Bernstein analysts said Monday the Clarity Act now appears more likely to make headway than markets anticipated last week, following Republican concessions on issues raised by Democrats ahead of Tuesday’s Senate procedure. The research and brokerage firm’s analysts, led by Gautam Chhugani, said markets have not fully factored in the possibility of a favorable legislative surprise.

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TD Cowen has become more optimistic about The Smarter Web Company’s stock, raising its valuation target to £0.73 ($0.99) from £0.64 ($0.87). The firm maintained its Buy recommendation on the Bitcoin treasury company, with the new target sitting about 90% above Monday’s market price.

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South Korean crypto investors are making another attempt to delay the country's digital asset tax, with a petition seeking a two-year extension having secured enough public support to reach lawmakers. The government, however, is still preparing to introduce the tax from January 1, 2027.

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The Ripple stablecoin, RLUSD, has become the third-fastest-growing stablecoin in 2026, having added over $1 billion to its market cap this year alone. This is according to data provided by RWA.xyz, the leading source of tokenized RWA data.

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Symbiosis, a cross-chain liquidity protocol, said it retrieved about 15 BTC after its Bitcoin Bridge was exploited on Sept. 11.

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XRP could witness another decline before resuming its upward push, according to an Elliott Wave analysis of the 1-hour chart. The structure suggests that the correction that followed XRP's August 2026 rally may not be over yet, which leaves room for another decline before a possible move toward $2.25.

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A U.S. Senate effort to establish a federal market structure for digital assets is approaching a critical procedural vote after Republican negotiators produced a revised CLARITY Act that makes concessions on government ethics, stablecoin rewards, and several regulatory provisions.

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The broader Shiba Inu community is speculating about Shytoshi Kusama’s next move after the lead ambassador quietly made cryptic changes to his X profile. Kusama has remained largely absent from X for the past four months.

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Senate Republicans have released another round of revisions to the CLARITY Act as they seek Democratic support ahead of a September 15 procedural vote on the cryptocurrency market-structure bill.

The latest version runs to 635 pages, adds provisions on ethics, enforcement, stablecoin yields, and digital-asset market operations, and represents a last-ditch bid to pass the CLARITY Act this year.

The CLARITY Act is a proposed framework for digital commodities. According to the Congressional Research Service summary of the House bill, it would generally give the Commodity Futures Trading Commission responsibility for regulating digital-commodity transactions.

This includes exchanges, brokers, and dealers. The measure also assigns the Securities and Exchange Commission a role in specified digital-commodity activities and transactions.

What Changed in the Revised 635 Page CLARITY Act Draft?

The revised text incorporates an ethics framework supported by President Donald Trump, restricting public officials from engaging in digital assets.

Under this framework, officials with significant crypto holdings must divest or place assets in a blind trust. Both the Department of Justice and state attorneys general will enforce these ethics rules, addressing previous Democratic concerns.

The Blockchain Regulatory Certainty Act now focuses on Bank Secrecy Act compliance and removes protections for criminal proceedings.

The bill includes miners and validators in these narrowed protections. The bill also introduces a circuit-breaker mechanism for stablecoins, allowing federal regulators to intervene during significant withdrawals from community banks.

Additionally, the bill proposes stricter limits on vertical integration, including rules on affiliate trading and potential conflicts at digital commodity exchanges, while state consumer protection laws remain unchanged. Developer protections will not override derivatives regulations or alter rules for prediction markets.

Lummis Frames the Bill as Finished

Senate Banking Digital Assets Subcommittee Chair Cynthia Lummis said the bill followed a year of intense daily bipartisan negotiations and described it as ready. She said Trump had voluntarily agreed to ethics restrictions that she characterized as among the toughest applied to federal officials in U.S. history.

Lummis argued that Democrats had received the concessions they sought and should support the measure. Her comments came with the release of the final CLARITY Act text and focused on the ethics provisions added during negotiations.

