The expansion of real-world asset activity on the XRP Ledger is beginning to reveal new trends involving stablecoins, banks, and tokenized finance.

A recent exchange between crypto lawyer Bill Morgan and software engineer Vincent Van Code focused on one development that surprised many observers tracking XRPL adoption: the growing supply of bank-issued USD stablecoins on the network.

The discussion started after Bill Morgan reviewed the latest XRP Ledger real-world asset league tables and noticed that RLUSD was not the only major dollar-backed stablecoin operating on XRPL.

According to the data he shared, Braza USDB had reached a supply of approximately $90 million on the network, placing it among the larger tokenized assets currently issued on the ledger.

Bill Morgan Highlights Braza USDB Activity on XRPL

In his post on X, Bill Morgan said he was surprised to discover the size of the Braza USDB supply on XRPL. He explained that the stablecoin is minted by a Braza Group entity that operates as a licensed foreign exchange bank regulated by Brazil’s central bank.

Morgan pointed out that the entire reported supply of roughly $90 million exists on XRPL. He contrasted this with RLUSD, which currently has issuance across multiple blockchain networks, including Ethereum. His comments focused mainly on the significance of a regulated financial institution choosing XRPL as the sole network for the stablecoin’s issuance.

The image attached to Morgan’s post showed the “XRP Ledger RWA League Table,” where RLUSD ranked first with a reported value of $396.7 million, followed by Ondo at $323.2 million. Braza Crypto appeared fourth on the table with a reported value of $90 million and a 30-day increase of 17.28%.

Vincent Van Code Says XRP Could Become the Bridge Asset

Responding to Morgan’s observations, Vincent Van Code addressed concerns that growing stablecoin issuance on XRPL could reduce XRP’s importance within the ecosystem. He initially acknowledged the argument by writing, “Banks are minting USD on XRPL. So wait, even less use of XRP.”

However, he quickly shifted to what he believes is the more important long-term implication. According to Vincent, the existence of multiple bank-issued dollar stablecoins on XRPL could eventually increase the need for interoperability between them.

He explained that different institutions may issue their own versions of dollar-backed assets, including USDB, USDG, and RLUSD. Once those assets need to interact across liquidity pools, automated market makers, and decentralized exchanges, a bridge asset may become necessary to facilitate swaps.

Vincent argued that XRP is positioned to serve that role. In his post, he suggested that XRP could become the denominator to connect liquidity for stablecoins on XRPL.

His comment reflects a view held by some XRP supporters who believe stablecoin growth on XRPL does not directly compete with XRP, but instead increases the network activity that could require XRP-based liquidity solutions in the future.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are advised to conduct thorough research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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