Brad Garlinghouse, CEO of Ripple Labs (in image) Credit: Steve Jennings/Getty Images for TechCrunch.
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Key Takeaways
A majority of RLUSD tokens are circulating on Ethereum-based DeFi protocols and platforms.
Over 85% of RLUSD holders are on XRP Ledger.
Ripple’s stablecoin thrives on XRPL amongst institutional partners.
Ripple’s (XRP) stablecoin RLUSD is very unevenly distributed across the crypto markets, as almost $700 million of it finds a home within Ethereum’s DeFi protocols, whilst a majority of its holders are active on XRP Ledger.
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According to data from RWA.xyz, most of Ripple’s stablecoin holders are stacking and using them on the XRP Ledger (XRPL), despite 88% of their supply being circulated on the Ethereum network.
Of the 36,878 RLUSD holders, 31,430 of them (85.2%) are held on the XRPL blockchain.
RLUSD holders by chain.| Source: RWA.xyz.
Just over $698 million, roughly 88.5% of RLUSD’s $789.33 million tokens, are on the Ethereum blockchain. And $90.7 million, the remaining 12.5%, is circulating on XRPL.
Holders on XRPL average about $2,886 per wallet, whilst a highly concentrated number of RLUSD tokens exist on Ethereum, averaging $128,302 per holder.
There are just 5,448 ETH-based entities holding Ripple’s stablecoin.
Aave’s Ethereum RLUSD token contract, which facilitates the use of RLUSD within Aave’s protocol, currently commands over $330.4 million, accounting for almost half of all RLUSD on Ethereum.
The second-largest is a Ripple deployer (token distribution) address, which holds $114.63 million, likely operated and controlled by Ripple.
The third-largest is Curve’s RLUSD/USDC pool contract, which holds just over $24 million of RLUSD.
Evidently, RLUSD’s role on Ethereum leans more towards DeFi, whereas activity on XRPL appears to be institutional.
Institutional Activity
Per RWA.xyz, XRPL has recorded 25,450 active addresses between Dec. 2024 and Oct. 3, 2025.
Fascinatingly, Ethereum-based RLUSD transfers have recorded $4.87 billion in monthly volumes across 19,502 transfers.
Meanwhile, on XRPL, this figure is $112.42 million, across 391,157 transfers over the past month.
VERT Capital is one of XRPL’s most active entities. It’s an “all-in-one” service provider for capital markets from Brazil that leverages XRPL.
Then there’s OpenEden Digital, a Bermuda-registered RWA tokenization entity specializing in U.S. Treasury securities, a sector that currently comprises $169.6 million on XRPL.
This highlights robust institutional participation in XRPL, which outpaces Ethereum by 2.6x, and arguably aligns with XRPL’s appeal of low-fee, high-speed design.
Eddie is a gaming and crypto writer at CCN. Covering the often weird and wonderful world of Web3 with an adoring, but skeptical eye.
Prior to CCN, Eddie has spent the past seven years working his way through the crypto, finance, and technology industry. He began with PR and journalism with Bitcoin PR Buzz and BitcoinNews.com, eventually working his way to become a copywriter with a dozen firms, including the likes of Polkadot before returning to journalism in 2023.
Having studied Radio production and journalism at University in the UK, Eddie spent a few years making podcasts and presenting on a local London radio station as he built up his writing chops.
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