Ripple’s USD stablecoin, RLUSD, is rapidly expanding into the retail crypto ecosystem, despite its original positioning as an enterprise-grade product.
From Enterprise to Everyone
When Ripple launched RLUSD in December 2024, CEO Brad Garlinghouse framed it as the “gold standard for enterprise-grade stablecoins,” focusing on speed, low fees, and finality on the XRP Ledger (XRPL). At the time, Ripple CTO David Schwartz even suggested that RLUSD would likely be available “only to institutions.”
But reality is shifting fast.
Platforms like Xaman, Transak, and MoonPay are integrating RLUSD, making it increasingly available to retail users and self-custodial wallets. According to Xaman COO Robert Kiuru, retail adoption is growing organically, even though the stablecoin was not initially marketed for the masses.
“We’re seeing real traction on the retail side,” Kiuru noted.
Competing Head-On With USDC
Today, RLUSD functions like any general-purpose stablecoin, directly competing with Circle’s USDC across both institutional and consumer segments.
Harshit Gangwar, marketing head at Transak, emphasized that the infrastructure for RLUSD issuance and redemption supports both institutions and individuals, reinforcing its multi-audience flexibility.
“Its evolution shows that what matters isn’t who issues the stablecoin—it’s how useful it becomes post-launch,” added Huma Finance co-founder Erbil Karaman.
Ethereum Dominates Liquidity, XRPL Leads Adoption
While most RLUSD supply — around 88% of its $557 million market cap — is issued on Ethereum, usage patterns paint a different picture.
Kiuru highlighted that over 90% of RLUSD users are active on the XRPL, demonstrating strong user preference for XRP Ledger despite Ethereum’s liquidity dominance. Data from RWA.xyz and community analyst Vet confirms this imbalance.
This split reflects the cost-efficiency and transaction speed XRPL offers to retail users, while Ethereum’s broad DeFi access remains vital for liquidity providers.
Conclusion: Retail Is Driving RLUSD’s Future
Ripple’s RLUSD started as an institutional stablecoin, but market dynamics have pushed it into the hands of retail users. As integrations expand and wallets adopt it, RLUSD is evolving into a full-spectrum competitor in the stablecoin market.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.