Coinbase CEO Brian Armstrong also voiced support for the CLARITY Act ahead of the Senate vote. Speaking on CNBC’s Squawk Box Asia on September 10, Armstrong said the bill was ready for approval and cited support from law-enforcement groups, banks, and crypto companies.

Armstrong said the revisions addressed Coinbase’s main concerns with the legislation. Coinbase had previously raised several issues that it considered essential, according to reporting on the company’s position.

What Does the Vote Actually Decide?

The September 15 event is a procedural vote tied to the CLARITY Act. It follows Senate Republicans’ latest changes as they seek Democratic backing for the cryptocurrency market-structure measure.

The legislation itself would establish a regulatory framework for digital commodities, which it defines as digital assets that rely on a blockchain for their value.

Under the bill summary, the CFTC would generally regulate digital-commodity transactions, while the SEC would retain jurisdiction over certain activities and transactions involving digital commodities.

The framework also includes requirements for trade monitoring, recordkeeping, and the commingling of customer assets. It would subject digital-commodity exchanges, brokers and dealers to the Bank Secrecy Act for anti-money-laundering and related purposes.

The Senate’s consideration of the revised text therefore centers on a bill that combines market-structure provisions with the newly revised ethics and enforcement measures.

The post White House Agrees to Major Crypto Ethics rules in a last-minute push to save the CLARITY Act appeared first on Cryptonews.

August inflation pushed Fed rate-hike expectations higher, yet stocks rallied while Bitcoin faced liquidations, leverage unwinding, and volatile price swings.

The August U.S. Consumer Price Index delivered a surprisingly complicated message to financial markets.

Inflation remained sticky, and expectations for a Federal Reserve rate hike jumped sharply. Yet U.S. stocks rallied, while crypto delivered a far more chaotic reaction — a sharp Bitcoin drop, hundreds of millions of dollars in liquidations, a powerful rebound and another wave of repositioning.

The divergence raises a bigger question: Why did stocks absorb the CPI shock while crypto struggled to turn the same macro event into a sustained rally?

CPI Raised Rate-Hike Expectations

August CPI increased 0.4% month-over month and 3.4% year over year, while core CPI rose 0.3% monthly and 2.4% annually. The monthly core figure was slightly hotter than expected, while gasoline and other energy costs contributed significantly to the headline increase.

The market immediately became more confident that the Fed could raise rates at its September meeting.

Rate-hike expectations moved from roughly 72% before the CPI release to around 87% afterward, with some later market pricing putting the probability near 90%.

That should normally be a headwind for risk assets.

But stocks had another story to tell.

Stocks Rallied Despite the Hotter Inflation Data

U.S. equities reacted surprisingly well.

The S&P 500 gained 0.86%, the Nasdaq Composite rose 0.96%, and the Dow Jones added roughly 509 points, or 0.98%.

One reason was that investors had already been preparing for tighter monetary policy. Falling oil prices also provided relief, helping offset some of the inflation concerns. Reuters noted that stocks climbed even as Treasury yields rose, with the retreat in oil prices supporting sentiment.

In other words, Wall Street focused less on the inflationary headline and more on what was already priced into markets.

Crypto reacted very differently.

Bitcoin Fell First — Then Short Sellers Got Trapped

Bitcoin entered the CPI release around $76,500–$76,570 before briefly falling to approximately $76,040–$76,050.

But the sell-off didn’t last.

BTC subsequently surged toward $79,800–$79,900 before settling around $77,200–$77,300.

That violent reversal triggered a massive derivatives event. Depending on the reporting window, crypto liquidations were reported in the roughly $674 million to $745 million range, affecting around 100,000 traders.

The important point isn’t the exact liquidation total. It’s what happened to market positioning.

A whale holding a roughly $70 million BTC long was liquidated during the initial move, reportedly losing around $1.6 million. After the rebound, the same whale reopened a smaller BTC long worth approximately $13.68 million.

The market wasn’t simply reacting to CPI. It was reacting to leverage.

