Ripple’s new stablecoin, RLUSD, is making waves, or maybe just ripples in the crypto world.
Launched in mid-December 2024, it’s already cruising past the $100 million level in circulation.
RLUSD, the new kid on the block
As of February 12, 2025, the total value of all stablecoins out there is $224.367 billion. RLUSD’s piece of that pie is tiny for now, but it’s growing quite steadily.
Right now, there are about 108.66 million RLUSD tokens floating around on two different blockchains.
Ripple Labs cooked up RLUSD to make cross-border transactions smoother by linking digital money to good old traditional financial stability.
It lives on both Ethereum and the XRP Ledger, for speed up its adoption in the DeFi universe.
Ethereum vs. XRP Ledger
Back in December 2024, RLUSD had about 72 million tokens in circulation. Since then, it’s jumped by 51%, and currently, 83.33 million RLUSD tokens live on Ethereum, while a smaller 24.67 million are on the XRP Ledger.
The Ripple Stablecoin Tracker X account is keeping a close watch on the XRP Ledger side of things, offering real-time updates.
On Ethereum, those 83.33 million RLUSD coins are spread across 1,451 addresses, with only 5,267 transfers to date.
And here’s the kicker, because the top 100 wallets own a staggering 99.88% of those tokens. What decentraization?
Early days or red flags?
RLUSD’s growth is definitely something to watch, but it’s not all sunshine and roses.
Ethereum is clearly the preferred blockchain right now, which raises questions about whether RLUSD is truly balanced across both chains.
Plus, with so much of the stablecoin held by so few, it suggests that RLUSD is still in its early stages of distribution.
Will RLUSD become a major player, or just yet another stablecoin in the market? The million dollar question, right?
