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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.