Falling Open Interest Tells the Bigger Story

Aggregate crypto futures open interest fell from approximately $62.4 billion to $59.5 billion around the CPI volatility.

That matters.

If Bitcoin had rallied because traders were aggressively opening new leveraged long positions, we would expect open interest to rise alongside price.

Instead, OI declined while funding rates remained relatively moderate.

That suggests the rebound was driven substantially by deleveraging and short covering, rather than a fresh wave of aggressive long positioning.

ETF Flows Were Another Warning Sign

Bitcoin’s institutional flow picture was also far from bullish.

Spot Bitcoin ETFs recorded approximately $462–$463 million in net outflows from September 8 through September 11:

• Sep. 8: –$46.6M
• Sep. 9: –$120.2M
• Sep. 10: –$282.6M
• Sep. 11: –$13.3M

Interestingly, the largest outflow came before CPI day, while the September 11 outflow was relatively small.

Ethereum ETFs, meanwhile, reportedly attracted roughly $216 million, suggesting that institutional crypto positioning was becoming more selective rather than uniformly bearish.

The Bigger Lesson

The August CPI reaction shows that stocks and crypto are no longer simply two versions of the same risk trade.

Stocks absorbed the inflation shock because investors had already adjusted to higher rate expectations, while falling oil prices and strong technology shares provided support.

Crypto had to process the same macro information through a much more leveraged market structure.

The result was a sharp liquidity flush, whale liquidation, falling open interest and then a short-covering rebound.

So while stocks rallied after CPI, crypto didn’t exactly fail because prices fell.

It failed to produce the clean, conviction-driven rally that equities delivered.

And that distinction could become increasingly important as markets head toward the September Fed decision.

Stocks Rallied After CPI. Why Is Crypto Struggling? was originally published in Coinmonks on Medium, where people are continuing the conversation by highlighting and responding to this story.

Polymarket’s Fed rates dashboard shows a 62% probability that the Federal Reserve raises rates by 25 basis points at the Wednesday, September 16, 2026 FOMC meeting. The dashboard lists a 39% probability for no change. A 50-basis-point-or-larger hike, a 25-basis-point cut and a 50-basis-point-or-larger cut are each listed below 1%, according to Polymarket.

The pricing presents a narrower set of leading outcomes for the September meeting. A quarter-point hike is the dashboard’s expected decision, while no change remains the other outcome with a substantial listed probability. The cut outcomes are listed at below 1%, placing them well behind the two leading scenarios in this snapshot.

(Source – Polymarket)

How Likely is a Fed Rate Cut Next Week?

Polymarket lists a 25-basis-point hike at 62% and no change at 39%. Those figures put a hike ahead of a hold, but the hold outcome remains material in the displayed pricing. The other listed outcomes are all below 1%.

The dashboard provides probabilities for the listed meeting outcomes, but it does not explain the reasoning behind those prices or forecast how financial markets may respond to the decision. The figures show event pricing for the September meeting rather than explaining the economic developments that may influence policymakers.

Earlier readings reported by Yahoo Finance illustrate how pricing differed across venues. On September 8, Polymarket traders indicated 49% odds of a 25-basis-point hike, Kalshi traders assigned 48%, and CME FedWatch showed nearly 56%, according to Yahoo Finance.

Those figures were reported before the current 62% Polymarket reading and come from separate market-based measures, so they provide context rather than a direct comparison of identical prices at the same time.

What happens at the September Fed Rate Meeting?

If the Fed raises rates by 25 basis points on September 16, that result would align with Polymarket’s leading listed outcome. If the Fed leaves rates unchanged, it would align with the dashboard’s second-largest listed outcome. The dashboard lists the alternatives of a larger hike or a cut of below 1%.

Other interest-rate market measures have also shown elevated odds of a hike. CNBC reported on September 10 that CME Group’s FedWatch gauge put the chance of a rate increase at 70% in morning trading.

The move followed an August wholesale-price report and a rise in U.S. crude oil prices above $100 a barrel. The report also said that market pricing put the chance of another increase in December close to 60%.

