XRPL’s total stablecoin supply has surged 22% in recent weeks to approximately $762 million, and this isn’t just a liquidity milestone. There is evidence that Ripple’s own RLUSD stablecoin has quietly consolidated institutional control over Ripple Ledger’s dollar layer, controlling approximately 83-88% of the network’s stablecoin liquidity.
Transfer volume jumped 123% month-over-month to $4.71 billion, and stablecoin capitalization has since surpassed $888.5 million over 30 days, suggesting that the expansion is not an isolated artifact but a structural change in how the ledger is used.
(SOURCE: DéfiLlama)
In other words, the rails are being built at a steady pace. The passenger numbers of 110 RWA holders as per the latest available data is another matter entirely, and this discrepancy is the story.
This drop in XRPL stablecoin supply comes as XRP surged +3.2% in the last 24 hours, reclaiming $1.10 and now trading at around $1.16, with a daily trading volume of $2 billion.
Historical $XRP bear markets typically last 400 to 790 days with declines of 85 to 96%. In 2026, we have only corrected for about 350 days and are only down 71% from the July 2025 ATH.
The duration and depth % of these bears decrease over time, so the territory to mark a… pic.twitter.com/cNVRf1vDJH
– 🇫🇷 ChartNerd 📊 (@ChartNerdTA) June 8, 2026
XRPL Ripple Stablecoin Supply: What’s Really Driving the $762 Million Growth?
Ripple launched RLUSD in December 2024 as a fiat-backed stablecoin regulated by the New York Department of Financial Services, holding reserves 1:1 to the US dollar at BNY Mellon.
This regulatory framework has established its credibility with institutional counterparties. RLUSD minting has accelerated through 2025, with significant issuance linked to exchange and pilot activities.
For most of 2025, the total capitalization of the XRPL stablecoin remained below $100 million, with the asset primarily recognized for cross-border payments. A turning point occurred in November 2025, with supply exceeding $200 million, indicating a phase of sustained expansion. As of June 2026, the supply of XRPL stablecoins reached $762 million, largely driven by RLUSD.
It is important to note that RLUSD’s 83-88% dominance figure applies to XRPL’s native stablecoins, not its entire presence. Around 77-82% of RLUSD’s supply is on Ethereum, serving as DeFi collateral, a choice Ripple made at launch.
The $762 million reflects XRPL’s share of a larger cross-chain stablecoin. The significant 123% monthly increase in transfer volume suggests growing usage, although the nature of these transactions remains unclear.
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XRPL’s $3.57B RWA Layer: Large-Scale Infrastructure, Adoption Still Thin
Is $XRP about to flip $TON for a stable coin supply?!
At the time of writing, @Ripple’s $XRPL stablecoin market cap increased by 23% over the week, reaching a total of $762 million.
It now ranks 15th behind @ton_blockchain which has a stable supply of $802 million. pic.twitter.com/O8qNUbD9Up
– BSCN (@BSCNews) June 8, 2026
XRP Ledger tokenization has grown significantly, with an asset value of $3.57 billion and $385 million in on-chain distributed asset value, reflecting the difference between registered assets and those in active circulation.
Messari’s report for Q1 2026 highlighted XRPL’s RWA market capitalization at $2.25 billion, up 124% quarter-over-quarter, placing it fourth globally. Major contributors include OpenEden’s TBILL Vault, Ondo Finance’s US Government Bond Fund, and RLUSD.
A key institutional proof point is the May 2026 US Treasury tokenized buyout pilot, involving Ondo Finance, JPMorgan Kinexys, Mastercard and Ripple. This successful cross-border transaction of Ondo’s tokenized treasury product, worth approximately $250 million in assets under management, demonstrated the speed and efficiency of XRPL, completing in 4.2 seconds.
JPMorgan’s participation demonstrates institutional confidence in XRPL as a credible settlement layer, raising questions about the potential for scalable operational workflows.
The passenger problem: XRPL has the tracks, but only 110 RWA holders are on the train
As of June 2026, there are 110 RWA holders registered on XRPL, representing a total asset value of $3.57 billion. This translates to an average position size of over $30 million per holder, suggesting potential institutional concentration rather than widespread adoption. However, this figure could also reflect the fact that much of the asset value is recorded but not actively held.
On a positive note, all 110 incumbents point to early-stage institutional pilot projects testing the network, which could lead to broader adoption. Conversely, this also shows that despite Ripple’s tokenization efforts, there is limited participation from market makers and fund managers, which is necessary for liquidity.
Additionally, it is crucial to understand whether the number of holders is increasing, institutions are consolidating their positions, or significant off-chain activity is taking place prior to on-chain deployment. The disparity between the $3.57 billion represented value and the $385 million in on-chain distributed value raises questions about the circulation of assets on XRPL, leaving the future of these holdings uncertain.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article is intended to provide accurate and current information, but should not be considered financial or investment advice. Because market conditions can change quickly, we encourage you to verify the information for yourself and consult a professional before making any decisions based on this content.
Daniel Frances is a technical writer and Web3 educator specializing in macroeconomics and DeFi mechanics. Hailing from crypto since 2017, Daniel leverages his experience in on-chain analytics to write evidence-based reports and in-depth guides. He holds certifications from the Blockchain Council and is dedicated to providing “insight gain” that overcomes market hype to find real utility for blockchain.
