RLUSD Stablecoin: State of the Adoption

Exactly two months after its official launch, the Ripple USD (RLUSD) stablecoin has reached 120,000,000 in total supply. The token, launched on Ethereum and XRP Ledger (XRPL), has gained significant traction in such a short period

CryptoQuant shared an update on the total supply of the Ripple USD (RLUSD) stablecoin, highlighting its growing adoption and utility across multiple sectors.

According to the blockchain analytics platform, the token, which launched on both Ethereum and XRP Ledger (XRPL), has now reached a total supply of 120,000,000.

As noted by Researcher JA Maartunn in an earlier post on the topic, RLUSD initially saw strong growth on the Ethereum blockchain around the time of its launch.

However, Maartunn pointed out a recent pivot as the token gained traction, favoring the XRP Ledger.

Among the recent achievements for the stablecoin was its listing on the high-leverage trading platform Margex.

Additionally, RLUSD was reported to have gotten a Zero Hash listing earlier this year, and it also went live to trade on Revolut, pushing it further into mainstream finance.

These integrations may have contributed to the surge in total supply, which was also boosted by Ripple's commencement of test minting for RLUSD on Ethereum and XRPL in August—about four months before the stablecoin launched.

The stablecoin has reportedly started to gain traction on the XRPL due to the lower transaction fees applicable to the network.

Currently, XRPL holds around 37.4 million RLUSD and has now overtaken Ethereum in terms of growth rate.

The supply of the RLUSD stablecoin on the Ethereum protocol is now below 83.3 million RLUSD. In total, $120 million worth of RLUSD is a milestone for the stablecoin and the broader Ripple ecosystem.

The narrative around RLUSD on XRP Ledger is particularly noteworthy in light of Ripple's Real-World Assets (RWA) tokenization agenda.

Over the past few months, Ripple Labs has announced several partnerships to drive this initiative.

Meanwhile, the increased traction of RLUSD on the XRPL ecosystem has also contributed to the price of XRP, drawing on its usage and liquidity.

At the time of writing, the altcoin was trading at $2.64 after losing 3% of its gains in the last 24 hours.

However, the new development in the stablecoin ecosystem may turbocharge its long-term price rally.

In an earlier XRP price analysis, the prospects of the coin hitting $250 were brought into focus, fueled by the accumulation of XRP by "whales."

In the analysis, the XRP Captain took to advise market participants to prepare for the "space journey largest breakout in history."

The captain went on to predict the period from now to 2026 as the timeframe for this bullish rally.