Ripple USD narxiRLUSD

🆕 Ripple's RLUSD surpasses $1B market cap. @Ripple is often known as the original development company behind XRP and the XRP Ledger (XRPL). However, over the past two years, Ripple has expanded into four new business lines: payments, custody, prime brokerage, and stablecoins (RLUSD). RLUSD is deployed on both XRPL and Ethereum, with roughly 85% of the supply on Ethereum. On Ethereum alone, RLUSD surpassed $1B in market cap 12 months after its launch. If RLUSD’s market cap were to grow 10x from here, Ripple could become the third-largest stablecoin issuer after Tether and Circle. Let's explore what the onchain data tells us about RLUSD's recent growth.

Note: all RLUSD on @ethereum charts can be viewed here 👇

1) RLUSD market cap surpasses $1B ▪️ RLUSD on Ethereum surpassed $1B in market cap within 12 months of its launch. The chart shows growth through discrete step-ups rather than a smooth curve, with each step representing a distinct issuance event. Later steps are larger than earlier ones, and the supply holds steady after each expansion. ▪️ The step pattern reflects batch issuance rather than continuous minting. Stablecoin issuers typically mint in batches when onboarding new counterparties or activating distribution channels. The absence of drawdowns after large steps indicates redemptions have not meaningfully offset new issuance. ▪️ Net demand is absorbing new supply and allowing it to remain in circulation. For a stablecoin less than a year old, sustained supply retention signals that RLUSD is finding sticky use cases.

2) RLUSD holder count surpasses 6K ▪️ RLUSD holder count on Ethereum surpassed 6K, up from 750 at the start of the year. The chart shows a smooth, monotonic increase with visible acceleration in H2. Unlike the step pattern in supply, holder growth follows a continuous upward curve. ▪️ Holder growth keeping pace with supply growth suggests distribution rather than concentration. When new supply remains parked in a small set of addresses, holder counts stay flat even as market cap rises. Here, holders keep rising through major supply increases, indicating newly issued RLUSD is being dispersed outward. ▪️ The holder trend supports the view that adoption is widening alongside supply growth. A stablecoin with broad holder distribution is more likely to be building real usage than one where supply concentrates in a few wallets.