XRPL Stablecoin Supply Tops $762M as Tokenized Asset Value Reaches $3.57B

Stablecoin supply on the XRP Ledger [XRPL] has reached roughly $762 million, including a 22% increase in recent weeks, driven primarily by growth in Ripple USD [RLUSD]. For most of 2025, stablecoin capitalization on the network remained below $100 million. That changed in November, when supply pushed above $200 million and entered a sustained expansion phase that has continued into 2026, with broader stablecoin capitalization rising 77% to $888.5 million over the past month.

The expansion of on-ledger liquidity has coincided with increased tokenization activity. The represented asset value on XRPL has reached $3.57 billion, while the distributed on-chain asset value stood at $385 million. Institutional pilots are reinforcing the shift toward using XRPL for asset issuance. Ondo Finance recently conducted a tokenized U.S. Treasury redemption test that involved JPMorgan's Kinexys platform, Mastercard, and Ripple. In that pilot, XRPL facilitated the transfer of tokenized assets while cash settlement occurred off-chain.

Transfer volume on the network reflects the rising activity, jumping 123% to $4.71 billion over the past month. Those flows provide the liquidity needed to support both settlement and asset transfers on the ledger. However, the number of real-world asset [RWA] holders on XRPL rose only to 110, indicating that adoption still trails issuance. The data suggest that attracting capital and participants to use tokenized assets remains a larger hurdle than creating them.

Ripple has framed the growth as part of a broader transition in how the network is used, with stablecoins, tokenized assets, and other financial applications occupying a larger share of activity. As more capital stays within the XRP ecosystem, payment and settlement activity can scale more efficiently, and if supply continues to rise, network utilization may follow. The combination of expanding stablecoin supply and rising tokenized asset values points to gradual diversification of on-ledger demand beyond the network's traditional cross-border settlement focus.