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The XRP Ledger’s stablecoin market capitalization reached about $1.159 billion on September 25 after gaining $67.12 million in seven days, according to DefiLlama. RLUSD drove most of that market, while an upcoming XRPL upgrade could give institutions more control over account permissions.
The network’s stablecoin value increased 6.15% during the week. Ripple USD, or RLUSD, accounted for about $1.067 billion, equal to 92.1% of the total tracked stablecoin market.
At the same time, the XRP Ledger is approaching another technical change. PermissionDelegationV1_1 entered its 14-day activation countdown on September 21 after 29 of 35 trusted validators supported the amendment.
RLUSD’s market capitalization on the XRP Ledger increased 11.55% over 30 days. The broader stablecoin market on the network expanded 9.8% during the same period. That growth widened the gap between RLUSD and several competing stablecoins. USDC’s tracked XRP Ledger market capitalization dropped 21.86% over 30 days to approximately $4.62 million.
Still, USDC improved during the latest week. Its market capitalization rose 6.71% over seven days, slightly above RLUSD’s 6.69% weekly increase. The rebound did not offset USDC’s monthly decline.
Other tracked stablecoins also contracted over the month. Valtorum USD fell 7.03% to $72.77 million, while EUR CoinVertible declined 2.37% to approximately $11.37 million.
Those figures cover only balances recorded on the XRP Ledger. They do not represent each stablecoin’s combined circulation across every supported blockchain.
The data also does not show that holders exchanged USDC or other tokens directly for RLUSD. Proving such movements would require transaction-level evidence linking stablecoin reductions with RLUSD issuance or purchases.
DefiLlama defines chain stablecoin market capitalization as the total tracked value of stablecoins residing on a blockchain. The figure differs from trading volume and decentralized finance deposits.
Therefore, the $67.12 million weekly increase does not represent an equivalent amount of XRP purchases. It also does not confirm institutional investment without identifying the entities and transactions behind the balances.
The available data shows that RLUSD now represents the most tracked stablecoin value on XRPL. It does not identify who holds those tokens or explain why balances increased.
Ripple designed RLUSD to maintain a one-dollar value. The company says segregated cash and cash-equivalent reserves back the stablecoin, while holders can redeem it one-for-one for dollars.
Read More: XRP Ledger Native Lending: How On-Chain Lending Could Work
RLUSD operates on the XRP Ledger and Ethereum. As a result, the $1.067 billion XRPL figure represents only the portion tracked on that network.
Ripple lists payments, settlements, and treasury flows among RLUSD’s intended uses. XRP serves another purpose as XRPL’s native cryptocurrency, and market trading determines its price.
PermissionDelegationV1_1 could activate on October 5 if validator support remains at or above the required 80% threshold. The amendment entered its countdown with support from 29 trusted validators.
The feature would let account owners delegate specific actions without granting full control over an account. Each delegate can receive up to 10 permissions, while the main account can revoke them.
For example, a payments desk could receive authority to process transactions without gaining permission to change critical security settings. That structure separates routine activity from wider account control.
Stablecoin issuers and custodians could use internet-connected systems for daily operations while keeping higher-level account keys offline. The amendment marks XRPL’s second attempt to introduce the feature. Developers first included it in xrpld 2.5.0, but a community tester later discovered a flaw on a test network.
The flaw allowed an attacker to make another account pay fees for improperly signed transactions. Repeated submissions could have drained the victim’s XRP through transaction charges.
Validators rejected that amendment before activation. The replacement ships with xrpld 3.3.0 and changes how the network handles unauthorized transactions, preventing fee charges before signature verification.
XRP Ledger stablecoin value reached $1.159 billion as RLUSD expanded its share to 92.1%. Meanwhile, PermissionDelegationV1_1 approaches possible October 5 activation, offering more granular account controls after developers replaced an earlier version affected by a fee-related security flaw.
