Ripple recorded the largest increase in stablecoin market capitalization among tracked issuers over the past 30 days, adding $258.2 million and moving ahead of Open Standard and Ethena. The figures, reported by Token Terminal, highlight growth in Ripple's stablecoin business despite continued volatility in the broader cryptocurrency market and fluctuations in XRP's price.
Ripple's monthly increase exceeded the gains recorded by its two closest competitors by a considerable margin. Open Standard ranked second with an additional $165.1 million, while Ethena placed third after adding $78 million in stablecoin market capitalization during the same period.
RLUSD Drives Ripple Stablecoin Market Growth
Ripple's stablecoin expansion is particularly associated with RLUSD, its U.S. dollar-backed digital asset developed for payments, cryptocurrency trading and institutional transactions.
RLUSD operates on both the XRP Ledger and Ethereum, giving users access to two blockchain ecosystems. Unlike XRP, which experiences price movements in response to market conditions, RLUSD is designed to maintain a dollar peg backed by reserve assets.
This distinction allows RLUSD to serve transactions where price stability is important, while XRP operates as a separate digital asset with a market-driven price. Ripple's latest capitalization increase came during a period when major cryptocurrencies, including XRP, faced broader market weakness.
Ripple Outpaces Open Standard and Ethena
Token Terminal's 30-day comparison placed Ripple comfortably ahead of the other leading stablecoin issuers. Its $258.2 million increase was approximately $93.1 million greater than Open Standard's $165.1 million gain.
Ethena added $78 million over the same period, leaving Ripple's increase $180.2 million higher. Ripple's monthly growth was therefore more than three times Ethena's reported increase. Open Standard also recorded more than twice Ethena's growth.
The rankings differ from some shorter-term measurements. Ethena briefly moved ahead of Ripple in daily stablecoin capitalization growth during certain periods, but Ripple retained the top position across the full 30-day comparison.
The figures measure changes in stablecoin market capitalization, not the total size or overall market dominance of each issuer. A larger monthly increase does not necessarily mean an issuer has the largest outstanding stablecoin supply.
Writer: Marcus Renfield Crypto Market Analyst & Onchain Writer
Marcus Renfield covers cryptocurrency markets with a focus on onchain data, Bitcoin price action, and emerging market narratives. His writing examines how capital flows, network activity, and broader market structure influence short- and medium-term trends.
He aims to provide clear, data-informed analysis for readers seeking a deeper understanding of crypto market dynamics.
