RLUSD vs. PYUSD: Stablecoins Clash for Market Supremacy

Ripple's RLUSD stablecoin has reached a market capitalization of over $2 billion, rivaling PayPal USD (PYUSD) which has a value of about $2.9 billion. However, market cap alone doesn't reveal which stablecoin is used more.

PYUSD leads RLUSD in users, active addresses, and monthly transfer volume. PYUSD also has broader chain and DeFi adoption, while RLUSD targets institutional finance.

RLUSD's supply is concentrated primarily on Ethereum and the XRP Ledger, with approximately $1.03 billion on Ethereum and about $988 million on XRPL. In contrast, PYUSD is more broadly distributed across various ecosystems, including Solana, where cheap transactions have made the token attractive for payments and DeFi applications.