The CNBC reading is higher than Polymarket’s current 62% figure, and it was reported on a different date using CME FedWatch. The difference underscores that market-based gauges can show different probabilities as pricing changes and as venues reflect their own markets.

Polymarket’s current dashboard places the immediate focus on whether the September meeting produces a quarter-point hike or no change. Its below-1% listings for both cut outcomes indicate that cuts were not among the leading outcomes displayed for this meeting.

For readers following the decision, the relevant distinction is between the dashboard’s 62% hike probability and its 39% no-change probability, alongside the separate readings reported by other market-based gauges.

Don’t Miss: The Hottest Meme Coin Opportunities Silently Climbing the Crypto Ranks in September

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Ripple has expanded GSmart, its AI tools built into Ripple Treasury, with new features for forecasting, managing liquidity, assessing risk, reconciliation, and reporting. Ripple’s enterprise customers already use GSmart.

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The XRP Ledger Foundation is working to add more traditional financial features to the XRP Ledger, according to CTO Denis Angell. At Rare Evo, Angell spoke with Ray Fuentes about the foundation’s work, including the upcoming Lending Protocol, Single Asset Vaults, agentic payments, and other infrastructure projects.

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In Trump crypto news, National Economic Council Director Kevin Hassett disclosed holding between $1M and $5M in vested Coinbase shares at the end of 2025, according to a previously unreported annual financial filing.

The stake sat on his books while the Trump administration rapidly rewrote federal crypto regulation, and the filing does not establish whether he still holds the shares in 2026.

That timing is the story. Hassett ran the council that housed Trump’s digital-assets working group even as his Coinbase position sat unresolved on paper, and Coinbase itself has been central to the regulatory rewrite now moving through Congress.

Trump Crypto News: What the Hassett Disclosure Shows

Hassett’s 2025 annual disclosure lists vested Coinbase Global Class A shares valued between $1,000,001 and $5,000,000. He served on Coinbase Asset Management’s advisory council from March 2021 until January 2025, when he joined the White House. The filing does not confirm whether he sold the shares afterward.

Three days after Trump’s second inauguration, an executive order established the President’s Working Group on Digital Asset Markets, with Hassett’s office named as a member. The group proposed significant changes to digital asset regulations and reversed Biden-era crypto policies, aligning with Coinbase’s lobbying efforts.

Hassett said he recused himself from crypto matters while ethics officials reviewed his holdings, and he chose not to sell the shares to avoid the appearance of timing. The White House confirmed his recusal remains in effect, declining to comment on whether he still owns the shares or whether it affected his economic-policy work.

The Conflict-of-Interest Question

Virginia Canter, a former SEC ethics lawyer now at Democracy Defenders Fund, described the holding as a major conflict of interest or the appearance of one, according to the disclosure’s reporting.

She questioned whether a recusal broad enough to cover all crypto matters could have sidelined one of Trump’s top economic advisors from a defining priority of the administration – one that touched Treasury, Commerce, the SEC and the CFTC, all represented on the same working group Hassett’s council hosted.

What remains unclear is the practical scope of that recusal: which meetings Hassett skipped, which decisions he stepped back from, and how much of his NEC portfolio it touched.

The working group’s final report lists NEC deputy Robin Colwell as its representative rather than Hassett himself, suggesting at least some formal distance, but it doesn’t explain how crypto policy discussions were handled within a council he still directs.

Coinbase’s Stake in the Outcome of the CLARITY Act

Coinbase has more than a passive interest in how this policy fight resolves. The SEC dismissed its enforcement case against the exchange with prejudice just over a month into Trump’s term, a move regulators framed as part of a broader overhaul rather than a ruling on the case’s merits.

Coinbase was also a major backer of the Fairshake super PAC during the 2024 cycle, and CEO Brian Armstrong has met repeatedly with Trump and senior officials, including at the March 2025 White House crypto summit, context that shapes how Armstrong has talked about the regulatory environment under this administration.

