Ripple’s RLUSD Hits A ‘Huge Milestone’ As XRP Ledger Overtakes Ethereum

The total supply of Ripple’s regulated stablecoin, Ripple USD (RLUSD), has reached $120 million. Community analyst Maartunn from CryptoQuant revealed the figures in a new analysis, calling it a “huge milestone.”

Ripple’s RLUSD Gains Traction On The XRP Ledger

“RLUSD Total Supply reached $120m. RLUSD, Ripple’s regulated stablecoin, keeps growing and has now hit a total supply of $120 million. XRPL holds around 37.4 million RLUSD, overtaking Ethereum, where growth has slowed, keeping the supply below 83.3 million RLUSD,” Maartunn wrote in his latest update.

The analyst attributes RLUSD’s recent momentum on the XRP Ledger (XRPL) to significantly lower transaction fees when compared to Ethereum. In the early weeks following its launch, RLUSD expansion was more pronounced on Ethereum, but that initial burst appears to have cooled, allowing XRP Ledger to gain ground.

“In the early weeks, RLUSD grew quickly on Ethereum. However, it has gained more traction on XRPL lately, likely due to the lower transaction fees on the XRP Ledger,” he writes. Via X, Maartunn also predicted a growing adoption in the upcoming months in Europe: “Usage of RLUSD is really catching up! With MiCA regulations leading to USDT delistings in Europe, I expect this trend to accelerate even further!”

An accompanying chart shared by the analyst shows a sharp rise in RLUSD transactions over the past few weeks. The cumulative transaction count has exceeded 160,000 lately, with daily transaction counts surpassing 600 on several days in February—a notable uptick for a newly launched stablecoin.

RLUSD’s speedy climb comes on the heels of its regulated launch on December 17. After securing the necessary approvals, the stablecoin has been added to major trading platforms such as Bitstamp, Revolut, and Zero Hash—helping drive adoption. Notably, Ripple minted over 1.05 million tokens on February 10, indicating continuing supply expansion.

Despite reaching the $120 million milestone, RLUSD remains significantly behind major stablecoin leaders. Circle’s USDC, another highly regulated stablecoin, holds a market cap of around $56.5 billion, and Tether’s USDT—the current market frontrunner—towers above all competitors at $142 billion.

At press time, XRP traded at $2.61. After confirming its breakout from a descending channel on February 12, the price surged to $2.83 but failed to close above the 0.618 Fibonacci retracement level at $2.77, which remains a key resistance. The most critical support currently stands at the 0.5 Fib retracement level around $2.58. Should XRP manage a decisive break above $2.77, further targets include $3.05 (the 0.786 Fib) and $3.40 (the January high).