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$RLUSD, Ripple’s dollar-pegged stablecoin, surpassed $1 billion in market capitalization in late November, less than a year after its launch.
On-chain data from DefiLlama shows that roughly $1.03 billion — more than 82% of $RLUSD’s supply — now sits on Ethereum, while about $235 million is on the $XRP Ledger, the blockchain network originally created by Ripple founders and key executives.
Etherscan data indicates that over 40% of $RLUSD’s Ethereum supply is concentrated on DeFi lending protocol Aave, suggesting that most holders prefer to passively earn yield rather than use it on an exchange. By contrast, stablecoins giants like $USDT and $USDC are primarily held in Binance-related wallets, indicating their use in trading pairs, with Aave holdings coming in further down the list.
Despite this latest milestone, $RLUSD is still small compared with leading USD-pegged stablecoins. Tether’s $USDT leads the pack with over $184 billion in circulating supply, followed by Circle’s $USDC with $77.5 billion. As of press time, $RLUSD is ranked 10th among USD stablecoins by market cap with a supply of $1.26 billion, according to CoinGecko.
$RLUSD’s growth on Ethereum comes months after Ripple acquired the stablecoin platform Rail for $200 million. As The Defiant reported earlier, the acquisition gives Ripple access to a range of tools that strengthen its payments ecosystem, including on- and off-ramps for stablecoins, virtual accounts, a network of banking partners, and improved liquidity for both $RLUSD and $XRP Ledger’s native asset, $XRP.