RLUSD vs PYUSD: Market Cap Doesn't Tell the Whole Story

Ripple's RLUSD has reached a market capitalization of $2.02 billion, closely approaching PayPal USD (PYUSD) at $2.9 billion.

While market cap is a key indicator, it doesn't reveal which stablecoin is used more frequently.

A closer look at on-chain activity shows that PYUSD has the larger user base and generates higher monthly transfer volume.

However, RLUSD exhibits a different pattern: fewer active addresses but significantly more transfers per address, indicating its use case may be geared towards institutional finance.