The Ripple (XRP) Ledger (XRPL) has overtaken Stellar Lumen in terms of stablecoin supply. According to overseas crypto media CoinGraph, Ripple's stablecoin Ripple USD (RLUSD) has grown rapidly, expanding stablecoin activity on the XRPL along with it.

■ Overtaking Stellar Lumen in Stablecoin Supply

According to CoinGraph, citing data from DefiLlama, the total stablecoin supply on the XRP Ledger reached $1.092 billion, ranking 12th among all blockchains. Meanwhile, Stellar Lumen recorded $968.67 million, ranking 13th.

A clear difference also appeared in supply changes. According to CoinGraph, XRPL's stablecoin supply grew 14.29%, while Stellar Lumen's fell 5.87%. Looking at the past week alone, XRPL's stablecoin supply increased by about 13%, while Stellar Lumen decreased by 6.5% over the same period.

CoinGraph reported that during the recent cryptocurrency market rally, XRP's price surged 20%, showing a stronger trend than Stellar Lumen (XLM).

■ RLUSD Accounts for 90% of Supply, Still a Gap with Ethereum

RLUSD accounts for the majority of the XRPL's stablecoin supply. According to data cited by CoinGraph, RLUSD makes up 90.49% of the total XRPL stablecoin supply. As a result, the amount of RLUSD circulating on the XRPL has exceeded $988 million.

However, comparing RLUSD supply alone, Ethereum still leads the XRPL. According to CoinGraph, the XRP Ledger previously surpassed Ethereum in RLUSD supply, but Ethereum later regained the lead. As of CoinGraph's report, approximately $1.08 billion worth of RLUSD has been supplied on Ethereum, while XRPL's RLUSD supply stands at around $988.36 million.

■ Market Cap Exceeds $2 Billion, Chasing PayPal USD

RLUSD's own growth momentum continues. According to CoinGraph, RLUSD's market capitalization has surpassed $2 billion, narrowing the gap with PayPal USD, which has a market cap of approximately $2.87 billion. RLUSD is a stablecoin launched by Ripple in December 2024 (local time).

CoinGraph reported that XRPL validator 'Vet' evaluated RLUSD, saying it is "the fastest-growing stablecoin among those regulated by the New York Department of Financial Services (NYDFS)."

■ Expansion into Institutional Credit Markets

Along with RLUSD's growth, Ripple continues to make moves in the institutional credit market. According to CoinGraph, Ripple is participating in a new venture with Clearpool and Cicada Partners to provide XRPL-based RLUSD loans to fintech and payment companies.

In this venture, Cicada recruits borrowers and sets loan terms, while Clearpool builds the lending platform. Ripple provides the funding needed for development. The lending method is still in the development stage.

According to CoinGraph, XRP continues to be used for transaction fees and account reserves on the XRPL, while RLUSD was created to enable dollar-based use and settlement within the ecosystem.

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