XRPL stablecoins near $890M as USDV shifts issuer mix

The XRP Ledger held roughly $889.6 million in listed stablecoins, an increase of about 20.6% over the past 30 days. RLUSD accounts for $844.6 million, or about 94.9% of the XRPL total. Valtorum’s USDV stands at $39.3 million, or 4.4%, while USDC on XRPL is about $3.7 million. XRPL stablecoins represent approximately 0.29% of global stablecoin supply, which totaled $311.39 billion and fell about 2.3% over the same 30-day period.

RLUSD’s supply shifted between ledgers over the month. Supply of RLUSD on XRPL rose about 15.6% to $844.6 million while its supply on Ethereum fell about 26.6% to $789.8 million. As a result, XRPL now holds roughly 51.7% of total RLUSD outstanding. The aggregate market capitalization of RLUSD declined about 9.5% to near $1.6 billion. Ripple describes RLUSD as natively issued on XRPL and Ethereum and fully backed by segregated cash and cash equivalents for use in payments, remittances, treasury flows and settlement.

Valtorum’s USDV has emerged as a second issuer on XRPL. The token is listed as fiat-backed and permissioned, requiring issuer authorization for holder trustlines. Valtorum’s litepaper describes USDV as a synthetic dollar for institutions, payment networks and on-chain markets with plans for native settlement across XRPL, Stellar, Solana, Sui and Ethereum. Valtorum says its reserve model can include stablecoins, hard assets, bonds, U.S. Treasuries and crypto collateral. The firm’s compliance page limits participation to approved wallets and its reserve dashboard shows attestations are pending; only the XRPL registry is live at present.

On XRPL, tokens move using trust lines and automated pathfinding. Issuers back tokens with off-ledger reserves, and transfers on and off the ledger use trust lines and pathfinding. The ledger also has a built-in decentralized exchange, supports automated market makers and uses XRP as a bridge asset for liquidity routing.

At the time of the supply snapshot, 24-hour decentralized exchange volume on XRPL was about $3.98 million and daily chain fees were near $360, while listed stablecoin supply was about $889.6 million. Observers identify several indicators that would show deeper on-ledger use: a sustained rise in total XRPL stablecoin supply above $1.1 billion, USDV rising toward $75 million–$100 million, publication of live reserve attestations for USDV, consistent increases in transfer volume and broader wallet distribution, and support from exchanges or corridor partners that route payments through XRPL.

Observers also note downside signs: a decline of total XRPL stablecoin supply below $800 million or a return of RLUSD liquidity to Ethereum would signal the recent increase may have been temporary.

Stablecoins are tokens that represent cash or other reserves held off-chain and are moved on-chain via mechanisms such as trust lines. Ripple promotes XRPL as a payments-focused network with features designed for settlement corridors. Valtorum positions USDV for permissioned participation and cross-ledger settlement, while its public reserve attestations and multi-chain listings remain in staging.