XRP Ledger Stablecoin Market Cap Hits $1.159 Billion
The XRP Ledger’s stablecoin market capitalization reached approximately $1.159 billion on September 25, after adding $67.12 million over the previous week, according to data from DefiLlama. Ripple USD (RLUSD) was the primary driver, accounting for $1.067 billion of the total — a dominant 92.1% share of the tracked stablecoin market on the network.
RLUSD Continues to Dominate Stablecoin Growth
RLUSD’s market cap on the XRP Ledger rose 11.55% over the past 30 days, outpacing the overall stablecoin market on the network, which expanded 9.8% in the same period. This growth further widened the gap between RLUSD and its competitors. For example, USDC’s tracked market cap on XRPL dropped 21.86% over the month to approximately $4.62 million, although it rebounded 6.71% in the latest week — just above RLUSD’s 6.69% weekly increase. Other stablecoins also saw declines: Valtorum USD fell 7.03% to $72.77 million, and EUR CoinVertible dropped 2.37% to around $11.37 million.
These figures track only balances recorded on the XRP Ledger and do not represent each stablecoin’s total circulation across all supported blockchains. The data also does not confirm that holders exchanged USDC or other tokens directly for RLUSD; such movement would require transaction-level evidence.
Stablecoin Growth Is Not Directly Tied to XRP Buying
DefiLlama defines chain stablecoin market capitalization as the total tracked value of stablecoins on a blockchain, distinct from trading volume or DeFi deposits. Therefore, the $67.12 million weekly increase does not represent an equivalent amount of XRP purchases, nor does it confirm institutional investment without identifying the entities behind the balances. The available data shows RLUSD as the most tracked stablecoin on XRPL but does not reveal who holds the tokens or why balances grew.
RLUSD is designed to maintain a one-dollar value, backed by segregated cash and cash-equivalent reserves. It operates on both the XRP Ledger and Ethereum, meaning the $1.067 billion figure only reflects the portion on XRPL. Ripple notes that RLUSD targets payments, settlements, and treasury flows, while XRP remains XRPL’s native cryptocurrency with a market-determined price.
XRPL Upgrade Targets Institutional Permission Controls
The XRP Ledger is approaching a second attempt at the PermissionDelegationV1_1 amendment, which entered a 14-day activation countdown on September 21 after 29 of 35 trusted validators signaled support. If validator support holds at or above the required 80% threshold, the amendment could activate on October 5.
This feature would allow account owners to delegate specific actions — such as transaction processing — without granting full control over the account. Each delegate can receive up to 10 permissions, and the main account can revoke them at any time. For example, a payments desk could be authorized to process transactions without the ability to change critical security settings. Stablecoin issuers and custodians could use internet-connected systems for daily operations while keeping higher-level account keys offline.
The amendment replaces an earlier version that was rejected by validators after a community tester discovered a flaw on a testnet. The flaw allowed an attacker to make another account pay fees for improperly signed transactions, potentially draining XRP through repeated transaction charges. The revised amendment, included in xrpld 3.3.0, changes how the network handles unauthorized transactions, preventing fee charges before signature verification.
Conclusion
The XRP Ledger’s stablecoin market capitalization has reached $1.159 billion, with RLUSD commanding a 92.1% share. Meanwhile, the PermissionDelegationV1_1 amendment, which introduces more granular account controls, is on track for possible activation on October 5 after developers fixed a security flaw in the earlier version.
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