Ripple's RLUSD Stablecoin Shifts Focus to XRP Ledger

Ripple's RLUSD stablecoin has shifted its supply focus to the XRP Ledger, where it now accounts for 94% of total stablecoin market capitalization. This move comes after Ripple initially focused on Ethereum but changed course by conducting large-scale burns on Ethereum and increasing issuance on the XRP Ledger.

The shift has paid off, with RLUSD's supply share on the XRP Ledger overtaking that of Ethereum in June. Today, the XRP Ledger holds 55% of total RLUSD supply, worth around $1.58 billion. Stablecoin transfers on the XRP Ledger have also risen by 10.8% over the past 30 days to $4.28 billion.

The increase in stablecoin usage on the XRP Ledger is a clear sign that more individuals and companies are using the network for fund transfers. This trend is accompanied by a rise in market capitalization, with the total stablecoin market capitalization increasing by 12.27% to $926.11 million over the same period.