XRP Issuer Ripple Posts $258.2 Million Stablecoin Growth in 30 Days

Ripple Tops the 30-Day Growth Table

Ripple, the San Francisco blockchain firm tied to XRP, posted the fastest stablecoin expansion in the industry over the past 30 days, adding $258.2 million to its stablecoin market capitalization. Data published by the RWA Foundation places the company first among issuers for the period, with no large competitor close behind.

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Issuer	30-day increase	Rank
Ripple	$258.2 million	1
Open Standard	$165.1 million	2
Ethena	$78 million	3

Open Standard ranked second with a $165.1 million increase, and Ethena, which had spent recent weeks as Ripple's nearest challenger, added $78 million and came in third. The spread at the top is wide. Ripple's monthly gain comfortably outpaces both rivals, so the number-one spot was never seriously in doubt once the full window is counted. Stablecoin market capitalization rises when an issuer mints more tokens against reserves, which makes the leaderboard a direct read on how much new supply each issuer placed into circulation over the month. For issuers, that supply growth is not cosmetic: more float in circulation means more balances settling payments, and the monthly ranking is the cleanest measure of who won new demand. Weekly rankings had shown a closer race, with Ethena repeatedly sitting just behind Ripple before its brief turn in first place.

The XRP price has stayed volatile through the same stretch, so the company's growth in stablecoin issuance has moved on a track of its own. Ripple has long drawn attention because of its XRP connection, and the token's restlessness this month makes the two datasets an interesting pair. Daily leaderboards shuffle as issuance lands in bursts, and a single day can lift any issuer to the top of a 24-hour chart. On the 30-day view, which settles who actually added the most value, Ripple ends the period as the sector's strongest grower.

Ethena's One-Day Turn at the Top

The challenge to Ripple's lead was real, but it did not last the week. Ethena, the issuer behind a yield-bearing stablecoin and one of the better-known names in the altcoin sector, overtook Ripple on the daily ranking and held the top position for a 24-hour window.

The flip drew attention because Ethena had spent the preceding weeks as the name closest to Ripple on the growth charts, with the two issuers repeatedly trading places near the front of the pack in day-to-day data. Once the measurement window widened back to 30 days, the order snapped back. Ripple's cumulative $258.2 million gain stood ahead of Open Standard's $165.1 million, with Ethena's $78 million in third, and the monthly totals survived the daily shake-up unchanged. A daily lead can come from one concentrated wave of issuance, while a monthly lead requires expansion sustained across several weeks. Ripple's figure absorbed the challenge without moving, which is what a clear margin looks like in data terms. Dominance in this category is measured against rivals that are themselves growing, which makes holding rank harder than simply minting more. Open Standard's second-place finish came without a daily headline, a steady climb that kept it well clear of third place while never threatening Ripple's total.

The result also landed during a quiet stretch for the token itself. XRP pushed toward $1.30 early in the month before that breakout failed, and the token has since traded near $1.03, as our earlier early-November breakout report described. Ripple, meanwhile, has kept building out the infrastructure beneath the token, including a proposal to bring institutional credit to the XRP Ledger that our coverage of the XLS-66 lending proposal examined. A stablecoin business growing at this pace, independently of the token's tape, gives the firm a second engine while the price side sits still.

Token Price and Issuance Split

The divergence between the two datasets is the story. COINOTAG's live monitoring shows the XRP price about 3.1% lower over the last 24 hours, while the issuance record above shows Ripple's stablecoin arm adding a quarter of a billion dollars in a single month. For a company whose public identity has been tied to one token for more than a decade, a business line that compounds regardless of the tape carries real weight. The competitive picture cuts the other way too: Ethena's one-day takeover is a reminder that third place at $78 million is not far from contention, and the monthly lead will need defending. Readers can follow the token side in our XRP coverage and our XRP technical analysis.