Read this article on bsc.news Transfer volume for Ripple's @Ripple stablecoin $RLUSD on the @XRP Ledger has risen by more than 900% in 2026, according to data from Token Relations. Monthly vo
Transfer volume for Ripple's @Ripple stablecoin $RLUSD on the @XRP Ledger has risen by more than 900% in 2026, according to data from Token Relations. Monthly volume grew from $2.2 billion in January to $20.1 billion in October.
The figures point to rapid adoption of Ripple USD (RLUSD) as a settlement asset on the network, though they measure value transferred rather than the number of users or the amount of fresh capital entering the ledger.
Token Relations data also indicates that RLUSD accounts for about 91% of the roughly $976 million in stablecoins on the XRP Ledger. Other trackers show a similar picture. DefiLlama data reported in September put RLUSD's share at 92.1% of the $1.159 billion stablecoin market on the XRP Ledger. Total stablecoin supply on the ledger passed $1 billion for the first time in Q3 2026, with Ripple USD making up nearly all measured liquidity.
Earlier in the year, Token Terminal data showed RLUSD transfer volume hit $18.4 billion in Q1 2026, the highest quarter on record at that point. By August, monthly volume reported by RWA.xyz had reached $11.81 billion across 1.39 million transfers. Different data providers use different methodologies, so volume totals vary between sources.
Supply has grown alongside activity. RWA.xyz data placed RLUSD's market capitalisation at approximately $2.02 billion in August, with about $962.8 million issued on the XRP Ledger and $1.05 billion on Ethereum.
Analysts have urged caution when reading transfer figures. A Tokenpost report noted that the transfer figure does not identify how many distinct users were active or how much activity came from recurring commercial settlements. Separate on-chain analysis reported by Tokenpost found that between Sept. 19 and Oct. 18, 2026, nearly all RLUSD payments on the XRP Ledger were tiny transfers under one unit, while larger transfers moved $7.33 billion in gross value.
The link to $XRP is also debated. Transactions on the ledger require fees in XRP, and accounts must hold XRP reserves. However, growth in stablecoin activity does not prove users bought XRP in proportion to that activity.
The concentration in a single issuer is another consideration. Reporting on RLUSD's August milestone noted that it means the growth of the XRP Ledger's stablecoin sector remains heavily dependent on a single issuer.
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