The XRPL held $1.338 billion in tracked stablecoins on Oct. 7. Ripple’s RLUSD accounted for 93.17% of tracked stablecoins, with total circulation at $2.51 billion according to Oct. 1 transparency figures. Transaction fees and account reserves create XRP demand, but their scale follows network use rather than asset values. Actual XRP demand depends on routing choices and inventory balances held by intermediaries, data that aggregate figures do not quantify. The decisive measurements are the share of activity routed through XRP, XRP balances committed to liquidity, and how long those balances stay in place.
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