XRP Ledger Onboards $1.34 Billion in Stablecoins

As of the 7th, the XRP Ledger (XRPL) has onboarded stablecoins worth $1.34 billion. The total stablecoin holdings on XRPL have grown by 14.6% in just the past week, surpassing $1.34 billion. The RLUSD stablecoin issued by Ripple accounts for approximately 93% of the total stablecoin value on XRPL, driving this growth. XRP plays a crucial role as a bridge asset that connects trades between low liquidity assets on XRPL's decentralized exchange (DEX). In the automated market maker (AMM) liquidity pools introduced on XRPL, XRP is also a key component, allowing users to deposit RLUSD and XRP together in the liquidity pool to earn trading fees. The proliferation of stablecoins is acting as a significant driver to accelerate institutional adoption of XRPL and expand the utility of XRP, with various fiat-backed stablecoins being launched on XRPL. 21Shares estimates that the tokenized asset size on XRPL is around $4 billion, which could serve as another potential source of increased demand for XRP.

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