Blab Crypto
XRP Ledger Stablecoin Market Expands, DEX Activity Surges, but XRP Depth Remains Modest
On September 11, 2026, the XRP Ledger’s stable‑coin ecosystem swelled to $1.126 billion, a 22.2 % jump from the $921.9 million reported a month earlier. The rise is largely driven by Ripple’s USD‑backed token RLUSD, which has seen a steady influx of new issuance. At the same time, trading on the ledger’s decentralized exchange (DEX) accelerated, with 30‑day volume climbing 152.1 % to $253.1 million, even as the most recent week’s volume cooled by 25.4 % to $30.6 million.
The ledger’s stable‑coin figures are confirmed by DefiLlama’s tracking of XRPL‑issued tokens. RLUSD’s circulation grew in tandem with the broader market, reaching 2.3956 billion in total supply according to Ripple’s own reporting on September 3, 2026. A ledger query on September 11 revealed 1.0315 billion RLUSD issuer obligations, roughly 43 % of the earlier figure. Because the two snapshots were taken at different times, the percentage should be viewed as a rough scale marker rather than an exact allocation.
DEX activity on the XRPL has followed a similar upward trend. The latest 30‑day window shows $253.1 million in trading volume, a sharp increase from the $100.4 million recorded in the preceding month. The larger monthly figure indicates sustained activity that has persisted into the current window, while the weekly decline points to a short‑term cooling. These numbers reflect a ledger that is increasingly being used for liquidity provision and token swaps.
Despite the larger stable‑coin base and higher DEX turnover, the amount of XRP that is visibly tied to stable‑coin liquidity remains modest. The XRPL.to‑tracked XRP/RLUSD automated‑market‑maker (AMM) holds about 1.724 million XRP and 2.288 million RLUSD. Valued at the September 11 market price of roughly $1.32 per XRP and $1 per RLUSD, the pool’s reserves total about $4.6 million—only 0.41 % of the $1.126 billion stable‑coin market.
XRP’s potential role in the ledger’s liquidity landscape is further highlighted by the auto‑bridging feature, which can route trades between issued‑token markets through XRP when the combined route offers a better price than a direct pair. However, the mechanism does not guarantee that XRP will be used; direct issued‑token pairs can still provide the best rate, and ordinary payment transactions do not auto‑bridge by default.
Transaction fees on the XRPL also provide a source of native‑asset use. The standard minimum fee is 10 drops (0.00001 XRP) before load scaling. At the September 11 price, this fee is a fraction of a cent and is destroyed as part of the network’s security protocol. Whether XRP’s demand will grow depends on liquidity dynamics rather than fee burn. For XRP to capture sustained demand, market makers would need to hold larger balances for longer periods, or XRP‑linked routes would need to capture a growing share of trade volume.
In summary, the XRPL’s stable‑coin market has expanded to over $1 billion, and DEX activity has more than doubled in the past month. XRP’s price has rebounded 29.7 % over 30 days, though it fell 8.7 % in the last week. The visible XRP depth tied to stable‑coin liquidity remains modest, and there is no definitive evidence that XRP is being used as a bridge in a significant portion of trades. The next step for the network will be to demonstrate measurable XRP‑routed flow and durable inventory, which would confirm that the larger stable‑coin base translates into sustained token demand.
The ledger’s stable‑coin figures are confirmed by DefiLlama’s tracking of XRPL‑issued tokens. RLUSD’s circulation grew in tandem with the broader market, reaching 2.3956 billion in total supply according to Ripple’s own reporting on September 3, 2026. A ledger query on September 11 revealed 1.0315 billion RLUSD issuer obligations, roughly 43 % of the earlier figure. Because the two snapshots were taken at different times, the percentage should be viewed as a rough scale marker rather than an exact allocation.
DEX activity on the XRPL has followed a similar upward trend. The latest 30‑day window shows $253.1 million in trading volume, a sharp increase from the $100.4 million recorded in the preceding month. The larger monthly figure indicates sustained activity that has persisted into the current window, while the weekly decline points to a short‑term cooling. These numbers reflect a ledger that is increasingly being used for liquidity provision and token swaps.
Despite the larger stable‑coin base and higher DEX turnover, the amount of XRP that is visibly tied to stable‑coin liquidity remains modest. The XRPL.to‑tracked XRP/RLUSD automated‑market‑maker (AMM) holds about 1.724 million XRP and 2.288 million RLUSD. Valued at the September 11 market price of roughly $1.32 per XRP and $1 per RLUSD, the pool’s reserves total about $4.6 million—only 0.41 % of the $1.126 billion stable‑coin market.
XRP’s potential role in the ledger’s liquidity landscape is further highlighted by the auto‑bridging feature, which can route trades between issued‑token markets through XRP when the combined route offers a better price than a direct pair. However, the mechanism does not guarantee that XRP will be used; direct issued‑token pairs can still provide the best rate, and ordinary payment transactions do not auto‑bridge by default.
Transaction fees on the XRPL also provide a source of native‑asset use. The standard minimum fee is 10 drops (0.00001 XRP) before load scaling. At the September 11 price, this fee is a fraction of a cent and is destroyed as part of the network’s security protocol. Whether XRP’s demand will grow depends on liquidity dynamics rather than fee burn. For XRP to capture sustained demand, market makers would need to hold larger balances for longer periods, or XRP‑linked routes would need to capture a growing share of trade volume.
In summary, the XRPL’s stable‑coin market has expanded to over $1 billion, and DEX activity has more than doubled in the past month. XRP’s price has rebounded 29.7 % over 30 days, though it fell 8.7 % in the last week. The visible XRP depth tied to stable‑coin liquidity remains modest, and there is no definitive evidence that XRP is being used as a bridge in a significant portion of trades. The next step for the network will be to demonstrate measurable XRP‑routed flow and durable inventory, which would confirm that the larger stable‑coin base translates into sustained token demand.
