RLUSD Achieves Major Transfer Milestone
Ripple’s stablecoin RLUSD has reached a significant milestone, with weekly transfer volumes on the Ethereum network now averaging around $1 billion. This represents a dramatic increase from the $66 million volume recorded at the beginning of the year. The growth pattern shows a steady upward trend through the first half of the year, followed by what appears to be a permanent shift to higher baseline activity in the second half.
According to data from on-chain analytics firm Token Terminal, this achievement comes approximately one year after Ripple launched RLUSD in late 2024. The sustained volume suggests that RLUSD is finding real utility in the market, which is notable for a stablecoin that’s less than a year old.
Growing User Base and Distribution
What’s particularly interesting about RLUSD’s growth is how it’s distributed across users. The number of RLUSD holders has increased eightfold since the start of the year, reaching approximately 6,000 addresses. Token Terminal notes that the increase in holders is keeping pace with the growth in supply, which indicates the token isn’t concentrated in just a few wallets but is actually being distributed across a broader user base.
This distribution pattern is important because it suggests organic adoption rather than just large institutional holdings. When supply growth matches holder growth, it typically means the token is being used for actual transactions rather than just sitting in large wallets.
Market Context and Position
This transfer volume milestone follows another significant achievement from early November, when RLUSD surpassed $1 billion in market capitalization. While these numbers are impressive for a relatively new stablecoin, RLUSD still operates in the shadow of established giants like Tether (USDT) with its $184.5 billion market cap and Circle’s USDC at $76 billion.
The gap between RLUSD and these market leaders is substantial, but the rapid growth trajectory suggests Ripple’s stablecoin is carving out its own space in the market. The fact that it’s achieving these volumes within its first year indicates there’s genuine demand for the product.
What This Means for Ripple
For Ripple, this development represents continued positive momentum following their legal victories against the SEC. The success of RLUSD provides another revenue stream and strengthens their position in the broader cryptocurrency ecosystem. Stablecoins have become crucial infrastructure in crypto markets, serving as settlement layers and trading pairs across numerous platforms.
The growth pattern suggests RLUSD might be finding particular utility in specific use cases or geographic markets where Ripple has existing relationships. The company’s extensive network of banking and financial institution partnerships could be providing natural adoption channels for their stablecoin.
While it’s still early days, the consistent growth in both volume and user base suggests RLUSD has found product-market fit. The challenge now will be maintaining this momentum and continuing to build out use cases that differentiate it from the established stablecoin leaders.
