Stablecoin supply on the Ripple network has hit a record high, while inflows of small investors are rising but derivatives market momentum is cooling in a contrasting trend.

On-chain data platform Artemis, cited by blockchain outlet Cryptopolitan on March 23, showed total stablecoin supply on the XRP Ledger (XRPL) has risen more than 100% since December 2025 to about $568 million, the highest on record. Over the same period, the number of wallet addresses holding fewer than 100 XRP rose to 5.66 million, rapidly expanding the retail investor base.

But the market feels different. XRP open interest on Binance fell to about $372.6 million, the lowest level since 2024. Compared with a period when XRP traded above $3 and open interest topped $1.7 billion, demand for leveraged bets has sharply contracted.

This shift is not unrelated to market uncertainty sparked by recent geopolitical risks in the Middle East. As investors cut aggressive bets on risk assets, derivatives market liquidity is shrinking despite rising network activity.

In South Korea, another trend is emerging. Stablecoin balances at major domestic exchanges have fallen about 55% since July 2025. Holdings at five major exchanges—Upbit, Bithumb, Coinone, Korbit and Gopax—have dropped from about $575 million to around $188 million. It is analysed as being driven by investors selling stablecoins to respond to a stronger dollar after the won-dollar exchange rate climbed above 1,500 won and hit its lowest level in 16 years.

Structural changes are also under way in the global stablecoin market. The number of active addresses for ERC-20-based stablecoins jumped about 600% in a year, from roughly 85,000 to 600,000, sharply expanding usage. On the supply side, USD Coin (USDC) led growth with an increase of about $4.5 billion, while Tether fell about $2 billion, showing a contrasting trend.

Total stablecoin supply edged up over the past week to about $316.4 billion, while net outflows from exchanges continued. This suggests funds are moving to self-custody such as personal wallets rather than leaving the market.

An interpretation is emerging that the XRP ecosystem is entering a dual structure in which network activity and retail participation are expanding, while leveraged and institution-led speculative demand is shrinking.