Tracked stablecoins on the XRP Ledger reached $1.338 billion by Oct. 7. For holders of XRP, the crucial question centers on how much transaction activity utilizes the token as principal, alongside the duration that users or intermediaries need to maintain balances.
The native token of the ledger, XRP, is required for account reserves and network fees. Meanwhile, stablecoins, securities records, and tokenized funds are able to keep their principal in alternative assets. Bridge routes and liquidity pools funded by XRP introduce a different motive to hold the token: maintaining inventory ready to fulfill payments or trades.
Data from DefiLlama’s XRPL dashboard indicated that Ripple’s dollar stablecoin, RLUSD, constituted 93.17% of all tracked stablecoins. The same market snapshot showed $43.44 million locked in decentralized finance, $3.91 million in 24-hour decentralized-exchange volume, and $528 in 24-hour chain fees.
Each metric tracks a distinct component of the ecosystem, as stablecoin supply represents a balance, trading volume signifies turnover, and fees denote a cost. Combining these metrics would blend disparate units and risk double-counting the same assets.
Transparency data published by Ripple on Oct. 1 stated that total RLUSD circulation stood at $2,509.8 million, backed by reserve funds totaling $2,633.8 million. These figures encompass RLUSD across all blockchains supported by the issuer, with reserves consisting of cash and cash equivalents.
How XRPL activity uses XRP
The standard minimum transaction fee on XRPL is 10 drops—equal to 0.00001 XRP—prior to load scaling, and these collected fees are permanently burned. Special transactions or network congestion may demand higher amounts, whereas eligible key-reset transactions can process at no cost.
Fees scale directly with the processing cost of a transaction. Consequently, transferring a larger asset value does not inherently increase the required XRP fee proportionally.
Reserve mandates establish a separate obligation, currently set at 1 XRP per account and generally 0.2 XRP for every qualifying ledger object owned. Accounts funded solely with the base reserve of 1 XRP receive an exemption for their first two trust lines, while extra funding initiates standard charges.
These reserve balances fluctuate based on the number of active accounts and objects. They reflect XRP set aside to comply with reserve regulations, whereas transaction fees diminish the supply via burning.
| Activity | Where XRP enters the transaction | What can stay outside XRP |
|---|---|---|
| Stablecoins and tokenized assets | Network fees and applicable reserves | The asset principal |
| Decentralized exchange trades and cross-currency payments | An XRP bridge route when it offers better pricing | Trades using direct issued-token liquidity |
| Automated market maker liquidity | XRP inventory when XRP is one pool asset | Pools holding two issued tokens |
| Native lending design | Loan principal if the vault holds XRP | Principal in a trust-line token or Multi-Purpose Token |
Tokenized funds highlight this differentiation clearly. Ondo’s OUSG tokenized Treasury product launched on XRPL in June 2025, utilizing RLUSD for both redemptions and subscriptions. Similarly, Ripple’s announcements regarding ZILO and Licuido on Aug. 3, 2026, highlighted RLUSD as the cash settlement leg for delivery-versus-payment transactions, with tokenized funds acting as collateral.
Brazil’s securities initiative explicitly demonstrates the record-keeping framework. Ripple disclosed on Sept. 29, 2026, that CSD BR, a securities infrastructure operator, would initially mirror fund-share records from BTG Pactual on XRPL. The official registry, deposit, and settlement operations remain housed on CSD BR’s proprietary systems, with native issuance and trading among authorized participants planned for subsequent phases after validation.
The operational scope of Ripple Payments extends beyond on-chain XRPL activity. Its platform expansion on March 3, 2026, incorporated stablecoin and fiat collections and payouts, featuring Corpay utilizing RLUSD for settlement and funding.
Regarding lending architecture, the established Single Asset Vault model supports XRP, Multi-Purpose Tokens, or trust-line tokens. The Lending Protocol outlines uncollateralized, fixed-term loans, meaning vaults funded with XRP would allocate the token as the principal amount.
Inventory is the larger test
The bridge function of XRP presents a pathway to heightened liquidity demand. Auto-bridging can link issued-token markets through XRP whenever that path proves more cost-effective, though direct routing and mixed methods remain available. Cross-currency transactions may also leverage XRP conversion tracks.
Because a bridge can purchase XRP on one side of a transfer and sell it on the other, it creates a temporary requirement for the token during the settlement process. The persistent inventory question focuses on how much XRP intermediaries choose to hold between transactions. Gross turnover fails to quantify this static balance, and direct XRP transfers merely move existing balances without generating a new market purchase or net accumulation.
Automated market maker pools containing XRP hold physical token inventory for the duration of the deposit, and liquidity providers retain the ability to redeem their shares. Conversely, pools consisting of two issued assets maintain their trading principal entirely within those respective assets.
Ultimately, these macroeconomic ecosystem metrics leave the precise incremental XRP demand per dollar of activity unmeasured. Definitive assessments depend on evaluating the proportion of activity channeled through XRP, the volume of XRP balances dedicated to liquidity, and the persistence of those allocations over time.