The XRP Ledger’s stablecoin market capitalization reached about $1.159 billion on September 25 after gaining $67.12 million in seven days, according to DefiLlama. RLUSD drove most of that market, while an upcoming XRPL upgrade could give institutions more control over account permissions.
The network’s stablecoin value increased 6.15% during the week. Ripple USD, or RLUSD, accounted for about $1.067 billion, equal to 92.1% of the total tracked stablecoin market.
At the same time, the XRP Ledger is approaching another technical change. PermissionDelegationV1_1 entered its 14-day activation countdown on September 21 after 29 of 35 trusted validators supported the amendment.
RLUSD’s market capitalization on the XRP Ledger increased 11.55% over 30 days. The broader stablecoin market on the network expanded 9.8% during the same period. That growth widened the gap between RLUSD and several competing stablecoins. USDC’s tracked XRP Ledger market capitalization dropped 21.86% over 30 days to approximately $4.62 million.
Still, USDC improved during the latest week. Its market capitalization rose 6.71% over seven days, slightly above RLUSD’s 6.69% weekly increase. The rebound did not offset USDC’s monthly decline.
Other tracked stablecoins also contracted over the month. Valtorum USD fell 7.03% to $72.77 million, while EUR CoinVertible declined 2.37% to approximately $11.37 million.
Those figures cover only balances recorded on the XRP Ledger. They do not represent each stablecoin’s combined circulation across every supported blockchain.
The data also does not show that holders exchanged USDC or other tokens directly for RLUSD. Proving such movements would require transaction-level evidence linking stablecoin reductions with RLUSD issuance or purchases.
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