Is XRP a stablecoin? XRP vs RLUSD explained

XRP is a floating-price cryptocurrency, and Ripple's dollar stablecoin is a separate token called RLUSD.

No, XRP is not a stablecoin, because its price is set by the market, nothing holds it at $1, and no reserve stands behind it. XRP traded at $1.51 on 23 September 2026, down from $2.83 a year earlier, according to CoinGecko. The stablecoin people often have in mind is RLUSD (Ripple USD), a separate token that Ripple issues and backs 1:1 with dollar reserves.

Both are tied to the same company and the same ledger, which explains most of the confusion. They behave in opposite ways, and that difference decides how each one can earn a return.

Is XRP an altcoin or a stablecoin?

XRP is an altcoin, meaning any cryptocurrency other than bitcoin. It's the native asset of the XRP Ledger, used to pay transaction fees and to bridge between currencies in cross-border payments. All 100 billion XRP were created when the ledger launched in 2012, and 80 billion went to the company that became Ripple (xrpl.org). About 62.9 billion were in circulation on 23 September 2026, per CoinGecko.

A coin counts as a stablecoin if it passes three tests, and XRP fails each one:

• A target price: a stablecoin aims for a fixed value, usually $1. XRP has no target.
• Reserves: a fiat-backed stablecoin holds cash or Treasuries equal to its supply. Nothing is held against XRP.
• Redemption: a stablecoin issuer will swap tokens back for dollars at par. XRP can only be sold at whatever the market pays.

What is the XRP stablecoin called?

Ripple's stablecoin is RLUSD. It's issued by Standard Custody & Trust Company, a Ripple subsidiary chartered by the New York Department of Financial Services, and Ripple describes it as backed by "a segregated reserve of cash and cash equivalents and redeemable 1:1 for US dollars" (Ripple). Our RLUSD explainer covers its reserves and attestations in full.

Prices and XRP supply are from CoinGecko, RLUSD supply from DefiLlama, all read on 23 September 2026.

Is XRP going to be a stablecoin?

Neither Ripple nor the XRP Ledger's developers have proposed pegging XRP to a currency. Ripple launched a new token for that job, and RLUSD went live in December 2024. XRP's supply is fixed at 100 billion with no mechanism to expand or contract it around a price, which a peg would need.

RLUSD does add demand for XRP in a small way. Every account on the XRP Ledger has to hold a minimum XRP reserve, and every RLUSD transfer on the ledger pays a fee in XRP, which is burned.

XRP's price over the last 12 months

XRP peaked at $3.04 on 4 October 2025 and fell to $0.99 on 17 August 2026, a drawdown of 67%. It moved more than 10% in a single day seven times over the year. RLUSD never traded more than 0.11% away from $1 on CoinGecko's daily prices across the same period. XRP's all-time high is $3.65, set on 17 July 2025.

Can you earn on XRP without selling it?

Yes, although XRP has no native staking, so the return always comes from lending or liquidity. Our guide to whether you can stake XRP explains why the ledger pays holders nothing. The main routes, with rates read on 23 September 2026:

The Nexo rate is from nexo.com and the Kinetic rate from DefiLlama's yield data. Lending demand for XRP is thin, which is why plain FXRP lending pays under 1%, while some Flare DEX pools pairing FXRP with a stablecoin advertised double-digit rates on about $2 million of liquidity.

Native lending on the XRP Ledger isn't live. The single-asset vault and lending protocol amendments were still awaiting validator approval on 23 September 2026, per the ledger's own feature list.

How FXRP and earnXRP work

Flare's FAssets system locks XRP and mints FXRP on Flare, backed by collateral and redeemable for XRP. The FXRP explainer covers minting and redemption. Once it's FXRP, it can go into lending markets, DEX pools or a vault.

Upshift's Flare XRP Yield Vault issues earnXRP, a share token that grows against FXRP as the curator's strategies earn, so there's nothing to claim or restake. Two XRP vaults on Flare held about $63 million between them on 23 September 2026:

• Flare XRP Yield Vault (earnXRP), curated by Clearstar, about $50.6 million
• Monarq XRP Yield Vault, curated by Monarq, about $12.7 million

Balances are from Upshift's backend, and current rates are on each vault page. The earnXRP deposit guide walks through the steps.

Risks by route

• Exchange earn: the platform holds your XRP, and the rate can change or stop. Celsius and BlockFi both paid rates on deposited crypto before freezing withdrawals in 2022
• XRP Ledger AMM: impermanent loss, meaning the pool rebalances as prices move and can end up below the value of simply holding both assets, plus fees that fall when trading slows
• FXRP: the FAssets bridge, the collateral behind it, and every Flare protocol the FXRP goes into
• Vaults: the vault contract and the curator's choices on top of the protocols it uses. Upshift's contracts have had 10 smart contract audits by 6 independent firms
• All routes: the return is paid in XRP or FXRP, so a 67% price fall like the last year's outweighs any yield in dollar terms

Always make sure to do your own research and be aware of the above and any other risks before depositing.

Frequently asked questions

Is XRP a stablecoin?

No. XRP's price floats with the market and has no reserve or redemption behind it. Ripple's stablecoin is RLUSD, a separate token pegged to the US dollar.

Is XRP stable?

No. XRP fell 67% from its 12-month high to its low between October 2025 and August 2026, and moved more than 10% in a day seven times, per CoinGecko.

What is the XRP stablecoin called?

RLUSD, or Ripple USD. It's issued by a New York-chartered Ripple trust company, runs on the XRP Ledger and Ethereum, and had $2.37 billion in circulation on 23 September 2026.

Is XRP going to be a stablecoin?

Ripple launched RLUSD in December 2024 as its dollar-pegged token, and XRP's fixed 100 billion supply can't expand or contract to hold a price.

Can I earn on XRP without selling it?

Yes, through exchange earn programmes, the XRP Ledger AMM, or FXRP on Flare in lending markets and vaults such as earnXRP. Each route carries its own risks, and XRP's price risk remains.

Keep reading

• What is RLUSD. Ripple's stablecoin, its reserves and where it earns.
• Can you stake XRP. What products sold as XRP staking really do.
• What FXRP is and how it works. Minting, redemption and collateral on Flare.
• Flare XRP yield. Depositing FXRP into a vault, step by step.