Stablecoins on the XRP Ledger grew to $1.126 billion even as XRP posted a 29.7% monthly gain, but the visible XRP-linked liquidity backing that growth remains small. A $4.6 million XRP/RLUSD pool sits inside the billion-dollar stablecoin base, leaving the case for durable XRP demand unproven.
XRPL's tracked stablecoin supply rose 22.2% from $921.9 million on Aug. 12 to $1.126 billion on Sept. 11, according to DefiLlama data. Over the same window, XRP itself traded near $1.32 on a Sept. 11 snapshot, up 29.7% over 30 days but down 8.7% over the prior seven.
Exchange volume surges, then cools
XRPL decentralized-exchange volume for the latest complete 30-day window reached $253.1 million, more than double the $100.4 million of the preceding 30 days — a 152.1% increase. Seven-day volume tells a different story: it fell to $30.6 million from $41.1 million, a 25.4% decline. A strong rolling month and a weaker latest week can coexist when earlier activity remains inside the longer window.
A small pool against a billion-dollar base
An XRP/RLUSD automated market maker tracked by XRPL.to held about 1.724 million XRP and 2.288 million RLUSD at validated ledger 106912297. Valued at the nearby market snapshot, both sides total about $4.6 million, roughly 0.41% of DefiLlama's XRPL stablecoin total. That gap does not prove this is the largest XRP/RLUSD venue, nor does it show how often payments or other pools route through XRP.
Ripple separately reported about 2.3956 billion RLUSD in total circulation as of Sept. 3, while an XRPL ledger query on Sept. 11 showed about 1.0315 billion RLUSD of issuer obligations on the ledger — roughly 43% of Ripple's eight-day-earlier total. Because the two readings were not simultaneous, that percentage is a scale marker rather than a precise allocation.
Routing, not fees, will decide the case
XRPL's auto-bridging system can route issued-token trades through XRP when the combined path beats a direct pair, but a direct pair can also win, so XRP holds no exclusive claim on the flow. Transaction fees burn XRP too, but the standard minimum cost is 10 drops, or 0.00001 XRP, before load scaling — a negligible sum at current prices.
Sustained XRP demand therefore depends on routing share and how long liquidity providers hold their inventory, neither of which current aggregate data reveals. Until XRP-linked pools deepen alongside stablecoin turnover and path-level data shows XRP actually winning routes, the evidence points to a bigger opportunity rather than a confirmed source of token demand.
Source: CryptoSlate
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