XRPL Stablecoin Supply Jump Is Mostly RLUSD Changing Chains

XRPL stablecoin supply reached $1.30 billion on October 6 in DefiLlama's chain table, up 8.4% on a week earlier by its daily chart. Avalanche still leads it, with a gap of about $170 million. The jump looks like organic growth until you split it by chain.

XRPL Stablecoin Supply In Numbers

DefiLlama's daily chart for XRPL starts the week at $1.20 billion on September 29 and ends it at $1.30 billion. Stretch the window to 30 days and XRPL stablecoin supply is up 16.7%. Go back three months and the rise is 43.4%. October 2 was the peak day of that run at $1.31 billion.

Scale and ranking both matter. Ethereum holds $146.1 billion in the same table and Tron $94.2 billion. Solana and BNB Chain sit in the teens of billions, so XRPL's total is under 1% of Ethereum's. XRPL ranks 12th. Avalanche is 10th, and Plasma is 11th at $1.38 billion, so a flip would first mean passing Plasma.

The picture is narrow, and it is mostly one issuer. Ripple's RLUSD makes up $1.22 billion of the $1.30 billion, or 94%. Valtorum's USDV adds $72.8 million, USDC about $5.4 million, and the rest is under $2 million.

Ripple's own page says RLUSD is issued by a New York trust supervised by NYDFS. The ledger agrees with the aggregator. A request to a public XRPL server for the issuer's balances returned $1,219,375,211 in obligations at validated ledger 107,469,928, within $1.5 million of DefiLlama's figure.

DefiLlama's chain table lists Avalanche at about $1.468 billion and XRPL at about $1.299 billion.

Where The RLUSD Behind XRPL Stablecoin Supply Came From

RLUSD lives on two chains, and DefiLlama tracks both. Between September 30 and October 2, its XRPL balance rose from $1.12 billion to $1.24 billion, a gain of $111 million. Its Ethereum balance fell from $1.40 billion to $1.27 billion over the same two days, a drop of $122 million.

Combined, that is a net change of minus $11 million. Money moved from one chain to the other.

Single-day readings need care, too. DefiLlama's October 1 point shows XRPL's RLUSD at $1.01 billion. The next day it reads $1.24 billion. That swing looks more like a timing gap in the data than a real outflow.

The longer view is more mixed. Over 30 days XRPL's RLUSD grew by $190 million while Ethereum's shrank by $102 million. Just over half of the XRPL gain therefore came from Ethereum. The other $89 million was new supply. Total RLUSD stands at $2.50 billion, up from $1.59 billion on August 7.

XRPL now holds 48.9% of all RLUSD, against 42.8% a month ago. Reading the chain's total as local demand misses that the same dollars can appear on either side.

Can XRPL Pass Avalanche On Stablecoin Supply?

Plain arithmetic says XRPL stablecoin supply could pass Avalanche within weeks. XRPL added about $100 million in the last seven days, and the gap is $170 million. That pace would close it in roughly 12 days if Avalanche stood still.

Several things argue against reading that as a forecast, starting with how lumpy the series is. RLUSD slipped $6 million on the latest day, and issuance moves in lumps rather than a steady line. About half of the recent gain was a transfer, which adds nothing to the total. Plasma sits in the way as well.

Holders of the XRP token should read this as a ledger story. XRP trading follows other drivers, and stablecoin balances are not a price signal. This article is not investment advice.