RLUSD reaches $1.2 billion supply record on Ethereum

RLUSD on Ethereum has reached $1.2 billion in supply after 14 months of launch, representing a roughly 10× year-over-year increase and reflecting the stablecoin’s rapid traction.

The $1.2 billion milestone marks a 20% increase since RLUSD reached a supply of over $1 billion on the ETH blockchain in early November 2025, only a few days after hitting $900 million on October 24 of last year.

RLUSD drives growth in the Ethereum stablecoin market

RLUSD is used on both the XRP Ledger (XRPL) and the Ethereum network. On-chain data reveals that XRPL accounts for 348 million tokens, representing 22.87% and Ethereum holds the majority of the supply at roughly 1.2 billion tokens, representing 77.13% of market share. 

On-chain data showed that the supply of Ethereum’s RLUSD rose by 2.40% over the last seven days and by 11.54% over the last month. The supply of XRPL increased by 4.50% over the past month, driven by continued issuance and adoption across both networks.

RLUSD supply split with 1.2B ETH, 348M XRPL. Source: DefiLIama

RWA.xyz data shows that as of February 12, RLUSD’s market capitalization is $1.52 billion, up 9.85% over the previous 30 days. There are 41,277 active holdings, including 3,206 active addresses, and a 30-day trading volume of $3.2 billion.

RLUSD is one of the top ten stablecoins by market capitalization of $1.5 billion, ranking alongside well-known platforms like Tether Holdings ($173.2 billion), Circle ($72.5 billion), MakerDAO ($10.0 billion), Binance ($9.3 billion), Ethena ($7.4 billion), BitGo ($5.4 billion), Paxos ($5.2 billion), Polygon Bridge ($2.3 billion), and Falcon Finance ($1.8 billion). 

RWA.xyz data also reveals that the total market capitalization of the stablecoin market stands at $295.11 billion, down 0.53% over the previous 30 days. Stablecoins have a 22.07% increase in monthly transfer volume to $9.75 trillion. 

The number of monthly active addresses dropped by 11.40% to 41.31 million, despite the increase in transaction volume, suggesting that although stablecoins are moving in significant quantities, a small number of unique users are actively transacting.

The number of asset owners has also increased, rising 4.24% from the previous month to 228.97 million. The increase suggests that more people are holding stablecoins for payments, savings, or trading. Even as interaction per active address declines, the market is still exhibiting strong transactional demand and overall user adoption.

RWA.xyz data shows that Ethereum led the stablecoin ecosystem, accounting for $163.6 billion of the total market capitalization. TRON came in second with $83.7 billion, Solana with $16.3 billion, BNB Chain with $12.7 billion, and Arbitrum with $7.7 billion.

Institutions drive stablecoin growth through partnerships and investments

Institutional companies are also stepping up amid strong transactional activity and expanding stablecoin adoption, forming alliances and making smart investments that further assist market expansion and practical use cases.

Ripple and Zand Bank expanded their partnership last month to include regulated digital asset custody mechanisms under UAE oversight and link RLUSD and AEDZ on the XRP Ledger to create liquidity channels.

Avalanche announced in the same month that it had hosted Fosun Wealth’s yield-bearing RWA stablecoin, FUSD. According to the announcement,  the government bonds and money market funds back the assets. Avalanche further revealed that the assets distribute rewards on real-world assets.

According to a Cryptopolitan report, dated February 4, Tether responded to media reports, stating that the company had canceled a scheduled fundraising event due to investor concerns about a $500 billion valuation. The company made it clear that the numbers were speculative and not actual goals. 

Cryptopolitan also reported that Tether invested $100 million in Anchorage Digital, a $4.2 billion digital asset bank with federal charter status.

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