RLUSD Supply Jumps 30%, USDT Falls; XRPL Stablecoins Concentrate

On-chain analytics show RLUSD supply on the XRP Ledger increased roughly 30% month-over-month while USDT supply declined about 0.4%. RLUSD’s total supply on the ledger surpassed $950 million and its broader market capitalization moved above $2 billion. RLUSD now constitutes more than 90% of stablecoin balances on the XRP Ledger.

The token’s supply growth outpaced other major stablecoins over the same monthly period. RLUSD traded higher over the past seven days, recording gains of more than 8% on ledger-specific markets. By contrast, RLUSD represents about 0.7% of stablecoins circulating on the Ethereum network.

XRP price action accompanied the change in stablecoin flows. Price feeds show XRP rose more than 53% on the weekly chart before a roughly 6% pullback, with the market testing resistance near the $1.50 level. The XRP/ETH ratio closed the most recent week up about 17%, its strongest weekly showing since the start of Q1 2025. During the price advance, one exchange recorded over $1.18 billion in liquidations of XRP long positions.

Stablecoins supply liquidity for trading and settlement on their host networks. Changes in issuance and on-chain flows affect available liquidity, the depth of trading pairs and how quickly orders are executed on that ledger.

Market participants are monitoring whether RLUSD supply growth continues and how on-ledger liquidity levels relate to XRP price movements and its relative performance versus other major tokens.