Ripple's stablecoin is fading away on popular chain, XRP crashes
Ripple's dollar stablecoin RLUSD has shifted its majority presence to the XRP Ledger, surpassing Ethereum's supply for the first time on June 26. As of July 11, the XRP Ledger holds approximately 863.2 million RLUSD, accounting for 56.1% of the stablecoin's $1.539 billion total supply. The XRP Ledger's RLUSD balance has more than doubled over two months, while Ethereum's has fallen 22.8% since mid-June.
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The RLUSD migration to XRPL reflects a strategic pivot, but the 56% threshold is still early-stage dominance; stablecoin base rates on alternative ledgers show >70% concentration at maturity. The 22.8% decline in ETH supply aligns with the base case where issuers diversify for cost efficiency, yet liquidity fragmentation could erode arbitrage depth—a risk not priced into the current 1.002 RLUSD peg stability.