Coinbase Opens RLUSD Gates While XRP Ledger Payment Volume Retreats From Sunday Surge
Published on 10/28/2026 at 22:10 | Editorial boerse-global.de
Coinbase has flipped the switch on Ripple's RLUSD stablecoin across Coinbase Exchange, Coinbase Prime and its retail app — a distribution win that says plenty about stablecoin reach and nothing, on its own, about appetite for XRP. The timing is awkward: the same day the exchange confirmed the rollout, payment activity on the XRP Ledger was busy giving back a chunk of Sunday's spike.
Deposits and withdrawals of RLUSD are now supported across the XRP Ledger, Base and Ethereum, according to Ripple. That multi-chain footprint matters for how the news should be read. The integration is not an XRP Ledger-only expansion, and it does not, by itself, prove fresh XRP buying. Stablecoin availability and token demand are separate variables, and conflating them is where holders tend to get hurt.
A Spike That Didn't Stick
Sunday's numbers were eye-catching: payment activity on the XRP Ledger jumped 2,633%, according to media reports. By today, volume had fallen 45.1% to roughly 200.8 million XRP, down from nearly 366 million XRP the previous day. The pullback followed an extraordinary outlier — it does not mean activity has fully reverted to prior levels.
Zoom out and the picture softens further. The 30-day average daily payment volume stood at 480.6 million XRP, a figure that offers a steadier read than any single session's swing but confirms neither an acceleration nor a durable decline in usage. One short-lived burst is not evidence of permanently higher adoption; what matters is whether sustained activity follows.
Should investors sell immediately? Or is it worth buying XRP?
Price action offered little comfort either. XRP changed hands at 1.31 USD, lower on the day, and no single cause for the move can be cleanly extracted from the data.
Concentration Clouds the Usage Story
Transaction counts deserve scrutiny of their own. A Bitquery analysis dated October 20 found that 99.6% of RLUSD payments on the XRP Ledger over a 30-day window came from a small cluster of wallets. Bitquery could not determine who operated them. That level of concentration undercuts headline transaction figures as proof of broadly distributed use — a high count and a wide user base are not the same thing.
Rails Are Being Built — Demand Isn't Quantified
Yesterday brought a more concrete use case. C2FO and Ripple announced that C2FO Instant Pay will use the XRP Ledger for financing and settlement, with supplier payments against approved invoices to be made in RLUSD. Note the split: the ledger provides the infrastructure, the stablecoin serves as the payment instrument. The announcement describes a planned deployment, not a service already running at scale, and it puts no number on any resulting XRP purchase demand. Participating funders are meant to finance payments against approved invoices, with suppliers receiving funds within seconds — an initiative, in the companies' own framing, rather than a broad live rollout.
Taken together, the developments point to widening access to applications built on the ledger while the underlying payment data wobbles. Coinbase's integration is a tangible step forward for RLUSD availability. Whether it grows into lasting, broader ledger usage has yet to be demonstrated — and today's volume retreat and the Coinbase news are not in conflict. They simply describe different things.
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