RLUSD on-chain throughput soars to $6.3 billion per month, is a stablecoin settlement network taking shape?

On February 14, news reports indicate that RLUSD has been continuously expanding since its launch in December 2024. After early support from multiple platforms, its market capitalization quickly surpassed $1 billion. By 2026, a key change occurred in its liquidity structure, with a global distribution network and zero-fee incentives driving increased trading volume, while custody deposits injected into the system led to simultaneous growth in reserves and trading activity. With the opening of withdrawal functions and XRPL deposit channels on February 12, RLUSD’s on-chain migration has accelerated significantly, and its cross-border payment and multi-network circulation capabilities are gradually taking shape.

As of mid-February 2026, RLUSD’s circulating supply has increased to approximately $1.52 billion. During this period, the supply was expanded through three issuance events, and some tokens were burned on the Ethereum network to curb excess, maintaining a collateralization ratio above 103%. On-chain distribution has also become clearer: about 77% to 79% of the balance is held on Ethereum, mainly for liquidity and collateral purposes; XRPL holds about 22% to 23%, focusing more on fast settlement and payment routing.

More notably, its transaction efficiency signals a high level of activity. Currently, RLUSD’s monthly on-chain transfer volume is around $6.3 billion, demonstrating high-frequency turnover characteristics. In comparison, USDT, although larger in scale, is more concentrated in trading and derivatives scenarios, with a lower velocity of fund circulation per unit. RLUSD’s funds are more frequently used for clearing and cross-border settlements, reflecting its positioning as a “utility stablecoin.”

As institutional funds and payment channels continue to integrate, RLUSD is shifting from a single liquidity asset to a settlement infrastructure. The sustained growth in on-chain throughput may become an important indicator of its market maturity. If this high-efficiency model remains stable, RLUSD is poised to occupy a unique position in global payments and on-chain financial systems.