The post Trump Crypto: Kevin Hassett Coinbase Stake Raises Conflict of Interest Concerns appeared first on Cryptonews.

Blockstream has rejected a 10% bounty request from the group behind the Liquid Network breach, with 598 BTC from the incident still unreturned.

Blockstream said withholding assets obtained without authorization in exchange for payment does not constitute legitimate security research, distinguishing responsible disclosure from taking funds without permission.

The company had been in contact with the actors as it sought to recover user funds. Blockstream is now asking them to return what remains without attaching any financial conditions.

Hackers Seek 10% Bounty

The group outlined its terms in an on-chain message that Samson Mow, JAN3 CEO and former Blockstream chief strategy officer, shared on Wednesday. The proposal called for Blockstream to fund a 10% bounty and claimed Liquid holders could face a 15% loss without an agreement.

The demand came after the Sept. 6 breach of Liquid, when about 4,000 BTC was taken from the network’s federation wallet. The Bitcoin involved was valued at roughly $320 million at the time.

Of that amount, 3,400 BTC was subsequently sent back after fixes were applied to the affected bridge nodes, leaving 598 BTC unrecovered.

If those coins are withheld, Blockstream plans to involve law enforcement and seek assistance from exchanges, service providers and blockchain investigators. Such cooperation could help track where the Bitcoin moves and determine who controls it.

Liquid Moves Toward Restoring Operations

Meanwhile, Liquid took an initial step toward restoring the network on Thursday after implementing software fixes introduced in response to the breach.

Blocks began being created again, but without regular user transactions. Transfers between Bitcoin and Liquid also remained unavailable as the network continued to recover.

The XRP ecosystem has recorded the largest real-world asset (RWA) inflow of any blockchain network in 2026.

Data from RWA.xyz, a leading provider of tokenized RWA data, shows that the XRP Ledger (XRPL) has received $3.6 billion in RWA inflows since the start of the year.

XRP Leads Global Ranking for RWA Inflows in 2026

The impressive growth comes despite XRP’s continued price weakness. The cryptocurrency has fallen 27.19% year-to-date despite the August rebound as the broader market remains in a bear phase. 

Interestingly, amid the struggles, capital entering the XRPL’s RWA ecosystem has grown, showing that activity around tokenized real-world assets has continued even as XRP’s market performance remains weak.

For context, the $3.6 billion inflow puts the XRP Ledger at the top of the global ranking for 2026. BNB Chain follows in second place with $2.6 billion, putting XRP about $1 billion ahead. Stellar ranks third with $2.5 billion, while Solana takes fourth place with $2.2 billion in RWA inflows this year.

Ethereum ranks fifth with $1.2 billion in capital flows. This gives the XRP Ledger a $2.4 billion lead over Ethereum in 2026 RWA inflows. 

XRPL RWA Growth Jumps From 2025 Levels

The network has also already surpassed its 2025 RWA inflow record by more than 16 times, with three months left before the end of 2026.

The difference from last year is particularly large. For context, the XRP ecosystem’s RWA market stood at $5 million at the start of 2025 and reached $226.8 million by the end of that year. 

This represented an increase of $221 million during 2025. By comparison, the $3.6 billion added in 2026 already amounts to 16.2 times the $221 million increase recorded in 2025. 

Interestingly, the $3.6 billion figure does not include the XRPL’s stablecoin market. That market has grown by more than $1 billion this year, with RLUSD’s growth providing a major boost. As a result, the network’s overall tokenized-asset growth is even larger when considering stablecoins.

JMWH and CRX Drive Most of the Growth

Excluding stablecoins, commodities and asset-backed credit account for most of the $3.6 billion RWA growth recorded on the XRP Ledger in 2026. Within the commodities sector, Justoken’s JMWH alone has added $2.229 billion to the XRP ecosystem this year.

Asset-backed credit has also made up a large share of the XRPL’s RWA expansion. The various CRX Digital Assets have added about $1 billion to the XRP Ledger in 2026.

