XRPL stablecoins near $890M as USDV adds supply

Stablecoin supply on the XRP Ledger rose about 20.6% over the past 30 days to roughly $889.6 million. Valtorum’s USDV contributed $39.3 million to that increase. Ripple’s RLUSD accounts for $844.58 million, or about 94.9% of the XRPL total. USDC on the ledger is about $3.7 million, or 0.4%.

The global stablecoin market stood near $311.39 billion over the same period, down about 2.31%, and XRPL represents roughly 0.29% of global stablecoin supply.

RLUSD’s distribution shifted during the month. RLUSD’s overall market capitalization fell about 9.53% to $1.6 billion. On XRPL, RLUSD supply rose 15.58% to $844.6 million, while supply on Ethereum fell 26.61% to $789.8 million. XRPL now holds about 51.7% of total RLUSD supply. Ripple describes RLUSD as “natively issued on XRPL and Ethereum, fully backed by segregated cash and cash equivalents,” and built for payments, remittances, treasury flows and settlement.

Valtorum’s USDV introduced a second issuer to XRPL’s dollar mix. USDV is listed as a permissioned, fiat-backed token whose trustlines require issuer authorization. Valtorum’s litepaper describes USDV as a synthetic dollar for institutions, payment networks and on-chain markets, and says the reserve model can include stablecoins, hard assets, bonds, Treasuries and crypto collateral. Valtorum’s reserve dashboard shows several feeds marked “attestation pending,” and only the XRPL registry is live while listings on Stellar, Solana, Sui and Ethereum are staged. Valtorum’s compliance page states that “only wallets and participants approved by Valtorum may participate in the token’s network.”

On-chain activity did not rise to match the larger supply at the time of the data check. Twenty-four-hour decentralized exchange volume on XRPL was about $3.98 million and daily chain fees were roughly $360, while listed stablecoin supply was near $890 million.

Observers cite several measurable thresholds to judge whether multi-issuer growth is sustained: total XRPL stablecoin supply rising above $1.1 billion; USDV supply increasing toward $75–$100 million; public, live reserve attestations from issuers; sustained growth in transfer and trading volume; wider distribution of holders beyond issuer-controlled wallets; and new exchange or corridor integrations. They also note that total supply falling below $800 million, a return of RLUSD liquidity to Ethereum, or stagnant USDV issuance would indicate a reversal of recent gains.