RLUSD Transfer Volume Surpasses Ethereum, Supply Dynamics Diverge

XRPL Outpaces Ethereum in RLUSD Transfer Volume, But Supply Disparity Raises Questions

The XRP Ledger (XRPL) recorded a higher volume of RLUSD transfers than Ethereum in October, a headline achievement that is tempered by a significant disparity in the stablecoin’s circulating supply. While XRPL processed approximately $20.056 billion in RLUSD transfers, surpassing Ethereum’s $15.449 billion, data from DefiLlama indicates that Ethereum still holds substantially more of the stablecoin. This contrast between transaction activity and circulating supply prompts a critical question for Ripple’s dollar-pegged token: is XRPL emerging as a major settlement network, or are headline figures overstating its adoption?

In October, XRPL accounted for 57% of the combined $35.506 billion in reported RLUSD transfers across both networks. While this represented a notable monthly reversal, it does not equate to a larger RLUSD economy on XRPL.

Ethereum Dominates RLUSD Supply

As of November 13, DefiLlama data shows approximately $1.855 billion in RLUSD held on Ethereum, compared to $818.57 million on XRPL. This means Ethereum holds more than double the RLUSD supply currently recorded on XRPL.

These metrics measure distinct aspects of network activity. Transfer volume tracks the value of tokens moved within a given period, whereas circulating supply reflects the total number of tokens present on a blockchain at a specific point in time. A smaller pool of tokens can generate higher transfer volumes if those tokens are frequently exchanged. Such activity can be attributed to exchange movements, internal transfers, or settlement flows, rather than necessarily indicating a greater number of customers or real-world payment transactions.

Concentration and Distortion in XRPL Payment Data

Further scrutiny of XRPL activity figures is warranted. An analysis by Bitquery examining RLUSD payments between September 19 and October 18 identified 7.82 million transactions. However, approximately 99.6% of these payments originated from a cluster of 110 wallets and were directed to three collector addresses, collectively carrying only 7,722 RLUSD.

This statistic pertains to payment count, not monetary value. When focusing on payments valued at 1 RLUSD or more, Bitquery measured $7.33 billion in value. The ten largest sending wallets were responsible for $6.05 billion, or roughly 82% of this value. The issuer’s minting and redemption activities also constituted a significant portion of the observed flows.

While these findings do not definitively prove that all large transfers were artificial, they highlight the limitations of using raw transaction counts as a sole indicator of adoption. Legitimate entities such as exchanges, custodians, and payment processors may indeed move substantial sums through a limited number of wallets.

Infrastructure Development and Future Outlook

A significant infrastructure development occurred on October 15 when Cross River Bank announced the integration of RLUSD into its core banking system. This integration enables eligible businesses and fintech companies to access dollar and RLUSD payment services through a single API. Although this announcement signifies a meaningful step forward, it did not disclose actual RLUSD payment volumes.

Therefore, the more compelling narrative is not simply XRPL’s October transfer volume surpassing Ethereum’s. While RLUSD transfer volume was higher on XRPL, Ethereum continues to hold a larger supply. The true measure of lasting institutional adoption will depend on transparent evidence of sustained, meaningful payment activity, rather than solely on impressive volume figures.