at 195.4%, and says supply at the end of June was more than 1,100% higher than a year earlier.[1]

How much is there now?

A copy of DefiLlama’s XRP Ledger stablecoin page taken on September 29, 2026 showed $1.213 billion, with RLUSD at 92.46%, up 6.6% over 30 days.[2] RWA.xyz showed $1.19 billion in a copy taken the same day, up 8.19% over 30 days.[4] These are tracker counts, not audited totals. DefiLlama’s copy also showed a 1.83% change over one day, so the live figure moves.[2]

Taking $1.213 billion against Blockworks’ quarter-end figures, supply is about 47% above the end of June and about 4.3 times the end of March (our calculation). The two providers may count differently, so the ratio is approximate.

Is XRPL stablecoin growth continuing in the third quarter?

So far, yes. CryptoSlate reported that DefiLlama’s XRP Ledger stablecoin series rose from $921.9 million on August 12 to $1.126 billion on September 11, 2026, a 22.2% increase.[5] For the 30 days to September 29, DefiLlama showed a 6.6% rise and RWA.xyz an 8.19% rise.[2][4] That is slower than the month to September 11, and a quarter of slowdown or reversal would change the picture. Where different growth rates would leave supply at the end of the year is worked through in XRPL stablecoin supply scenarios.

Which stablecoins besides RLUSD are issued on the XRP Ledger, and how big is each?

The six largest in DefiLlama’s table on September 29, 2026 were:[2]

Blockworks’ June 30 list is different. After RLUSD it names USDB at $119.8 million (14.5%), Braza’s BBRL at $12.5 million, Société Générale’s EURCV at $11.4 million and USDC at $4.1 million.[1] RWA.xyz listed Braza USDB on the ledger at $33.7 million on September 29.[4] CryptoSlate reported USDV at $39.3 million of the ledger’s $889.58 million on July 6, 2026.[6] It said USDV’s balance matters because it gives the XRP Ledger a second dollar issuer, testing multi-issuer settlement.[6]

What share of global stablecoin supply is on the XRP Ledger?

About 0.4% (our calculation). DefiLlama counted $306.316 billion of stablecoins across all chains on September 29, 2026, with $146.369 billion on Ethereum, $94.52 billion on Tron and $16.371 billion on Solana,[3] against $1.213 billion on the XRP Ledger.[2] How the ledger’s growth compares with those chains over the same quarters is the subject of XRP Ledger activity against other chains.

How much of the growth is RLUSD minted by Ripple-linked entities versus demand from outside holders?

The supply figure itself says nothing about who asked for the tokens. RWA.xyz counted 81.04 thousand stablecoin holders on the ledger on September 29, 2026, down 1.86% over 30 days while supply rose.[4] In our analysis. This follows from RWA.xyz’s $1.19 billion and 81.04 thousand holders, more value over slightly fewer holders means a larger average balance per holder. The data does not show whose.

What is the case against reading this as demand for XRP?

The Q1 and Q2 figures come from a report Ripple paid for.[1] Evernorth’s second-quarter report says stablecoin supply across the industry contracted for the first time since 2023.[7] The XRP Ledger’s supply grew against that trend. One issuer’s token dominates it: RLUSD was 82.0% of supply at June 30 in Blockworks’ count[1] and 92.46% in DefiLlama’s September 29 copy.[2] CryptoSlate’s September 12, 2026 report said the “larger dollar market meets modest visible XRP depth,” and treated it as an “opportunity for XRP liquidity” rather than “a confirmed source of sustained token demand.”[5] Whether that pool depth has grown is tracked in XRP/RLUSD pool depth. The broader argument that stablecoins can settle payments without touching XRP is set out in the risk that stablecoins bypass XRP.