The $XRP ecosystem has recorded over $4 billion in stablecoin transfer volume amid a recent surge despite current price struggles.
$XRP has continued to face market pressures, with the token down 45.47% this year. However, the weakness in price performance has not stopped activity across the $XRP ecosystem from growing.
$XRP Ecosystem Sees Rise in Stablecoin Volume and Holders
Data on real-world asset (RWA) tokenization shows that stablecoin activity on the $XRP Ledger has picked up, with transfer volume and the number of stablecoin holders both recording strong gains.
According to RWA.xyz, a leading provider of real-world asset data, 30-day stablecoin transfer volume on the $XRP Ledger has increased 10% to $4.32 billion.
The rise indicates stronger stablecoin activity on the network and suggests that users continue to make greater use of the XRPL ecosystem despite $XRP’s poor price performance.
In addition, over the past 30 days, the number of stablecoin holders on the $XRP Ledger has jumped 36.7% to 82,110. The $XRP Ledger Foundation recently highlighted the figure in a post on X, citing data from the RWA Foundation.
$XRP Ledger Stablecoin Market Cap Drops
Despite the rise in transfer activity and holders, the total value of stablecoins on the $XRP Ledger has declined slightly over the past month. The $XRP Ledger stablecoin market cap fell 3.07% over the last 30 days to $954.79 million.
Still, the monthly decline looks less significant when compared with the network’s growth since January. The $XRP Ledger began the year with a stablecoin market cap of $291.4 million. At $954.79 million, the current market cap represents a 227% increase this year.
Ripple’s $RLUSD remains the dominant stablecoin on the $XRP Ledger. It currently has an $898.8 million market cap, which gives it a 94% share of the network’s total stablecoin market cap.
$RLUSD also represents 62.41% of the total distributed RWA market on the $XRP Ledger. Its large share means that much of the network’s stablecoin growth currently centers on Ripple’s dollar-pegged asset. As a result, changes in $RLUSD’s supply and activity can have a noticeable effect on the wider XRPL stablecoin market.
Broader RWA Market Sees Mixed Activity
Meanwhile, the wider RWA market on the $XRP Ledger has produced a less consistent picture over the past 30 days. While the number of holders has continued to rise, the value of some RWA assets and their transfer activity has declined.
Specifically, distributed asset value, excluding stablecoins, dropped 1.90% over the last 30 days to $485.25 million. Also, represented asset value fell 0.30% to $4.05 billion.
The biggest drop came from RWA transfer activity. Notably, RWA transfer volume plunged 96.25% over the past 30 days to $10.14 million.
Despite the drop in RWA transfer volume, the number of RWA holders has continued to grow in recent times. For context, RWA holders on the $XRP Ledger increased 27% over the past 30 days to 221.
This suggests that more participants now hold RWA assets on the $XRP Ledger, but they have not generated the same level of transfer activity seen previously. Essentially, market participation is growing, but trading or movement of these assets has slowed.