Ripple’s dollar-pegged stablecoin, RLUSD, keeps migrating to the native chain of the XRP cryptocurrency (at a rather remarkable pace).
According to recent on-chain data, the volume of RLUSD circulating on the XRP Ledger has surged 40-fold over the last six months alone.
A significant majority of Ripple’s stablecoin used to reside on the Ethereum blockchain, and this fact would be constantly brought up by XRP detractors to showcase the alleged lack of utility of the cryptocurrency’s native chain. This trend was rather lasting, given that only 17% of all RLUSD in circulation was sitting on the XRP Ledger as recently as April.
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However, the XRPL’s share of the total supply has grown dramatically over the past few months. Now, the figure has skyrocketed to as much as 52%, which gives the XRPL a majority share of the total supply for the first time.
More competition
As reported by U.Today, Ripple recently joined an unprecedented coalition of more than 140 financial and technological heavyweights, of the likes of Mastercard and BlackRock, to back “Open USD,” which is a new US dollar-pegged stablecoin.
The consortium positions Open USD as a shared, highly efficient utility for global payments.
However, Ripple’s participation has raised some eyebrows, given that it has its own heavily regulated stablecoin.
For Ripple, participating in the highly ambitious Open USD initiative ensures the company remains at the center of global liquidity flows, but it remains to be seen how RLUSD will be able to compete with this new upstart.
According to CoinGecko data, Tether (USDT) remains the biggest stablecoin with a market cap of $184 billion.
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