Ripple RLUSD and XRP Ledger ecosystem see surge in stablecoin and RWA activity

The XRP Ledger (XRPL) ecosystem is experiencing significant growth in stablecoin activity and tokenized real-world assets (RWAs). Ripple’s USD-backed stablecoin, RLUSD, has seen substantial movement, with recent minting activities including batches of 10 million, 12 million, 20 million, and 900,000 RLUSD. This activity coincides with a surge in XRP's market price, which recently rose nearly 19% to over $1.20.

According to the Q2 2026 State of XRP report, the native stablecoin supply on XRPL increased 195.4% quarter-over-quarter to $825.5 million, with RLUSD accounting for 82% of that supply. The stablecoin has gained institutional traction, including being listed as institutional margin collateral on OKX and receiving approval as an electronic payment instrument in Japan via SBI VC Trade.

Furthermore, the total value of tokenized RWAs on the XRPL reached a record $4.46 billion at quarter-end, a 102.5% increase from the previous quarter. Notable developments in this sector include cross-border redemptions of tokenized US Treasuries involving Ripple, Ondo Finance, and JPMorgan’s Kinexys, as well as the launch of a tokenized fund share class by Aviva Investors with BNY Mellon as custodian.