XRPL Stablecoin Market Cap Drops Below $1 Billion After 13% Weekly Decline

XRPL stablecoin supply has dropped sharply. According to DefiLlama data, the XRP Ledger’s total stablecoin market cap contracted 13.19% over the past week.

It now sits at roughly $999.9 million, just below the $1 billion mark. XRPL still ranks 12th globally by stablecoin supply. It holds that position ahead of Aptos in 13th place.

RLUSD, Ripple’s dollar-pegged token, remains the dominant force, carrying over 90.75% of all stablecoin value on the ledger.

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What Is Driving the XRPL Stablecoin Contraction?

The numbers tell a clear story. RLUSD’s market cap on XRPL dropped to around $907 million as of October 22, 2026. That marks a 14.39% decline over seven days.

Earlier in October, total stablecoins on the ledger had climbed past $1.3 billion on strong growth weeks. The pullback from that peak is significant.

This is not random. CoinGape earlier reported on Ripple’s RLUSD mint and burn activity, Ripple Treasury minted $38.6 million on Ethereum while burning $50.6 million on XRPL.

That is a net $12 million reduction in circulating supply. The pattern points to a deliberate cross-chain rebalancing.

Institutional demand appears to be pulling RLUSD liquidity toward Ethereum rails, where DeFi use cases and collateral applications are more mature.

The concentration risk on XRPL is real. With one issuer controlling over 90% of stablecoin supply, any mint or burn decision by Ripple moves the market.

Even so, RLUSD’s total circulating supply across all chains remains in the $2.35–2.4 billion range, which suggests the ecosystem itself is not shrinking, only redistributing. That distinction matters for how investors should read this data.

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New Partnerships Hold the Floor as Investors Watch the Recovery

Despite the contraction, XRPL’s stablecoin infrastructure is expanding. Cross River Bank recently integrated RLUSD into its core banking platform on the XRP Ledger.

That move opens RLUSD-powered settlement, cross-border transfers, and blockchain payments to a broad network of fintech firms.

Settlement-focused demand of that kind could gradually restore supply to the ledger as partner volume grows.

Ripple has also partnered with Arf to supply 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 launches. Similarly, Standard Chartered opened RLUSD institutional custody through its Dubai DIFC branch, a signal that regulated institutions see long-term value in the ledger’s payment rails.

Context also helps here. As CoinGape reported, XRPL overtook Stellar in stablecoin supply earlier this year as RLUSD gained momentum, a position it still holds today even after the weekly pullback.

The XRPL stablecoin supply figure is a live gauge of payment and DeFi activity on the ledger, so it warrants close monitoring in the weeks ahead.

Investors should watch whether supply recovers above the $1–$1.2 billion range, how Ripple’s mint and burn pattern evolves across XRPL versus Ethereum, and whether new settlement integrations translate into measurable on-chain demand.