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Magyar27 Oct 2026
Hyperliquid has nearly matched the XRP Ledger in daily net stablecoin inflows, according to Token Terminal data cited by RWA Foundation, with the top three chains pulling in $99.6 million in 24 hours. The move comes as Kraken rolls out CFTC-regulated perpetual futures for US clients built on Hyperliquid, while Ripple leans on its new OCC bank approval.
Hyperliquid has almost caught up with the XRP Ledger in daily net stablecoin inflows, according to figures from Token Terminal cited by RWA Foundation and reported by U.Today on Tuesday, October 27. Over the previous 24 hours, the three leading blockchain ecosystems together attracted $99.6 million in net stablecoin inflows, with Hyperliquid and the XRP Ledger separated by only a small gap.
A race for stablecoin liquidity
Stablecoin inflows are one of the clearest signals of where traders and funds are parking dollars on-chain. For the XRP Ledger, the pitch is real-world asset (RWA) infrastructure and regulated rails. For Hyperliquid, it is high-volume on-chain perpetual futures trading. U.Today noted that the gap between the two networks is narrow enough that the lead could change hands at any moment.
Hyperliquid’s activity also showed up in liquidation data: the largest single liquidation across the crypto market in the period, a $1.85 million BTC short, was recorded on Hyperliquid, according to the same report.
Kraken builds US perps on Hyperliquid
Part of the momentum comes from the US. Kraken is rolling out what U.Today describes as the first CFTC-regulated perpetual futures markets for US clients built directly on Hyperliquid, with Bitnomial involved and clearing provided by NinjaTrader. The integration was made possible by Hyperliquid’s HIP-3 update, which added on-chain whitelists to meet compliance needs for larger capital. The HYPE token rose to around $78.50 following the news, per the report.
Ripple answers with a bank charter and BNY
On the XRP Ledger side, the regulatory tailwind is Ripple’s new federal status. The Office of the Comptroller of the Currency (OCC) granted final approval for Ripple National Trust Bank, which will manage reserves for the RLUSD stablecoin and offer custody to corporate clients. Ripple also said it is expanding its collaboration with BNY across custody and tokenized trade finance, bringing trade finance to the XRP Ledger alongside RLUSD and XRP.
Market backdrop
The broader market was cautious. Bitcoin traded in a narrow range near $79,756 while aggregated open interest climbed toward $28.18 billion, a pattern CryptoQuant analyst Maartunn flagged as a bearish divergence driven by new short positions. CoinGlass data showed $140.79 million in liquidations over 24 hours, with 56.9% of losses on longs.
What it means for traders
Stablecoin inflow data is a useful gauge of where trading activity may concentrate next. Rising inflows to Hyperliquid alongside regulated US access through Kraken could deepen HYPE and perp liquidity, while Ripple’s charter strengthens the case for RLUSD with institutions. With open interest rising against a flat spot price, leveraged traders should watch for sharp liquidation moves in either direction and size positions carefully.
If you trade perpetual futures, compare fees, leverage limits and liquidity in our exchange comparison, or read our BingX review and OKX review. Our how we test page explains how we score exchanges. This is not financial advice.
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