XRP Supply Grows 5.5% YoY While XRPL Revenue Drops 81.6%

21Shares reported that XRP’s circulating supply expanded by 5.5% year‑over‑year through monthly escrow releases that exceeded the amount returned to escrow. The increase represents roughly 272 million XRP added each month.

Supply Dilution vs. Fee Burns

Compared with other crypto payment assets, XRP’s dilution rate is lower than Toncoin (9.6% YoY) and Stellar’s XLM (8.8% YoY). Only Tron generated enough revenue to offset its supply growth, giving holders a net positive return of 1.4% per year. At current fee levels, XRP holders face a net annual drag of 5.5%.

21Shares estimated that XRPL revenue would need to rise about 12,700‑fold to fully offset the annual supply increase at present market values.

Revenue Decline on the Ledger

XRPL revenue fell 81.6% YoY in the first half of 2026, dropping from $6.43 million to $1.18 million. The decline was driven mainly by:

• Swap pool fees on the XRPL automated market maker, down 80.3%.
• NFT royalties, down 69%.
• Traditional transaction fees, down 66.3% to $90,800.

Only 10.6% of the reported revenue reached XRP holders indirectly through supply reduction.

Stablecoin and Institutional Growth

Ripple USD (RLUSD) supply reached $1.56 billion by June 30, with 52% held on XRPL—a rise from roughly 10% a year earlier, indicating a 1,131% expansion of the stablecoin base.

Institutional activity grew as Aviva Investors launched a tokenized share class of its U.S. Dollar Liquidity Fund on XRPL, supported by the Central Bank of Ireland, Komainu, and Licuido. The ecosystem now hosts about $4 billion in tokenized assets across more than 500 products.

Demand Outlook

Broader use cases such as treasury management, corporate payments, and collateral could generate demand beyond transaction fees. Ripple’s CEO highlighted a $16 trillion annual payments and clearing market, though digital assets currently represent a minimal share.