RLUSD Dominates XRP Ledger as Supply Nears $2.5 Billion
On‑ledger gains and new exchange rewards point to rising RLUSD use despite chain metrics not showing who moved funds.
Overview
- DefiLlama tracker readings show stablecoin balances on the XRP Ledger rose about 6% week‑over‑week to roughly $1.16–$1.19 billion, with RLUSD making up about 92% of that pool on Sept. 25–26.
- CoinMarketCap places RLUSD’s total circulating supply near 2.49 billion tokens, implying a market value close to $2.5 billion and confirming issuance across multiple networks beyond XRPL.
- RLUSD is issued by Standard Custody & Trust Company under New York supervision and Ripple says reserves are held in segregated accounts with BNY Mellon acting as primary custodian.
- Binance began offering XRP rewards to eligible RLUSD holders on Sept. 25, a market incentive that could boost on‑ledger holdings but does not prove conversions from other stablecoins or XRP purchases.
- Regulators and market watchers are paying attention to stablecoin rules and reserve standards following Federal Reserve proposals on Sept. 24, and observers warn that ledger balance snapshots do not reveal transaction flows or which actors increased supply.