RLUSD Volume Beats Ethereum on XRPL, But Supply Differs

Have you been following the latest developments in the stablecoin market? RippleXRP-1.88%'s stablecoin, RLUSD, recently saw a fascinating shift across two major blockchains.

During October, the XRP Ledger handled more RLUSD transfer volume than EthereumETH-3.62%. That headline victory caught many crypto enthusiasts by surprise.

However, taking a closer look at the data reveals a much more detailed story. While transfer volume favored XRPL, Ethereum still holds the vast majority of the total circulating supply.

Breaking Down the October Transfer Numbers

Let's examine the exact figures from the reported transfer data. In October, the XRP Ledger processed roughly $20.056 billion in RLUSD transfers.

By comparison, the Ethereum network settled $15.449 billion in RLUSD transfers during the same timeframe. Together, both networks moved a massive $35.506 billion.

This means XRPL accounted for roughly 57% of all RLUSD transfer volume in October. It was a notable monthly shift for Ripple's native network.

Why Circulating Supply Tells a Different Story

Transfer volume is only one piece of the overall economic puzzle. Data from DefiLlama published on November 13 offers critical context regarding token supply.

According to DefiLlama, Ethereum holds around $1.855 billion in circulating RLUSD supply. On the flip side, XRPL holds about $818.57 million.

That means Ethereum maintains more than double the RLUSD supply recorded on XRPL. Even though XRPL moved more value, Ethereum hosts far more tokens overall.

Understanding Transfer Volume Versus Supply

How can a network move more money while holding fewer total tokens? Think of it like comparing a high-turnover cash register to a vault.

Transfer volume measures how often funds move back and forth over a given period. Circulating supply measures how many tokens sit in accounts at a specific time.

If a smaller pool of tokens gets traded repeatedly, total volume spikes quickly. High activity can reflect exchange rebalancing, internal transfers, or liquidity routing.

Bitquery Uncovers Unique Activity Patterns

Analytics firm Bitquery looked deeper into XRPL transactions between September 19 and October 18. Their study identified approximately 7.82 million total payments.

Surprisingly, about 99.6% of those payment counts came from just 110 wallets. These wallets transferred funds to three central collector addresses.

Despite the high payment count, those transfers carried a total value of only 7,722 RLUSD. This proves why raw transaction counts can skew perceptions of user adoption.

Concentrated Dollar Values on XRPL

Bitquery also analyzed payments carrying significant monetary value of at least 1 RLUSD. When looking at actual dollar value, the network moved $7.33 billion during that window.

Wallet concentration remained very high in this category too. The top 10 sending wallets accounted for $6.05 billion, which represents about 82% of that volume.

Additionally, Ripple's own minting and redemption operations made up a large share of those transfers. Large sums were also moved by crypto exchanges and institutional custodians.

Traditional Banking Infrastructure Moves Forward

Beyond network metrics, real-world banking integrations continue behind the scenes. On October 15, Cross River Bank announced an integration with RLUSD.

The bank connected RLUSD into its core banking system via a unified API. This allows eligible businesses and fintech firms to access both U.S. dollars and RLUSD services.

While this represents a meaningful infrastructure step, Cross River did not disclose actual RLUSD payment volumes. Institutional builds take time to translate into visible daily network activity.

What This Means for Crypto Observers

Headline statistics in the crypto space can sometimes paint an incomplete picture. Seeing $20 billion move on XRPL is a major milestone for Ripple's stablecoin presence.

Nevertheless, Ethereum remains the primary liquidity hub for RLUSD supply today. The high transfer velocity on XRPL currently stems from a concentrated set of active wallets.

As stablecoin competition grows, market participants should monitor transparent settlement metrics closely. Sustainable adoption relies on broad real-world payments, not just short-term volume spikes.

Past performance of digital assets or networks is not a guarantee of future performance. Always evaluate digital asset trends with balanced research and risk awareness.