The XRP Ledger’s stablecoin balance has contracted by approximately $79 million over seven days, even as decentralized exchange trading increased, revealing a divergence between capital held on the network and trading activity.
DefiLlama’s November 13 figures put tracked XRPL stablecoin market capitalization at $908.21 million, down 8.01% over the week. Meanwhile, seven-day DEX volume reached $35.14 million, an increase of 28.87%.
The combination presents a mixed picture for the network. Trading has accelerated, but that activity has not coincided with an expanding stablecoin balance.
Using the reported weekly percentage change, the stablecoin total was approximately $987.29 million a week earlier. The difference amounts to roughly $79.08 million, calculated from DefiLlama’s rounded figures rather than a separately reported withdrawal total.
RLUSD accounted for most of that contraction. Its tracked value on XRPL stood at $818.56 million, down 8.75% over seven days, while its share of the network’s stablecoin market remained 90.13%. Those figures imply an approximately $78.49 million weekly reduction in XRPL-based RLUSD value.
These measurements apply specifically to the XRP Ledger. They do not establish a corresponding decline in RLUSD’s total supply across all supported networks, nor identify whether the contraction resulted from redemptions, cross-chain redistribution or other supply changes.
At the same time, decentralized trading strengthened. The $35.14 million weekly total compares with an implied $27.27 million during the preceding seven-day period, an increase of approximately $7.87 million. Trading over the latest 24 hours reached $5.76 million.
However, DEX volume measures the value of trades executed during a period. Stablecoin market capitalization measures outstanding value at a particular point. The same funds can support repeated trades, allowing trading volume to increase without fresh capital entering the network.
The distinction also matters when comparing the latest figures with RLUSD’s recent transfer milestones.
The Crypto Basic previously reported that RLUSD weekly transfer volume reached $11.716 billion across XRPL and Ethereum in the week ending November 1. XRPL accounted for $6.699 billion of that activity. Separately, the ledger processed $20.056 billion in RLUSD transfers during October , exceeding Ethereum’s monthly total.
Those transfer figures cover a different activity measure and different periods. They should not be treated as equivalent to the latest seven-day DEX trading total.
For XRP, the immediate implication is that stronger network trading alone cannot confirm increased buying pressure. Trading includes both purchases and sales, while stablecoin balances do not reveal how much capital holders intend to deploy into XRP.
A sustained recovery in stablecoin balances alongside elevated DEX activity would provide stronger evidence that network trading growth is accompanied by a larger pool of stablecoin capital.
