The XRP Ledger was built primarily to move value quickly. Its next phase looks increasingly different: stablecoin settlement, programmable XRP and onchain credit.
Three developments now illustrate that shift. Ripple USD has grown to roughly $2.4 billion in circulation, Flare says around 145.2 million FXRP is outstanding with 130 million deployed in DeFi, and the XRP Ledger’s native Lending Protocol is being expanded through the latest xrpld release.
None of those developments replaces XRP’s original payments role. Together, however, they are creating financial activity around XRP that increasingly resembles a broader capital market.
Ripple’s latest RLUSD transparency data showed approximately $2.40 billion of circulating RLUSD backed by about $2.52 billion in reserve assets as of Sept. 3.
RLUSD Gives XRPL a Native Dollar Market
RLUSD changes the type of value that can move across the XRP Ledger.
Instead of every transaction being exposed to XRP price volatility, institutions can hold and settle a token designed around a stable dollar value. That is increasingly useful for payments, tokenized assets and eventually credit markets.
RLUSD is issued on both Ethereum and XRPL, and the distribution between those networks can change. Coinpaper recently tracked how RLUSD supply was shifting between Ethereum and XRPL, underscoring that Ripple is building liquidity across multiple ecosystems rather than treating RLUSD as an XRPL-only product.
XRP still remains the native asset used for fees and reserves on the XRP Ledger.
FXRP Makes XRP Programmable Without Moving the Backing XRP Off XRPL
FXRP extends that idea in a different direction.
Flare's one-year update says approximately 145.2 million FXRP has been minted, with 130 million deployed across DeFi and roughly 21 million already moving onto other chains through LayerZero infrastructure.
Importantly, FXRP itself is not an XRPL-native token. It exists on Flare and connected networks. But the XRP backing it remains on XRPL while Flare's system verifies and manages the representation.
That distinction matters.
Our recent look at the 145 million FXRP milestone showed that nearly 90% of outstanding FXRP was already being used in lending, collateral, vaults and other DeFi applications.
In other words, XRP can remain anchored to XRPL while gaining programmability somewhere else.
Native Lending Could Bring Credit Directly Onto XRPL
The third piece is lending.
XRPL version 3.4.0 introduced the code for LendingProtocolV1_1, extending the proposed lending architecture with closed-ended vaults and cash-basis accounting. The official XRPL documentation describes the system as fixed-term, uncollateralized lending funded through Single Asset Vaults, with borrower underwriting handled offchain.
That does not mean native lending is already fully active. The amendments still need to complete XRPL’s governance process before their functionality can operate on mainnet.
Coinpaper has followed that distinction through the LendingProtocolV1.1 rollout, while Ripple, Clearpool and Cicada are already developing an institutional credit market around RLUSD.
