Blockworks has released its latest report focusing on Ripple, revealing substantial growth in both XRP investment products and the use of stablecoins on the XRP Ledger during the third quarter of the year.
Significant Growth in XRP Investment Products
The report highlights that net inflows for global XRP exchange-traded products reached an impressive $355.3 million in the third quarter. This figure marks a 39.6% increase compared to the preceding quarter. Notably, a majority of these inflows, totaling $316.4 million, were recorded during August and September.
The total assets managed within these XRP products soared from $2.01 billion to $3.32 billion. When excluding futures-based funds, the amount of XRP held in these investment products rose by 16.7%, totaling approximately 2.05 billion coins.
Stablecoin Surge on the XRP Ledger
In a related trend, the stablecoin supply on the XRP Ledger has surpassed the significant $1 billion threshold for the first time, reaching $1.03 billion. This growth was primarily driven by Ripple’s RLUSD, which saw its supply increase by 49.7% to around $1.01 billion.
The report also noted a 39.5% increase in stablecoin transaction volume, achieving a total of $14.09 billion during the quarter. However, it was pointed out that there was a decline in the total number of transactions, as well as a decrease in transaction fees and the amount of XRP burned during the same period.
While these figures illustrate a positive development in the XRP ecosystem, it’s essential for investors to conduct careful research and consider market conditions before making financial decisions.
