How much stablecoin value actually moves on the XRP Ledger?

The full answer

Supply is the stock of stablecoins on the XRP Ledger at a given moment; transfer volume is how much value moved over a period. Side by side, they show whether the coins circulate or sit parked. The supply side is covered in how much stablecoin value is on the XRP Ledger.

How much moved in the first two quarters of 2026?

Blockworks Advisory, in a report commissioned by Ripple, says stablecoin transfer volume on the XRP Ledger rose 207.5% from the first quarter to $10.00 billion in the second quarter of 2026. RLUSD accounted for about $9.00 billion, or 90%, nearly 3.5 times its $2.60 billion in the first quarter.[1]

Working back from the 207.5% rise, first-quarter volume across all stablecoins was about $3.25 billion (our calculation). A full year at the second quarter’s pace would be about $40 billion (our calculation). That is a rate, not a forecast.

Is RLUSD on the XRP Ledger just sitting in wallets?

The volume figures suggest not, at least in aggregate. At the end of June 2026 the ledger held $825.5 million of stablecoins, $676.9 million of it RLUSD.[1] Against those balances, second-quarter volume was:

Supply nearly tripled during the quarter, so the quarter-end balance is higher than what sat on the ledger on most days, and turnover against it is the low figure. The last row mixes Blockworks’ volume with Evernorth’s average balance.[2] These are observed transfers, not an assumed velocity.

How much of the transfer volume is exchange, market-maker and issuer movement rather than payments?

As of September 29, 2026, none of the published sources says. Blockworks gives a total and an RLUSD share, with no breakdown by purpose.[1] Evernorth defines RLUSD value transferred as gross volume over the quarter: payments that deliver RLUSD plus swaps with an RLUSD leg.[2] So trades on the ledger’s exchange count alongside payments. Whether any of those payments touched XRP along the way is a separate question, taken up in does every XRP Ledger payment use XRP.

Can transfer volume be inflated by wallets sending funds to themselves or looping?

Yes, in principle. Visa’s stablecoin dashboard says there is a lot of noise in stablecoin data because blockchains are general-purpose networks. Its adjusted figures count only the largest stablecoin amount within a single transaction, leave out unlabeled addresses that sent more than 1,000 transactions or $10 million in a 30-day period, and treat centralized exchange flows and minting and burning as unadjusted.[6] No published source applies a filter like that to the XRP Ledger’s stablecoin volume. The Blockworks and RWA.xyz totals are best read as gross figures. How much of global stablecoin volume survives Visa’s filter is covered in how big global stablecoin volume is.

How does XRPL stablecoin turnover compare with stablecoin turnover on Ethereum, Tron or Solana?

As of September 29, 2026, no published figure measures other chains on the same basis as Blockworks’ XRP Ledger number. Visa’s figures are adjusted,[6] and the XRP Ledger figures are not, so dividing one set by supply and comparing it with the other would compare filtered volume with unfiltered volume.

Has Q3 kept up Q2’s pace?

On RWA.xyz figures, monthly volume in the third quarter has run above the second quarter’s average of about $3.33 billion a month (our calculation from Blockworks). A KuCoin News flash, citing RWA.xyz, reported $4.28 billion for the 30 days to about July 31, 2026, up 10.8%.[5] The Crypto Basic, also citing RWA.xyz, reported $5.25 billion for the 30 days to about September 11, up 18.21%.[4] RWA.xyz showed $4.39 billion for the 30 days to September 29, 2026, down 18.15%.[3] No source states whether Blockworks and RWA.xyz count stablecoin transfers on the same basis, so the step from one to the other is approximate. The latest 30 days fell back.

What is the case against reading this as a sign of XRP use?

Stablecoin volume on the ledger is not XRP volume. CryptoSlate argued in March 2026 that the XRP Ledger can carry a lot of economic activity while XRP captures only a thin utility skim, unless markets start using XRP as the unit of liquidity.[7] The Blockworks figures come from a Ripple-commissioned report. Evernorth separately counts RLUSD value transferred as gross volume, including payments plus swaps with an RLUSD leg.[2] The view that XRP’s own trading is mostly speculative is set out in is XRP mostly speculation.