Ripple CEO Brad Garlinghouse stated that the company's RLUSD stablecoin is intended to function on the XRP Ledger. Despite this goal, current on-chain data from DefiLlama indicates that the majority of the token supply resides on the Ethereum network.
The total market capitalization of RLUSD is approximately $2,6 billion. Of this amount, about $1,72 billion is held on Ethereum, while the XRP Ledger accounts for roughly $850 million. This distribution represents about two-thirds of the supply on Ethereum and one-third on the XRP Ledger.
Over the past month, the supply of RLUSD on Ethereum increased by approximately one-third, while the XRP Ledger saw a corresponding decrease. This trend marks a shift from late June, when the XRP Ledger briefly held the majority of the supply, before Ethereum regained the lead in late August.
Garlinghouse emphasized that RLUSD is designed to complement XRP rather than compete with it. He noted that while Ripple can freeze RLUSD tokens, XRP remains decentralized and cannot be frozen by the company. Additionally, XRP is required for transaction fees and account reserves on its native ledger.
The growth of RLUSD has been significant, with its market capitalization increasing by more than 88% throughout the year. While Ethereum currently offers a more developed DeFi ecosystem, including protocols like Aave, Ripple continues to integrate its stablecoin reserves under its new national trust bank charter.
