RLUSD Transfer Volume Beats Ethereum, but Supply Tells a Different Story

RLUSD transfer volume on the XRP Ledger (XRPL) overtook Ethereum in October, but that headline victory comes with an important qualification: Ethereum still holds substantially more of the stablecoin. The contrast between transaction activity and circulating supply raises a bigger question for Ripple’s dollar-pegged token: is XRPL becoming a major settlement network, or are headline figures making adoption look stronger than it is?

According to October figures, XRPL processed approximately $20.056 billion in RLUSD transfers, compared with Ethereum’s $15.449 billion. XRPL accounted for 57% of the combined $35.506 billion in reported transfers. It was a notable monthly reversal, but it does not mean XRPL has the larger RLUSD economy.

RLUSD Transfer Volume Leads, but Ethereum Holds More Supply

DefiLlama’s November 13 data shows approximately $1.855 billion in RLUSD on Ethereum and $818.57 million on XRPL. In other words, Ethereum holds more than twice the RLUSD supply currently recorded on XRPL.

These figures measure different things. Transfer volume tracks the value moved during a period; circulating supply measures tokens present on a chain at a particular point in time. A smaller pool of tokens can generate higher transfer volume if those tokens change hands repeatedly. That activity may reflect exchange movements, internal transfers or settlement flows, not necessarily more customers or real-world payments.

Bitquery Finds a Problem Behind the Payment Counts

There is another reason to treat XRPL activity figures carefully. Bitquery examined RLUSD payments between September 19 and October 18 and identified 7.82 million payments. About 99.6% were sent by a cluster of 110 wallets to three collector addresses, carrying just 7,722 RLUSD in total.

That statistic concerns payment count, not dollar value. Looking separately at payments worth at least 1 RLUSD, Bitquery measured $7.33 billion in value. The ten largest sending wallets accounted for $6.05 billion, or roughly 82%. The issuer’s minting and redemption activity also represented a significant portion of the measured flows.

The findings do not prove that all large transfers were artificial. Exchanges, custodians and payment processors can legitimately move substantial sums through a small number of wallets. But they do show why raw transaction counts are a poor shortcut for measuring adoption.

Cross River Adds Infrastructure, Not Proof of Demand

Cross River Bank announced on October 15 that it had integrated RLUSD into its core banking system, enabling eligible businesses and fintechs to access dollar and RLUSD payment services through one API. That is a meaningful infrastructure development, although the announcement did not disclose actual RLUSD payment volumes.

The bigger story is therefore not simply that XRPL beat Ethereum in October. RLUSD transfer volume was higher on XRPL, while Ethereum still held more supply. Whether that gap signals lasting institutional adoption will depend on transparent evidence of sustained, meaningful payment activity, not just another impressive volume headline.