- RLUSD’s $1.83B reserve pool could generate about $67.8M in annual gross income.
- Ripple’s $310.68M Q3 2022 XRP sales remain well above RLUSD’s estimated yearly yield.
- RLUSD offers recurring dollar revenue, while XRP income depends on sales and market value.
Ripple’s stablecoin business is generating recurring revenue, but it has not yet matched the revenue the company historically generated from XRP sales. The difference is durability. Reserve income continues while RLUSD remains circulating, whereas XRP monetization depends on sales of an asset whose market value changes.
RLUSD Reserves and Fees Build a Recurring Revenue Stream
Ripple reported $1.731 billion of RLUSD in circulation and $1.833 billion in reserves as of May 28. Those reserves included Treasury bills, money-market funds, and bank deposits.
These interest-bearing assets provide Ripple with a recurring source of income while maintaining the stablecoin’s full backing. Under the company’s terms, Ripple may withdraw net returns generated by the reserves, provided sufficient assets remain available to support redemptions.
Based on the 3.70% three-month Treasury bill rate recorded on June 22, the latest reserve balance could generate approximately $67.8 million in annual gross income before expenses.
That estimate remains simplified as cash allocations, money-market yields, custody costs, taxes, compliance expenses, and changing interest rates affect earnings. Commercial issuance, redemption, and payment fees could add income.
Eligible customers may redeem each token at $1. The structure gives the company dollar-based revenue that grows with circulation, without requiring sales of a volatile digital asset.
Historical XRP Sales Still Exceed RLUSD’s Estimated Income
The strongest disclosed comparison remains Ripple’s $310.68 million in net XRP sales during the third quarter of 2022. That figure exceeds the estimated annual reserve income generated by RLUSD at its current scale.
A precise comparison is no longer possible, however. Ripple discontinued its quarterly XRP Markets Report after the first quarter of 2025 and, as a private company, no longer regularly discloses revenue generated from XRP sales.
As a result, while historical XRP sales appear to have generated more revenue than RLUSD currently produces, investors lack updated disclosures needed to determine whether that remains the case today.
Meanwhile, XRP’s supply continues to decline gradually as every transaction permanently destroys a small amount through network fees. The maximum supply has consequently fallen below its 2017 level, although the reduction remains modest compared with the total number of tokens in circulation.
Based on disclosed numbers, RLUSD fees and reserve returns have not surpassed historical XRP revenue. The estimated $67.8 million annual yield remains below the $310.68 million quarterly benchmark.
However, RLUSD provides a more recurring and dollar-denominated income model. A future crossover would depend on measurable growth in the stablecoin’s circulation and commercial fee revenue, supported by updated financial disclosures.
Related: XRP Ledger Stablecoin Market Nears $1 Billion as RLUSD Surges
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