XRP Ledger is quickly becoming a major global settlement layer for stablecoin activity. According to a recent update from Dune, July saw significant growth in Brazilian real (BRL)-denominated stablecoins, especially those issued on the XRP Ledger.
BBRL Surges to Second Place as XRP Ledger Powers BRL Stablecoin Growth
Data from Dune Analytics shows that BrazaBank minted over $4.2 million worth of BBRL stablecoins in July. This surge makes BBRL the second-largest BRL stablecoin in circulation.
It is only behind the BRZ stablecoin, which is issued by Transfero Group. The increase in BBRL issuance is clearly visible in the chart, with a sharp jump in the pink bars representing BBRL activity.
BRZ remains dominant but has seen less month-over-month growth than BBRL in recent months. BRZ’s activity, shown in purple, experienced a spike earlier in the year but was surpassed in July by the rapid rise of BBRL.
The total minting of BRL-denominated stablecoins also jumped during the same period. This reflects growing interest in using XRP Ledger as a backbone for cross-border payments. It is also being used for settlements involving real-world assets.
RLUSD Transfers and BRL Token Competition Soar
Alongside the BBRL expansion, the tweet highlights another trend. The RLUSD, a stablecoin pegged to the U.S. dollars.
There was an increase in the number of RLUSD transfers per day to more than 12,000. The RLUSD is a stablecoin pegged to the U.S. dollar.
This is a significant increase compared to the 5,000 recorded a few months earlier. This means that adoption of the XRP Ledger has extended beyond BRL assets and even to dollar-denominated stable assets.
Dune also stated that XRP Ledger is becoming an increasingly important infrastructure layer for stablecoins, especially in the emergent markets. The data indicates that activity involving transaction volumes and minting rose sharply on the ledger.
The availability of various BRL tokens (BBRL, BRL1, BRLA and cREAL) indicates there is competition in the Brazilian stablecoin market. But BBRL has substantially improved in performance based on its July figures.
Once there is further adoption by financial institutions such as BrazaBank, XRP Ledger will continue to be an established and secure platform to transact with fiat-backed vehicles. This trend can grow further since more people are adopting stablecoins all over the world.
Paul
Paul Adedoyin is a crypto journalist with 4+ years experience who provides timely news, in-depth research, and insightful content to inform and empower his audience. His works have been featured on sites such as CryptoMode, CryptoNewsFlash among others.
He holds a degree in Geophysics from OAU, Nigeria. When he’s not writing, he loves watching soccer and reading educative journals.
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