The total supply of XRPL stablecoins has increased by 22% in recent weeks to approximately $762 million, and this is not just a liquidity milestone. This is evidence that Ripple’s stablecoin RLUSD has quietly consolidated institutional control over Ripple Ledger’s dollar layer, capturing approximately 83-88% of the network’s stablecoin liquidity.
Transfer volume jumped 123% month-on-month to $4.71 billion, and the stablecoin’s market capitalization has since surpassed $888.5 million on a 30-day basis, suggesting that the expansion is not an artifact of a single event but a tectonic shift in how the ledger is used.
In other words, bars are being built at a rapid pace. The number of passengers of 110 RWA holders according to the latest available data is another matter entirely, and that gap is the story.
This decrease in supply of the XRPL stablecoin comes with XRP up +3.2% over the past 24 hours, regaining $1.10 and now trading at approximately $1.16, with a daily trading volume of $2 billion.
Historical $XRP Bear markets typically last 400-790 days with a decline of 85-96%. In 2026, we correct by only 350 days, and are only 71% down from the July 2025 ATH.
The duration and depth ratio of these bears diminish over time, so the area designated for marking… pic.twitter.com/cNVRf1vDJH
— 🇬🇧 ChartNerd 📊 (@ChartNerdTA) June 8, 2026
XRPL Ripple Stablecoin View: What’s Actually 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 a 1:1 reserve ratio to the US dollar at BNY Mellon.
This regulatory framework has proven its credibility with institutional counterparties. RLUSD minting has accelerated until 2025, with large issuances linked to exchanges and beta activities.
For most of 2025, the total market cap of the stablecoin XRPL has remained below $100 million, with the asset primarily recognized for cross-border payments. A turning point occurred in November 2025, when supply exceeded $200 million, indicating a sustained phase of expansion. By June 2026, XRPL stablecoin supply had reached $762 million, largely driven by RLUSD.
It is important to note that the 83-88% dominance figure for RLUSD applies to XRPL’s native stablecoins, not to their overall existence. About 77-82% of RLUSD supply is on Ethereum, which serves as a DeFi collateral, a choice Ripple made at launch.
The $762 million reflects XRPL’s stake in a larger cross-chain stablecoin. The significant monthly increase of 123% in transfer volume indicates increased usage, although the nature of these transactions remains unclear.
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XRPL’s $3.57B RWA Layer: Infrastructure at Scale, Adoption Still Weak
He is $XRP About to flip tons of dollars For stablecoin supplies?!
At the time of writing, the market cap of the stablecoin stands at @ripple‘s $XRPL It rose an insane +23% over the week, reaching a total of $762 million.
It is now ranked No. 15 behind @ton_blockchain Which has a stable coin supply of $802 million. pic.twitter.com/O8qNUbD9Up
-BSCN (@BSCNews) June 8, 2026
The XRP Ledger tokenization has expanded significantly, with $3.57 billion in asset value and $385 million in on-chain distributed asset value, reflecting the difference between registered and actively traded assets.
Messari’s Q1 2026 report highlighted XRPL’s RWA market capitalization of $2.25 billion, up 124% QoQ, placing it in fourth place globally. Key contributors include OpenEden’s TBILL Vault, Ondo Finance’s US Government Bond Fund, and RLUSD.
One key institutional proof point is the US Treasury redemption pilot program in May 2026, in which Ondo Finance, JPMorgan Kinexys, Mastercard, and Ripple participated. This successful cross-border transaction for 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 points to institutional confidence in XRPL as… reasonable settlement layer, raising questions about the potential for scalable operational workflows.
Passenger problem: XRPL has the rails, but only 110 RWA holders are on board the train
As of June 2026, there are 110 registered RWA holders on XRPL, representing a total asset value of $3.57 billion. This translates to an average position size of over $30 million per holder, indicating a potential institutional focus rather than widespread adoption. However, this number can also reflect that a significant portion of the asset value is recorded but not actively held.
On the positive side, the 110 owners point out that early-stage institutional trials are testing the network, which could lead to wider adoption. Conversely, it also shows that despite Ripple’s tokenization efforts, there is limited participation from market makers and fund managers, which is essential for liquidity.
In addition, it is important to understand whether the number of holders is increasing, whether institutions are consolidating their positions, or whether there is significant off-chain activity before publishing on-chain. The disparity between $3.57 billion in value represented and $385 million in value distributed on-chain raises questions about asset trading on XRPL, leaving the future of this holding uncertain.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to provide accurate and timely information but should not be considered financial or investment advice. Since market conditions can change rapidly, we encourage you to verify the information yourself and consult with a professional before making any decisions based on this content.
Daniel Francis is a technical writer and Web3 educator specializing in macroeconomics and DeFi mechanics. A crypto native since 2017, Daniel brings his background in cross-chain analytics to author evidence-based reports and detailed guides. It is certified by the Blockchain Council and is dedicated to providing “information gain” that cuts through the market noise to find blockchain’s real-world utility.
