$2B Stablecoin Showdown: RLUSD vs PYUSD

Ripple's $RLUSD stablecoin has recently surpassed the $2 billion market capitalization milestone, putting it in close proximity to PayPal USD ($PYUSD), which boasts a market value of approximately $2.9 billion.

However, a closer examination of on-chain activity reveals that $PYUSD maintains a larger user base and generates more transfer volume than its competitor.

$RLUSD, on the other hand, displays a unique pattern: despite having fewer active addresses, it shows high activity relative to its supply. This is evident in its monthly transfer volume, which stands at roughly $11.60 billion, generated through 1.28 million transfers and 7,982 active addresses.

The transfer frequency per active address is also noteworthy, with $RLUSD averaging around 160 transfers per active address, indicating a network with frequent activity despite a relatively small user base.