Together, Justoken’s JMWH and CRX Digital Assets have contributed around $3.229 billion to the XRP Ledger this year. JMWH accounts for $2.229 billion, while CRX Digital Assets account for about $1 billion. Combined, these two asset classes make up 89% of the total $3.6 billion added to the network.

The figures show that the XRPL’s RWA growth has not come only from stablecoins. Tokenized commodities and asset-backed credit have provided most of the network’s non-stablecoin growth, giving the XRP Ledger a wider base of RWA activity.

Stablecoins Lift Total XRPL Flows to $4.4B

When stablecoins enter the calculation, the total amount added to the XRP Ledger this year rises from $3.6 billion to $4.4 billion. The increase considers nearly $1 billion in stablecoin growth during 2026, with RLUSD making the biggest contribution.

However, including stablecoins changes the network ranking. At $4.4 billion, the XRP Ledger ranks third in terms of total year-to-date flows for 2026. TRON leads with $11.9 billion, followed by HyperEVM with $6 billion.

A Shiba Inu whale that remained dormant for more than three years has finally liquidated its entire SHIB holdings, realizing an estimated loss of $1.63 million in the process.

The whale initially received 600 billion Shiba Inu tokens on July 16, 2023. At the time, the tokens were worth $4.86 million, based on a SHIB price of around $0.0000081.

The wallet then remained inactive for more than three years. However, that long period of dormancy ended this month when the whale began transferring its holdings to BitGo, suggesting an intention to sell.

Whale Moves Final 192 Billion SHIB to BitGo

The whale made its first major transfer on September 6, 2026, sending approximately 408 billion SHIB to a BitGo-affiliated address. The tokens were worth about $2.23 million at the time.

The whale has now transferred its remaining 192 billion SHIB to BitGo. The latest batch was worth $999,050, effectively moving the entire 600 billion SHIB holding to the platform.

Overall, the whale transferred the tokens for $3.23 million, compared with the $4.86 million value when it initially acquired them. As a result, the whale incurred an estimated loss of $1.63 million. 

SHIB Remains Under Market Pressure

The whale’s liquidation comes as Shiba Inu continues to trade significantly below its all-time high. SHIB reached a record $0.00008845 in October 2021 but has since suffered a prolonged decline. At press time, SHIB was trading at $0.000005102, leaving the token about 94.23% below its all-time high. Shiba Inu’s volume has plunged 13.31% over the past 24 hours to $64 million. 

Meanwhile, SHIB faces growing pressure in the cryptocurrency rankings. The token currently ranks No. 30 globally, with a market cap of roughly $3 billion. PayPal USD ranks 31st with a market cap of $2.8 billion, leaving SHIB with a relatively narrow lead.

Therefore, the whale’s latest transfer adds another notable sell-side development to the pressure surrounding SHIB. However, transferring tokens to an exchange does not confirm that the whale has already sold them.

India has put 10.25 billion rupees ($107 million) of corporate debt onto its new tokenisation infrastructure, with three companies completing issuances as securities regulators and the central bank test a model that pairs distributed-ledger bonds with wholesale central bank digital currency.

The pilot, called Demat 2.0, is being run by the Securities and Exchange Board of India and the Reserve Bank of India. SEBI disclosed details of the initiative on Thursday.

REC, a state-owned lender, was the first to use the framework, raising 5 billion rupees from 18 investors in a Monday transaction. Two additional deals followed on Wednesday: Larsen & Toubro, the engineering group, raised 5 billion rupees from four investors, while IIFL, a non-bank financial company, sold 250 million rupees of bonds to one investor.

Three-Issuer Launch Goes Beyond Earlier REC Proposal

The scale of the first phase exceeds what had been reported in August. Reuters had said at the time that the planned test would involve selected investors and an REC offering valued at under 5 billion rupees. With L&T and IIFL also participating, the combined issuance is more than double the amount initially anticipated for REC.

