Ripple Leads Stablecoin Growth With $258.2 Million in One Month

TL;DR:

• Ripple recorded a $258.2 million increase in its stablecoin market capitalization over the last 30 days, according to Token Terminal figures as of November 12, 2026.
• Open Standard held the second position over the same monthly period with an expansion of $165.1 million.
• Ethena ranked third in the monthly standings after adding $78 million to its market capitalization.

San Francisco-based technology firm Ripple led global stablecoin growth over the past month ending November 12, 2026, after adding $258.2 million to the capitalization of its stable asset ecosystem. Records published by the analytics platform Token Terminal confirm that the company outperformed direct competitors such as Open Standard and Ethena over a 30-day span.

.@Ripple led stablecoin market cap growth over the past 30 days, +$258.2M. pic.twitter.com/QB9MGuwBBG

— RWA Foundation (@RWAFoundation_) November 12, 2026

This progress in issuing U.S. dollar-pegged assets occurred alongside a period of constant fluctuations in the price of XRP, the digital asset associated with the company’s ecosystem. According to a market report, the figures reflect that the company’s stablecoin segment maintained a sustained pace of expansion despite open market volatility.

The race for monthly leadership saw brief shifts during the second week of November 2026. According to Token Terminal data, Ethena managed to briefly hold the top spot for growth within a specific 24-hour interval during the week prior to the report.

However, the cumulative 30-day balance returned Ripple to the first position on the industry list. The net difference between first and second place in the monthly ranking reached $93.1 million as of the November 12 cutoff.

Issuer Comparison Over the Last 30 Days

The breakdown of metrics presented by Token Terminal places Open Standard on the second tier of monthly expansion. This issuer increased its market capitalization by $165.1 million during the same 30-day timeframe.

Meanwhile, the Ethena protocol rounded out the podium in third place after adding $78 million to its circulating valuation. Industry analysts note that Ethena had consistently held the spot immediately behind Ripple in previous measurements, but in this cycle, it was displaced by Open Standard’s advance.

The gap between Ripple’s expansion and Ethena’s exceeded $180 million over the four-week balance. Token Terminal metrics indicate that this distribution of flows concentrated the vast majority of new sector capital among the top three issuers of the period.

To contextualize this performance within the company’s operational framework, the flagship product of this segment is Ripple USD (RLUSD), officially launched on the market on December 17, 2024. This asset operates under a 1:1 parity scheme with the U.S. dollar and is backed by fiat deposits, short-term U.S. Treasury bills, and other cash equivalents.

On a technical level, the issuance and circulation of RLUSD are primarily distributed across two blockchain networks: Ethereum and the XRP Ledger. Market reports published on November 9, 2026, placed RLUSD’s total circulating supply between $2.5 billion and $2.6 billion, with approximately $1.72 billion hosted on Ethereum and between $850 million and $870 million operating natively on the XRP Ledger.

The same November 9 report documented that the token began 2026 with a market capitalization close to $1.28 billion, accumulating an expansion of over 88% so far this year. On-chain measurements also recorded single days on the XRP Ledger with mints exceeding $110 million, operations that Crypto Briefing observers link to moves by institutional participants.

Quarterly Context and Supply Evolution

The performance recorded as of November 12, 2026, continues the trajectory documented during the third quarter of the year. Data compiled by the RWA Foundation at the close of October 1, 2026, indicated that Ripple added $765.3 million to its stablecoin market capitalization during the third quarter, ranking second quarterly behind Circle.

On that same quarterly cutoff date, the global stablecoin market reached a combined market capitalization of $300.9 billion, distributed across 195 assets, 152 issuers, and 47 blockchain networks. Within that universe, Tether (USDT) maintained a 61% supply share, although it did not rank among the top ten projects by net growth in the quarter.

Regarding Ripple’s user base, RWA Foundation statistics reported the addition of 23,600 new RLUSD holders during the third quarter of 2026 alone. Nevertheless, technical reports warn that the concentration of high-volume mints can generate abrupt variations in supply if institutional participants execute simultaneous redemptions.

Heading into the close of the fourth quarter of 2026, the ecosystem is approaching the second anniversary of RLUSD’s commercial launch, scheduled for December 17, 2026. On-chain tracking platforms like Token Terminal will update the cumulative balances for the final quarter of the year at the end of December.