TLDR
The XRP Ledger’s total stablecoin market cap fell 13.19% in a week to about $999.9 million.
XRPL still ranks 12th in the world by stablecoin supply, one spot ahead of Aptos.
RLUSD, which holds over 90% of XRPL stablecoin value, dropped 14.39% to around $907 million.
Ripple burned $50.6 million RLUSD on XRPL and minted $38.6 million on Ethereum.
Cross River Bank, Arf and Standard Chartered have all launched new RLUSD services.
The XRP Ledger’s stablecoin market has shrunk over the past week. Data from DefiLlama shows that the total stablecoin market cap on XRPL fell 13.19% in seven days.
The figure now stands at about $999.9 million. That puts it just under the $1 billion mark.
Despite the drop, XRPL still ranks 12th in the world by stablecoin supply. It sits one spot ahead of Aptos, which holds 13th place.
XRP Price on CoinGecko
RLUSD Leads the Decline
Ripple’s dollar-pegged stablecoin, RLUSD, makes up most of the stablecoin value on the ledger. It accounts for about 90.75% of the total.
RLUSD’s market cap on XRPL fell to around $907 million as of October 22, 2026. That is a 14.39% drop over seven days.
Earlier in October, total stablecoins on the ledger had climbed above $1.3 billion. The current level is well below that peak.
Recent mint and burn activity helps explain the move. According to CoinGape, Ripple Treasury minted $38.6 million RLUSD on Ethereum while burning $50.6 million on XRPL.
That resulted in a net $12 million cut in circulating supply. The pattern points to Ripple moving RLUSD liquidity from XRPL toward Ethereum.
Institutional demand appears to be drawing RLUSD to Ethereum, where DeFi and collateral use cases are more developed. Because one issuer controls over 90% of XRPL’s stablecoin supply, Ripple’s decisions directly move the ledger’s numbers.
RLUSD’s total supply across all chains remains between $2.35 billion and $2.4 billion. This suggests the token is being spread across networks rather than shrinking overall.
New Partnerships on the XRP Ledger
Ripple has continued to add partners on XRPL. Cross River Bank recently integrated RLUSD into its core banking platform on the ledger.
The integration gives fintech firms access to RLUSD-based settlement, cross-border transfers and blockchain payments. Growth in settlement volume from these partners could bring supply back to the ledger over time.
Ripple has also teamed up with Arf to provide RLUSD-backed working capital to licensed cross-border payment firms on XRPL. Arf plans to deploy that liquidity through XRPL’s native lending protocol once it goes live.
Standard Chartered has opened institutional custody for RLUSD through its Dubai DIFC branch. The service gives regulated clients a way to hold the stablecoin.
XRPL passed Stellar in stablecoin supply earlier this year as RLUSD grew. It still holds that lead after this week’s pullback.
Market watchers are now tracking whether supply returns to the $1 billion to $1.2 billion range. They are also watching how Ripple splits RLUSD mints and burns between XRPL and Ethereum.
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