New data reveals that Ripple's dollar-pegged stablecoin RLUSD has surpassed the 300 million mark in total issuance. By the end of April, the circulating supply expanded from 294 million to 312 million coins, representing a 61.66% increase since March 31. However, this growth comes with a striking concentration risk: just 10 wallets now hold 70.46% of all RLUSD in circulation.
Supply Breaks 300M, Ethereum Dominates with Over 78%
RLUSD crossed the 300 million threshold on April 25 and currently totals 312 million tokens. Of this amount, over 78% (246.14 million) have been minted on the Ethereum network, while a much smaller portion—just over 21% or 66.91 million RLUSD—exists on Ripple's XRP Ledger. This distribution highlights RLUSD's heavy reliance on Ethereum-based DeFi ecosystems at this stage.
Stark Concentration: Top 10 Wallets Control Nearly 70% of All Tokens
Despite its growing supply, RLUSD's holder base remains alarmingly centralized. On Ethereum, out of 2,646 total holders, the top 100 wallets own 99.91% of the supply. Zooming in further, the ten largest addresses collectively hold 89.27% of Ethereum-based RLUSD (219.63 million tokens), which accounts for roughly 70.46% of the entire circulating supply across both chains.
Breakdown of the Top 10 Holders
On-chain data identifies a mix of DeFi protocols, exchanges, liquidity providers, and anonymous whales among the largest RLUSD holders:
1. Aave – 73 million RLUSD (29.68% of Ethereum supply), the largest single holder.
2. Ripple – 31.29 million RLUSD (12.71%).
3. Anonymous Whale #3 – 25.29 million RLUSD (10.27%).
4. Anonymous Whale #4 – 24.79 million RLUSD (10.07%), also holds 32.69 million USDC.
5. Curve Finance wallet – 23.79 million RLUSD (9.66%).
6. Anonymous Whale #6 – 21.74 million RLUSD (8.83%).
7. B2C2 (liquidity provider, tentative) – 8.6 million RLUSD (3.49%).
8. Bullish exchange – slightly over 4 million RLUSD (1.65%).
9. Revolut (tentative, per Arkham) – 3.75 million RLUSD (1.52%).
10. Anonymous Whale #10 – 3.38 million RLUSD (1.37%).
Implications and Risks of Extreme Concentration
The hyper-concentrated ownership of RLUSD raises questions about its decentralization and stability. If a few large holders withdraw liquidity or sell off their positions simultaneously, the token could face severe price volatility or loss of its dollar peg. Moreover, Ripple itself being the second-largest holder indicates the project's deep involvement in managing the circulating supply.
On the positive side, RLUSD's presence in major DeFi protocols like Aave and Curve, as well as on the Bullish exchange, demonstrates early adoption within the crypto ecosystem. However, the dominance of anonymous wallets adds regulatory and transparency concerns. For RLUSD to gain widespread trust as a payment and collateral asset, Ripple will need to incentivize broader distribution among retail and institutional users. The journey from a concentrated stablecoin to a truly decentralized one remains a critical challenge ahead.