Stablecoin supply on the XRP Ledger (XRPL) has seen a sharp increase over the past few months, rising around 100% since December 2025.
Specifically, the total supply sat at $568.9 million on March 20, 2026, having gone up from $284.8 million recorded on December 1 last year, as evidenced by the latest Artemisdata.
Also notable is that the growth has been generally steady, with only a few short periods of decreased activity in January and February this year.
As the global stablecoin supply sits around $315.2 billion, XRP Ledger commands roughly 0.18% of it.
While XRPL is far from the likes of Ethereum (ETH), which holds approximately $170.8 billion in stablecoins, the continuous growth nonetheless shows that the Ledger’s utility is evolving.
XRP Ledger continues to grow
The growth of the XRP Ledger has not been limited to stablecoins. For instance, the number of wallet addresses holding less than 100 XRP has also climbed to a record 5.66 million, according to March 20 data published by Santiment.
For comparison, wallets holding 100 to 100,000 XRP now number 2.01 million, while whales, those with more than 100,000 XRP, boast 32,054 wallets. These new milestones point to rising retail participation as more individuals interact with the network.
Growth in smaller wallet balances, in particular, suggests the ecosystem is becoming more widely distributed among users, while large holders often dominate market attention.
However, it must be noted that, despite increased chain activity, open interest in XRP itself has dropped quite drastically over the past months, going down from $4.05 billion on December 1, 2025, to $2.32 at the time of writing, March 23, 2026.
In other words, while on-chain usage and participation across the XRP Ledger appear to be expanding, derivatives market positioning has cooled significantly, indicating a more cautious stance among traders, even as the network’s underlying activity continues to grow.
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