Stablecoin supply across Monad, Stellar, and XRPL declined this week, with Monad posting the sharpest reported weekly decline while XRPL retained the largest stablecoin base among the three networks tracked. The moves show softer dollar liquidity, though all three remain established Layer-1 networks within the tracked ranking. Stablecoin balances—the combined value of dollar-pegged tokens held on each chain—are widely followed as an on-chain gauge of dollar liquidity, which is why week-to-week shifts in these rankings draw attention.

Monad Posts the Sharpest Weekly Decline

A weekly snapshot from BSCN reported that Monad's stablecoin supply fell 6.4%, the steepest drop of the three. Stellar declined 5.1% and XRPL dropped 3.1% over the same, placing the networks 16th, 14th, and 13th by stablecoin supply, respectively.

DefiLlama's latest data shows Monad holding about $721.9 million in stablecoins, with a seven-day change of roughly minus 3.49%. The difference between the two readings reflects separate measurement times across the two snapshots.

Context is important when assessing Monad's contraction within the broader liquidity picture. Supply can change as assets move between chains, applications, exchanges, and wallets, and a weekly reduction does not establish a lasting decline in network usage. The snapshot therefore captures movement rather than a fixed liquidity level over time. Subsequent readings from the same trackers will show whether the decline extends or reverses.

The ranking still places Monad among established stablecoin venues, though behind Stellar and XRPL in the cited snapshot. That gap also illustrates how weekly movements can alter liquidity rankings.

Stellar Maintains a Diverse Dollar Base

Stellar holds about $918.7 million in stablecoin market capitalization as of writing. DefiLlama records a weekly reduction of roughly $38.1 million, or 3.98%, a reading that remains close to BSCN's reported contraction.

USDY accounts for about 58% of Stellar's stablecoin market capitalization, while USDC provides another substantial portion of the network's dollar liquidity. The mix therefore spans yield-bearing and conventional dollar assets, meaning the network's dollar liquidity is not tied to a single asset or issuer profile.

The contraction does not by itself establish weaker network utility. Recent ecosystem activity includes institutional payment initiatives and stablecoin connectivity, developments that can coexist with short-term changes in token balances.

Stellar's ranking also remains relatively high among tracked networks, with BSCN placing it 14th by stablecoin supply during its snapshot. The weekly decline therefore occurred against an established liquidity base.

XRPL Holds the Largest Base Among the Three

XRPL has about $1.09 billion in stablecoin market capitalization, according to DefiLlama, with a seven-day change near minus 3.05% that broadly matches BSCN's reported figure.

RLUSD accounts for roughly 91.6% of the network's stablecoin market capitalization, a concentration that makes RLUSD central to XRPL's liquidity profile. Its supply changes can materially influence the network's aggregate figures, while other assets, including EURCV and USDC, represent smaller portions. With a single asset dominating the mix, XRPL's position in cross-chain stablecoin rankings is closely tied to one issuer's supply decisions.

Beyond balances, XRPL records more than two million daily transactions and over 40,000 active addresses. Its decentralized exchange volume remains modest despite recent weekly growth, and these measures provide separate context from stablecoin holdings.

XRP trades around $1.41 as of writing, according to Coingecko market data. The token's price does not directly determine stablecoin balances on XRPL, though XRPL's ranking remains ahead of both Stellar and Monad in the cited snapshot. As weekly snapshots continue, the direction of flows across all three networks will indicate whether this week's declines reflect temporary repositioning or a broader shift in on-chain dollar liquidity.