More primary issuances are still being conducted under this opening stage, according to SEBI. Plans for subsequent phases include bringing the securities onto existing request-for-quote venues for secondary transactions and eventually allowing retail participation. SEBI said lessons from the trial would help determine how broadly to deploy the framework.

Notably, participation does not require investors to establish another securities account or repeat the Know-Your-Customer process. Tokenised bonds can be accommodated within an investor’s current Demat account. For transactions under the pilot, however, Demat 2.0 requires activation with the relevant depository, while the cash side requires a wholesale CBDC wallet maintained with a participating bank.

Distributed Ledger Links Bond Ownership With RBI Digital Currency

Demat 2.0 changes how the securities are represented and settled. Corporate bonds are generated as digital tokens on a distributed ledger operated by India’s statutory depositories. The payment side is connected to the RBI’s wholesale CBDC through the central bank’s Unified Market Interface.

That setup supports atomic settlement, which removes the time lag between money and securities transfers, SEBI said. It also shortens the funding timetable for issuers: proceeds can arrive on the bidding day instead of two to three days afterward. Smart contracts can automate interest distributions and bond redemptions.

The move to tokenisation does not modify the bonds’ legal standing, repayment responsibilities or protections available to investors, according to the regulator.

SEBI said the arrangement makes India the first country where corporate bonds originate natively on a distributed ledger, statutory depositories retain the ownership records, and CBDCs handle settlement, all within the existing regulated market infrastructure.

The XRP ecosystem has recorded more than $5 billion in 30-day stablecoin transfer volume, a clear increase from the level recorded a month earlier.

This is according to data provided by RWA.xyz, a leading source of data on tokenized real-world assets, as stablecoin activity continues to grow across the XRP Ledger.

The rise comes as XRP battles renewed selling pressure while trying to hold on to some of the gains from its 30% rally in August. Despite the broader market pullback, XRP remains above $1.35, showing some resilience as the crypto market struggles.

Stablecoin Transfer Volume Surpassed $5B

Specifically, data from RWA.xyz shows that stablecoin transfer volume reached $5.25 billion over the past 30 days. This represents an 18.21% increase from the figure recorded 30 days ago. The growth has come alongside the rising presence of RLUSD, Ripple’s stablecoin, on the XRP Ledger.

In addition, the number of stablecoin holders on the XRP Ledger has also increased. Over the past 30 days, stablecoin holders grew 10.13% to 80,740. This indicates that the network is now witnessing growing participation in the stablecoin market amid increasing adoption.

The stablecoin market itself has also expanded during the same period. Its market capitalization rose 26.04% over the past month to $1.10 billion, after crossing the $1 billion mark just last month. 

XRPL RWA Market Sees Mixed Trends

However, the broader tokenized asset market on the XRP Ledger has shown a less consistent trend. Notably, RWA holders rose 19.63% in the past 30 days to 256, but distributed asset value fell 5.51% during the same period to $458.39 million. Represented asset value also declined 2.01% to $3.97 billion.

In addition, RWA 30-day transfer volume dropped 87.15% over the last month to $31.14 million. However, the decline does not automatically indicate weaker demand. Investors may simply be keeping their tokenized assets on the XRP Ledger instead of moving them between wallets.

RLUSD Contributes to Stablecoin Market Value

Regarding the growth of the XRP ecosystem’s stablecoin market, RLUSD has made the largest contribution. Ripple launched the stablecoin in December 2024, and its market presence has continued to expand since then.

Earlier this month, The Crypto Basic confirmed that RLUSD had crossed a $2 billion market cap, with about $1 billion issued on the XRP Ledger. At press time, RLUSD’s market value on the XRP Ledger stood at exactly $1,033,001,741. This represents a 26.86% increase in its XRPL-based valuation over the past 30 days.

RLUSD has also strengthened its position within the XRP Ledger’s distributed RWA market. Its share increased 10% over the past month to 66.32% at press time. This confirms that while some areas of the tokenized asset market have slowed, stablecoin activity, led by RLUSD, continues to grow across the XRP ecosystem.