- Ripple’s RLUSD stablecoin is now featured on Cryptoquant, showcasing its distribution.
- The total supply of RLUSD is $47.4 million, with $34.8 million on XRPL and $12.6 million on Ethereum.
- RLUSD is set for public launch in Q4 2024, supported by major exchange partnerships.
Analytics platform Cryptoquant now features a portal showcasing the distribution of Ripple’s stablecoin, RLUSD. Ripple launched RLUSD in private beta a few months ago in preparation for a successful mainnet launch.
During this testing phase, developers have minted several RLUSD tokens across the XRP Ledger (XRPL) and the Ethereum blockchain, with a total supply of $47.4 million.
Cryptoquant’s breakdown of RLUSD’s supply reveals that the largest portion, $34.8 million, is issued on XRPL, while $12.6 million is available on Ethereum. This distribution indicates a strategic approach to leveraging the strengths of both blockchain networks for optimal transaction efficiency.
RLUSD to Transform Financial Services
Ripple aims to disrupt the traditional remittance market, which is known for slow and costly services, by utilizing blockchain technology to offer near-instant settlements and significantly lower fees. The company has relied on the XRP digital token for this purpose for several years. Now, it is incorporating the RLUSD stablecoin to complement XRP’s role in its payment processes.
To that effect, Ripple is planning to launch RLUSD publicly in the last quarter of 2024. In an X post, Ripple’s CEO, Brad Garlinghouse, explained that the stablecoin has been nearly a year in development and that the process is nearing completion.
He emphasized that “RLUSD, supported by trusted exchange partners, market makers, and an advisory board, is poised to become the gold standard for enterprise-grade stablecoins.” Garlinghouse believes RLUSD’s commitment to trust, liquidity, and compliance sets it apart in the competitive stablecoin market.
Many see the introduction of RLUSD as a strategic move to strengthen Ripple’s market position. The stablecoin will potentially provide solutions not only for cross-border payments but also for on-ramps and off-ramps in cryptocurrency exchanges, decentralized finance (DeFi), and real-world asset (RWA) tokenization.
Meanwhile, Ripple has disclosed that RLUSD would be distributed through partnering platforms such as Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish.
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