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XRP Ledger Stablecoin Market Cap Falls Below $1 Billion

Ripple Treasury rebalanced liquidity toward Ethereum to support decentralized finance and collateral applications.

Updated on Oct. 23, 2026 in Investing

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Ripple Treasury rebalanced liquidity by burning $50.6 million in RLUSD on the XRP Ledger, shifting supply toward the Ethereum ecosystem. AI Illustration. Upload story photo >

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The stablecoin market capitalization on the XRP Ledger has contracted by 13.19% over the past week, dropping below $1 billion. This decline follows a strategic shift by Ripple Treasury to move RLUSD supply from the XRP Ledger to Ethereum.

Why it matters

The rebalancing reflects institutional demand for Ethereum-based rails, which currently offer more mature ecosystems for decentralized finance and collateralized lending. Ripple aims to optimize its stablecoin liquidity across different blockchain environments to serve these specific use cases.

The total stablecoin market cap on the XRP Ledger now sits at approximately $999.9 million, ranking it 12th globally. RLUSD remains the primary asset, accounting for 90.75% of the ledger's total stablecoin value.

The players

Ripple Treasury

This entity manages the liquidity and distribution of the RLUSD stablecoin across various blockchain networks.

Cross River Bank

This financial institution recently integrated the RLUSD stablecoin into its banking platform on the XRP Ledger.

Arf

This firm is a liquidity provider that plans to utilize the XRP Ledger native lending protocol for future operations.

The details

Ripple Treasury executed this transition by burning $50.6 million in RLUSD on the XRP Ledger while simultaneously minting $38.6 million of the asset on Ethereum. Despite the reduction on the ledger, the total circulating supply of RLUSD across all networks remains stable between $2.35 billion and $2.4 billion.

Timeline

  1. Earlier in October 2026, total stablecoins on the ledger exceeded $1.3 billion.

  2. As of October 22, 2026, the RLUSD market cap on the XRP Ledger reached $907 million.

  3. October 23, 2026, marked the publication of data regarding the weekly market cap decline.

Market Dynamics

This rebalancing mirrors a broader trend where stablecoin issuers pivot liquidity toward networks with established DeFi ecosystems. The move aligns with the development of the XRP Ledger native lending protocol, which is expected to reclaim liquidity once active.

Retail investors and participants in XRP Ledger ecosystems should note that liquidity availability for specific collateral applications may shift between chains. Those tracking RLUSD supply must now account for cross-chain movements rather than focusing solely on a single ledger.

The takeaway

Stablecoin issuers are increasingly managing assets dynamically to match the technical capabilities of different blockchain networks. Users looking to leverage stablecoins for DeFi should prioritize chains that offer the most mature infrastructure for their specific financial goals.

Further reading

For more on market trends, visit our Investing section.

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