Ripple recorded the largest monthly 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, according to data from Token Terminal. The figures highlight growth in Ripple's stablecoin business despite continued volatility in the broader cryptocurrency market and fluctuations in the price of XRP.

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's Stablecoin Growth

Ripple's expansion is closely tied to 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. Multi-chain availability is a common distribution approach among stablecoin issuers, allowing a single dollar-pegged asset to circulate across separate application ecosystems rather than being confined to one network's user base.

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.

In relative terms, Ripple's monthly growth was more than three times Ethena's reported increase, while Open Standard 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. Updates to the same rolling comparison will show whether these positions hold in subsequent periods.

The figures measure changes in stablecoin market capitalization, not the total size or overall market dominance of each issuer. Stablecoin market capitalization reflects the total value of a token's circulating supply, so increases of this kind generally correspond to net new issuance rather than price appreciation. A larger monthly increase therefore does not necessarily mean an issuer has the largest outstanding stablecoin supply. What such figures do capture is the pace of new supply entering circulation, a metric widely followed because dollar-pegged stablecoins sit at the center of crypto market infrastructure, supporting the trading, payments, and settlement flows that issuers like Ripple build their stablecoin products around.

Reported by Marcus Renfield, crypto market analyst and onchain writer, for Hokanews.