Every month, we dive deep into Ripple, XRP, XRPL, RLUSD and more to bring you the latest on ecosystem developments, updates, metrics, insights and more.
XRP and Ripple USD (RLUSD) By The Numbers
$XRP: $1.39 (+39.7%)
XRPL TVL: $40.2M (-9.1%)
XRP Holders: 40.2K (+33.2%)
RLUSD Market Cap: $2.4B (-2.4%)
RLUSD Volume (24H): $696.45M (+36.82%)
These metrics are accurate upon publication. The percentages are based on month-over-month changes, unless noted otherwise.
What Caught Our Eye This Month
Ripple Prime launched Delta One, a new product that lets institutional clients trade return swaps across U.S. equities, indices, and digital assets alongside its existing FX, derivatives, and fixed-income offerings.
The unit is backed by more than $1 billion in capital and is run separately from any market-making or proprietary trading operations to avoid conflicts of interest.
Ripple partnered with Jeonbuk Bank to offer Ripple Payments as part of the Korean Bank’s cross-border remittance service.
The partnership aims to provide faster settlement to Jeonbuk's business customers.
This is Ripple's third notable Korean partnership this year, following deals with Kyobo Life Insurance on tokenized government bond settlement, and Kbank on custody-based wallet infrastructure.
Ripple Prime closed a $275 million private placement of senior unsecured notes, its first-ever debt offering.
Ripple Rundown
➡️ What happened: Ripple, Clearpool and Cicada Partners have partnered up to bring institutional private credit lending to the XRP Ledger.
Clearpool said it would build the credit infrastructure using XRPL's native Lending Protocol (XLS-66) and Single Asset Vaults (XLS-65), while Cicada Partners will originate and underwrite the loans. Ripple will be a limited partner in the credit fund on equal terms with other institutional investors.
➡️ Why it matters: The Lending Protocol and Single Asset Vaults are currently both in the amendment voting process, so this venture can serve as a test for how they will perform.
When these features go live, loan issuance, repayment and LP accounting would happen as protocol-level functions — lending activity would happen through the ledger itself instead of through smart contracts.
Clearpool has facilitated more than $930 million in institutional loans since 2021, and Cicada has underwritten over $860 million.
The effort will give RLUSD holders a way to deposit into these curated pools through the Single Asset Vault. Borrowers, meanwhile, can draw on RLUSD credit for working capital.
➡️ The big picture: The Lending Protocol and Single Asset Vault are still in XRPL's amendment voting process, so Clearpool is currently building and testing the integration on Devnet ahead of a technical demo.
Once live, this is expected to be among the most significant institutional lending deployments on XRPL to date, expanding the ledger’s financial infrastructure beyond payments into real-world credit.
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Chart of the month
August proved a strong month for RLUSD, which saw its supply jump 63.8% to $2.31 billion from $1.41 billion in July.
The improving broader market likely led to this jump, which marked a big departure from July when the stablecoin declined 10.8%. RLUSD ended August outperforming the broader stablecoin market, which gained just 2.6% in August.
Usage of the stablecoin also rose, with the number of RLUSD holders rising 38.8% to 84,600, and transfer volume jumping 56.9% to $14.82 billion.
XRP Ledger Developments
A look at the biggest announcements and developments in the XRP ledger ecosystem.
XRPL Commons, in partnership with the XRPL Foundation, is hosting a 36-hour XRP Ledger hackathon in New York on October 24 and 25, ahead of Ripple's Swell conference the following week.
The event is open to both established XRPL builders and newcomers. Registration is already open via Luma.
Mastercard, t54ai, and Quicknode are also joining the hackathon.
Ripple was the headline sponsor of Stable Launch, a startup competition at Stablecon USA that will award $200,000 to one company. The competition aims to surface early-stage companies building in stablecoins, payments and financial infrastructure.
Ripple is donating $300,000 to World Central Kitchen and Mercy Corps in response to severe flooding in Nepal and Tibet. The funds will support emergency meal distribution as well as water and sanitation relief efforts for those affected.
Enter The XRPL Community
Want to build on the XRP Ledger? Visit the XRPL learning portal for more info on documentation and tools. Or go further down the rabbit hole:
Catch you here next time.
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This information is for entertainment purposes only. It should not be considered financial advice, nor should it be used to make investment decisions. Cryptocurrencies are high risk and you should consult a financial professional before making any financial decisions. Make sure you do your own research.